Pacific Airport Group 6-K, filed Jul 22, 2025
Pacific Airport Group (PAC)
About this 6-K
Pacific Airport Group filed this 6-K on July 22, 2025.
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 SECURITIES
EXCHANGE ACT OF 1934
For the month of July 2025
Commission File Number: 001-32751
GRUPO AEROPORTUARIO DEL PACÍFICO S.A.B. DE C.V.
(PACIFIC
AIRPORT 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 Second Quarter of 2025
GUADALAJARA, Mexico, July 21, 2025 (GLOBE NEWSWIRE) -- Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (NYSE: PAC; BMV: GAP) (“the Company” or “GAP”) reports its consolidated results for the second quarter ended June 30, 2025 (2Q25). Figures are unaudited and prepared following International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”).
Summary of Results 2Q25 vs. 2Q24
- The sum of aeronautical and non-aeronautical services
revenues increased by Ps. 1,922.2 million, or 30.6%. Total revenues increased by Ps. 3,623.0 million, or 49.9%.
- Cost of services increased by Ps. 308.5 million, or
25.4%.
- Income from operations increased by Ps. 1,067.6 million,
or 30.4%.
- EBITDA increased by Ps. 1,305.2 million, or 31.1%,
an increase from Ps. 4,198.1 million in 2Q24 to Ps. 5,503.3 million in 2Q25. EBITDA margin (excluding the effects of IFRIC-12) went from
66.8% in 2Q24 to 67.1% in 2Q25.
- Comprehensive income decreased by Ps. 658.9 million,
or 22.8%, from an income of Ps. 2,893.9 million in 2Q24 to an income of Ps. 2,234.9 million in 2Q25.
Company’s Financial Position:
As of June 30, 2025, the Company reported a cash and cash equivalents position of Ps. 9,697.3 million. During the second quarter of 2025, the Company repaid the maturing bond certificate “GAP 21” for Ps. 2,500.0 million. In addition, the Company drew down a Ps. 3,375.0 million credit facility from Banco Nacional de México, S.A. (“Banamex”) with a five-year term, and the proceeds were used to refinance maturities in June and July 2025 with Banamex for Ps. 2,500.0 million and BBVA for Ps. 875.0 million.
Passenger Traffic
During 2Q25, the 14 airports operated by GAP recorded an increase of 624.7 thousand total passengers, representing a 4.1% increase compared to 2Q24.
During this period, the following new routes were launched:
Domestic:
| Airline | Departure | Arrival | Opening date | Frequencies |
| Viva | Hermosillo | Tijuana | May 22, 2025 | 1 daily |
| Viva | Tijuana | Hermosillo | May 22, 2025 | 1 daily |
| Viva | La Paz | Santa Lucía | May 22, 2025 | 1 daily |
| Viva | La Paz | Tijuana | May 22, 2025 | 1 daily |
| Viva | Tijuana | La Paz | May 22, 2025 | 1 daily |
| Viva | Tijuana | Veracruz | May 22, 2025 | 3 weekly |
| Viva | Tijuana | Querétaro | May 23, 2025 | 4 weekly |
Note: Frequencies can vary without prior notice.
International:
| Airline | Departure | Arrival | Opening date | Frequencies |
| World2Fly | Montego Bay | Lisboa | June 11, 2025 | 1 weekly |
Note: Frequencies can vary without prior notice.
Domestic Terminal Passengers – 14 airports (in thousands):
| Airport | 2Q24 | 2Q25 | Change | 6M24 | 6M25 | Change | ||
| Guadalajara | 2,994.8 | 3,090.9 | 3.2 | % | 5,666.5 | 6,112.1 | 7.9 | % |
| Tijuana * | 2,097.8 | 2,139.2 | 2.0 | % | 4,083.4 | 4,196.7 | 2.8 | % |
| Los Cabos | 690.6 | 739.7 | 7.1 | % | 1,328.3 | 1,408.6 | 6.0 | % |
| Puerto Vallarta | 742.6 | 830.4 | 11.8 | % | 1,317.4 | 1,484.0 | 12.6 | % |
| Montego Bay | 0.0 | 0.0 | 0.0 | % | 0.0 | 0.0 | 0.0 | % |
| Guanajuato | 514.3 | 576.8 | 12.2 | % | 998.2 | 1,092.3 | 9.4 | % |
| Hermosillo | 531.0 | 545.5 | 2.7 | % | 988.5 | 1,054.2 | 6.6 | % |
| Kingston | 0.5 | 0.1 | (84.2 | %) | 1.1 | 0.2 | (85.8 | %) |
| Morelia | 153.3 | 173.1 | 12.9 | % | 299.5 | 359.2 | 19.9 | % |
| Mexicali | 226.3 | 305.7 | 35.1 | % | 514.6 | 598.8 | 16.4 | % |
| La Paz | 288.1 | 328.1 | 13.9 | % | 559.4 | 608.7 | 8.8 | % |
| Aguascalientes | 166.2 | 167.4 | 0.7 | % | 308.6 | 319.2 | 3.4 | % |
| Los Mochis | 141.8 | 179.4 | 26.5 | % | 268.0 | 344.4 | 28.5 | % |
| Manzanillo | 30.3 | 31.4 | 3.5 | % | 66.2 | 66.1 | (0.1 | %) |
| Total | 8,577.6 | 9,107.6 | 6.2 | % | 16,399.8 | 17,644.5 | 7.6 | % |
*Cross Border Xpress (CBX) users are classified as international passengers.
International Terminal Passengers – 14 airports (in thousands):
| Airport | 2Q24 | 2Q25 | Change | 6M24 | 6M25 | Change | ||
| Guadalajara | 1,369.9 | 1,387.2 | 1.3 | % | 2,860.0 | 2,894.2 | 1.2 | % |
| Tijuana * | 981.7 | 1,051.8 | 7.1 | % | 1,934.0 | 2,066.7 | 6.9 | % |
| Los Cabos | 1,199.9 | 1,224.4 | 2.0 | % | 2,607.8 | 2,607.3 | (0.0 | %) |
| Puerto Vallarta | 897.7 | 849.1 | (5.4 | %) | 2,441.5 | 2,321.6 | (4.9 | %) |
| Montego Bay | 1,285.1 | 1,264.7 | (1.6 | %) | 2,742.4 | 2,603.7 | (5.1 | %) |
| Guanajuato | 242.2 | 252.7 | 4.3 | % | 489.3 | 515.7 | 5.4 | % |
| Hermosillo | 20.3 | 19.2 | (5.2 | %) | 43.6 | 40.1 | (7.9 | %) |
| Kingston | 419.2 | 453.5 | 8.2 | % | 810.6 | 881.5 | 8.7 | % |
| Morelia | 156.8 | 155.9 | (0.6 | %) | 313.9 | 330.1 | 5.1 | % |
| Mexicali | 2.1 | 1.8 | (14.1 | %) | 3.8 | 3.6 | (4.0 | %) |
| La Paz | 2.9 | 8.9 | 202.1 | % | 6.1 | 17.6 | 186.1 | % |
| Aguascalientes | 81.7 | 82.5 | 0.9 | % | 151.2 | 156.2 | 3.3 | % |
| Los Mochis | 2.0 | 2.0 | (0.2 | %) | 4.0 | 3.9 | (3.2 | %) |
| Manzanillo | 15.9 | 18.3 | 15.2 | % | 56.1 | 62.2 | 10.8 | % |
| Total | 6,677.3 | 6,771.8 | 1.4 | % | 14,464.4 | 14,504.2 | 0.3 | % |
*CBX users are classified as international passengers.
Total Terminal Passengers – 14 airports (in thousands):
| Airport | 2Q24 | 2Q25 | Change | 6M24 | 6M25 | Change | ||
| Guadalajara | 4,364.6 | 4,478.1 | 2.6 | % | 8,526.5 | 9,006.3 | 5.6 | % |
| Tijuana * | 3,079.5 | 3,191.0 | 3.6 | % | 6,017.4 | 6,263.3 | 4.1 | % |
| Los Cabos | 1,890.5 | 1,964.0 | 3.9 | % | 3,936.2 | 4,015.9 | 2.0 | % |
| Puerto Vallarta | 1,640.3 | 1,679.5 | 2.4 | % | 3,758.9 | 3,805.6 | 1.2 | % |
| Montego Bay | 1,285.1 | 1,264.7 | (1.6 | %) | 2,742.4 | 2,603.7 | (5.1 | %) |
| Guanajuato | 756.5 | 829.4 | 9.6 | % | 1,487.5 | 1,608.1 | 8.1 | % |
| Hermosillo | 551.2 | 564.7 | 2.4 | % | 1,032.0 | 1,094.3 | 6.0 | % |
| Kingston | 419.8 | 453.5 | 8.0 | % | 811.8 | 881.7 | 8.6 | % |
| Morelia | 310.1 | 329.0 | 6.1 | % | 613.4 | 689.3 | 12.4 | % |
| Mexicali | 228.5 | 307.5 | 34.6 | % | 518.4 | 602.4 | 16.2 | % |
| La Paz | 291.0 | 337.0 | 15.8 | % | 565.6 | 626.3 | 10.7 | % |
| Aguascalientes | 247.9 | 249.8 | 0.8 | % | 459.8 | 475.3 | 3.4 | % |
| Los Mochis | 143.8 | 181.4 | 26.1 | % | 272.0 | 348.3 | 28.0 | % |
| Manzanillo | 46.2 | 49.7 | 7.5 | % | 122.4 | 128.3 | 4.9 | % |
| Total | 15,254.7 | 15,879.4 | 4.1 | % | 30,864.2 | 32,148.7 | 4.2 | % |
*CBX users are classified as international passengers.
CBX Users (in thousands):
| Airport | 2Q24 | 2Q25 | Change | 6M24 | 6M25 | Change | ||
| Tijuana | 965.7 | 1,031.4 | 6.8 | % | 1,907.6 | 2,029.6 | 6.4 | % |
Consolidated Results for the Second Quarter of 2025 (in thousands of pesos):
| 2Q24 | 2Q25 | Change | ||||
| Revenues | ||||||
| Aeronautical services | 4,560,960 | 5,763,188 | 26.4 | % | ||
| Non-aeronautical services | 1,722,735 | 2,442,659 | 41.8 | % | ||
| Improvements to concession assets (IFRIC-12) | 975,327 | 2,676,149 | 174.4 | % | ||
| Total revenues | 7,259,022 | 10,881,996 | 49.9 | % | ||
| 6,283,695 | 8,205,847 | 30.6 | % | |||
| Operating costs | ||||||
| Costs of services: | 1,213,842 | 1,522,382 | 25.4 | % | ||
| Employee costs | 490,716 | 638,722 | 30.2 | % | ||
| Maintenance | 180,485 | 256,830 | 42.3 | % | ||
| Safety, security & insurance | 199,802 | 232,516 | 16.4 | % | ||
| Utilities | 130,036 | 148,732 | 14.4 | % | ||
| Business operated directly by us | 72,549 | 86,632 | 19.4 | % | ||
| Other operating expenses | 140,254 | 158,950 | 13.3 | % | ||
| Technical assistance fees | 202,174 | 221,680 | 9.6 | % | ||
| Concession taxes | 678,595 | 968,933 | 42.8 | % | ||
| Depreciation and amortization | 687,351 | 924,959 | 34.6 | % | ||
| Cost of improvements to concession assets (IFRIC-12) | 975,327 | 2,676,149 | 174.4 | % | ||
| Other (income) | (9,042 | ) | (10,461 | ) | 15.7 | % |
| Total operating costs | 3,748,247 | 6,303,642 | 68.2 | % | ||
| Income from operations | 3,510,775 | 4,578,354 | 30.4 | % | ||
| Financial Result | (663,157 | ) | (733,545 | ) | 10.6 | % |
| Income before income taxes | 2,847,618 | 3,844,809 | 35.0 | % | ||
| Income taxes | (594,903 | ) | (1,189,674 | ) | 100.0 | % |
| Net income | 2,252,715 | 2,655,135 | 17.9 | % | ||
| Currency translation effect | 659,054 | (423,527 | ) | (164.3 | %) | |
| Cash flow hedges, net of income tax | (20,164 | ) | 2,668 | (113.2 | %) | |
| Remeasurements of employee benefit – net income tax | 2,276 | 667 | (70.7 | %) | ||
| Comprehensive income | 2,893,881 | 2,234,943 | (22.8 | %) | ||
| Non-controlling interest | (95,925 | ) | (90,951 | ) | (5.2 | %) |
| Comprehensive income attributable to controlling interest | 2,797,956 | 2,143,992 | (23.4 | %) | ||
| 2Q24 | 2Q25 | Change | ||||
| EBITDA | 4,198,126 | 5,503,313 | 31.1 | % | ||
| Comprehensive income | 2,893,881 | 2,234,943 | (22.8 | %) | ||
| Comprehensive income per share (pesos) | 5.7273 | 4.4232 | (22.8 | %) | ||
| Comprehensive income per ADS (US dollars) | 3.4591 | 2.1621 | (37.5 | %) | ||
| Operating income margin | 48.4 | % | 42.1 | % | (13.0 | %) |
| Operating income margin (excluding IFRIC-12) | 55.9 | % | 55.8 | % | (0.1 | %) |
| EBITDA margin | 57.8 | % | 50.6 | % | (12.6 | %) |
| EBITDA margin (excluding IFRIC-12) | 66.8 | % | 67.1 | % | 0.4 | % |
| Costs of services and improvements / total revenues | 30.2 | % | 38.6 | % | 27.9 | % |
| Cost of services / total revenues (excluding IFRIC-12) | 19.3 | % | 18.6 | % | (4.0 | %) |
- Net income and comprehensive income per share for 2Q25 and 2Q24 were calculated based on 505,277,464 shares outstanding as of June 30, 2025, and June 30, 2024, respectively. Figures in U.S. dollar were converted from pesos using an exchange rate of Ps. 18.2610 per U.S. dollar, as published by the U.S. Federal Reserve Board (noon buying rate) on June 30, 2025.
- For consolidating the Jamaican airports, an average exchange rate of Ps. 19.5453 per U.S. dollar was used, corresponding to the three-month period ended June 30, 2025.
Revenues (2Q25 vs. 2Q24)
- Aeronautical services revenues increased by Ps. 1,202.2 million, or 26.4%.
- Non-aeronautical services revenues increased by Ps. 719.9 million, or 41.8%.
- Revenues from improvements to concession assets increased by Ps. 1,700.8 million, or 174.4%.
- Total revenues increased by Ps. 3,623.0 million, or 49.9%.
The change in aeronautical services revenues was primarily due to the following factors:
- Revenues from Mexican airports increased by
Ps. 1,067.3 million, or 27.6%, compared to 2Q24, mainly due to a Ps. 951.6 million or 22.5% increase in the passenger fee revenue, driven
by the higher airport maximum tariffs approved for the new 2025–2029 regulatory period, effective as of March 2025, and by a 4.5%
increase in passenger traffic during the quarter.
- Revenues from Jamaican airports increased by
Ps. 134.9 million, or 19.3%, compared to 2Q24, mainly due to the depreciation of the Mexican peso against the U.S. dollar, which moved
from an average exchange rate of Ps. 17.2106 in 2Q24 to Ps. 19.5453 in 2Q25, resulting in higher revenues in pesos. Additionally, there
was a 0.8% increase in passenger traffic during the quarter.
The change in non-aeronautical services revenues was primarily driven by the following factors:
- Revenues from Mexican airports increased by
Ps. 676.2 million, or 45.9%, compared to 2Q24. Revenues from businesses operated directly by us increased by Ps. 582.8 million, or 116.7%,
mainly due to the consolidation of revenues from the cargo and bonded warehouse business, which contributed Ps. 477.1 million. Revenues
from businesses operated by third parties increased by Ps. 85.5 million, or 9.2%, primarily driven by the opening of new commercial spaces
and the renegotiation of commercial contracts. The fastest-growing business lines were food and beverage, retail stores, duty-free, timeshares,
and ground transportation, which together increased by Ps. 90.4 million, or 15.3%.
- Revenues from Jamaican airports increased by
Ps. 43.7 million, or 17.4%, compared to 2Q24. In U.S. dollar terms, revenues rose by USD $0.6 million, or 8.2%, further benefiting from
a 13.6% depreciation of the Mexican peso against the U.S. dollar compared to 2Q24.
| 2Q24 | 2Q25 | Change | ||
| Businesses operated by third parties: | ||||
| Food and beverage | 290,715 | 342,679 | 17.9 | % |
| Duty-free | 183,384 | 208,160 | 13.5 | % |
| Car rental | 204,578 | 211,128 | 3.2 | % |
| Retail | 159,927 | 191,431 | 19.7 | % |
| Leasing of space | 120,804 | 112,962 | (6.5 | %) |
| Other commercial revenues | 61,501 | 59,010 | (4.1 | %) |
| Timeshares | 55,367 | 67,818 | 22.5 | % |
| Ground transportation | 46,676 | 51,196 | 9.7 | % |
| Communications and financial services | 27,559 | 28,837 | 4.6 | % |
| Total | 1,150,511 | 1,273,221 | 10.7 | % |
| Businesses operated directly by us: | ||||
| Cargo operation and bonded warehouse | 31,218 | 514,113 | 1546.8 | % |
| Car parking | 169,356 | 177,872 | 5.0 | % |
| Convenience stores | 135,464 | 161,588 | 19.3 | % |
| VIP Lounges | 120,862 | 168,321 | 39.3 | % |
| Hotel operation | 18,251 | 36,882 | 102.1 | % |
| Advertising | 42,400 | 43,366 | 2.3 | % |
| Total | 517,551 | 1,102,141 | 113.0 | % |
| Recovery of costs | 54,674 | 67,297 | 23.1 | % |
| Total Non-aeronautical Revenues | 1,722,735 | 2,442,659 | 41.8 | % |
Figures expressed in thousands of Mexican pesos.
‐ Revenues from improvements to concession
assets 1
Revenues from improvements to concession assets (IFRIC-12) increased by Ps. 1,700.8 million, or 174.4%, compared to 2Q24. The change was composed of:
- Improvements to concession assets at the Company’s Mexican airports,
which increased by Ps. 1,703.1 million, or 191.1%, following investments under the Master Development Program for the 2025-2029 period.
- Improvements to concession assets at the Company’s Jamaican airports,
which decreased Ps. 2.3 million, or 2.7%.
1 Revenues from improvements to concession assets are recognized in accordance with International Financial Reporting Interpretation Committee 12 “Service Concession Arrangements” (IFRIC 12). However, this recognition does not have a cash impact or impact on the Company’s operating results. Amounts included as a result of the recognition of IFRIC 12 are related to construction of infrastructure in each quarter to which the Company has committed. This is in accordance with the Company’s Master Development Programs in Mexico and Capital Development Programs in Jamaica. All margins and ratios calculated using “Total Revenues” include revenues from improvements to concession assets (IFRIC 12), and, consequently, such margins and ratios may not be comparable to other ratios and margins, such as EBITDA margin, operating margin or other similar ratios that are calculated based on those results of the Company that do have a cash impact.
Total operating costs increased by Ps. 2,555.4 million, or 68.2%, compared
to 2Q24, primarily due to a Ps. 1,700.8 million increase in the cost of improvements to concession assets (IFRIC-12), a Ps. 308.5 million,
or 25.4%, increase in the cost of services, driven mainly by the consolidation of the cargo and bonded warehouse business, which contributed
Ps. 160.1 million; an increase of Ps. 309.8 million, or 35.2%, in concession fees and technical assistance fees; and higher depreciation
and amortization, up Ps. 237.6 million, or 34.6%, due to the recognition of fair values related to the cargo and bonded warehouse business.
Excluding the cost of improvements to concession assets (IFRIC-12), operating costs increased by Ps. 854.6 million, or 30.8%.
This increase in total operating costs was primarily due to the following factors:
Mexican airports:
- Operating costs increased by Ps. 2,467.5 million,
or 83.7%, compared to 2Q24, mainly due to a Ps. 1,703.1 million or 191.1% increase in cost of improvements to the concession assets
(IFRIC-12), a Ps. 274.6 million or 27.1% increase in the cost of services, a Ps. 210.2 million, or 37.0% increase in depreciation and
amortization, and a Ps. 280.2 million or 57.6% combined increase in technical assistance fees and concession fees. Excluding construction
costs (IFRIC 12), operating expenses increased by Ps. 764.4 million, or 37.2%.
The change in the cost of services at our Mexican airports during 2Q25 was mainly due to:
- Employee costs increased by Ps. 134.2 million, or 30.8%, mainly due to the consolidation of the cargo and bonded warehouse business, which contributed Ps. 86.5 million.
- Maintenance rose by Ps. 77.1 million, or 54.5%, due to the opening of new operational areas, airfield maintenance, the operation of jet bridges by Ps. 44.4 million, and the consolidation of the cargo and bonded warehouse business, which contributed Ps. 8.4 million.
- Other operating expenses increased by Ps. 29.3 million, or 15.3%, primarily due to higher consulting services and travel expenses of Ps. 11.7 million, and the consolidation of the cargo and bonded warehouse business of Ps. 12.4 million.
- Safety, security and insurance rose by Ps. 17.7
million, or 11.7%, driven by an increase in security personnel, minimum wage adjustments, changes in the Federal Labor Law, the opening
of additional operational areas, and Ps. 4.8 million from the consolidation of the cargo and bonded warehouse business.
Jamaican Airports:
Operating costs increased by Ps. 87.9 million, or 11.0%, compared to 2Q24, mainly due to a Ps. 33.9 million, or 16.9%, increase in the cost of services, a Ps. 29.7 million, or 7.5%, an increase in concession fees, and a Ps. 27.3 million, or 22.9%, increase in depreciation and amortization, partially offset by a Ps. 2.3 million, or 2.7%, decrease in the cost of improvements to concession assets (IFRIC-12).
Operating income margin went from 48.4% in 2Q24 to 42.1% in 2Q25. Excluding the effects of IFRIC-12, the operating income margin went from 55.9% in 2Q24 to 55.8% in 2Q25. Income from operations increased by Ps. 1,067.6 million, or 30.4%, compared to 2Q24.
EBITDA margin went from 57.8% in 2Q24 to 50.6% in 2Q25. Excluding the effects of IFRIC-12, EBITDA margin went from 66.8% in 2Q24 to 67.1% in 2Q25. The nominal value of EBITDA increased by Ps. 1,305.2 million, or 31.1%, compared to 2Q24.
Financial results increased in expense by Ps. 70.4 million, or 10.6%, from a net expense of Ps. 663.1 million in 2Q24 to Ps. 733.5 million in 2Q25. This change was mainly the result of:
- Foreign exchange fluctuations, which went from
an income of Ps. 80.9 million in 2Q24 to an expense of Ps. 40.3 million in 2Q25, resulting in a foreign exchange loss of Ps. 121.2 million
due to the depreciation of the Mexican peso. Additionally, the foreign currency translation effect contributed to a Ps. 1,082.6 million
increase in expense compared to 2Q24.
- Interest expense decreased by Ps. 119.9 million,
or 11.6%, compared to 2Q24, mainly due to a decrease in reference rates.
- Interest income decreased by Ps. 69.3 million,
or 24.9%, compared to 2Q24, mainly due to a decrease in the cash and cash equivalents average balance and changes in the reference rates.
In 2Q25, net and comprehensive income decreased by Ps. 658.9 million, or 22.8%, compared to 2Q24, mainly due to a Ps. 1,082.6 million increase in foreign currency translation losses versus the same period last year. Income before taxes increased by Ps. 997.2 million, or 35.0%.
During 2Q25, net income increased by Ps. 402.4 million, or 17.9%, compared to 2Q24. Income tax for the period increased by Ps. 594.8 million, composed of a Ps. 451.5 million increase in current income tax, and a Ps. 143.3 million decrease in deferred tax benefit, primarily due to lower tax loss carryforwards of Ps. 177.3 million, compared to 2024. This was partially offset by a higher inflation effect, as inflation rose from 0.4% in 2Q24 to 0.9% in 2Q25.
Consolidated Results for the Six Months of 2025 (in thousands of pesos):
| 6M24 | 6M25 | Change | ||||
| Revenues | ||||||
| Aeronautical services | 9,523,062 | 11,762,321 | 23.5 | % | ||
| Non-aeronautical services | 3,417,140 | 4,836,535 | 41.5 | % | ||
| Improvements to concession assets (IFRIC-12) | 2,813,789 | 5,338,324 | 89.7 | % | ||
| Total revenues | 15,753,991 | 21,937,180 | 39.2 | % | ||
| Operating costs | ||||||
| Costs of services: | 2,285,769 | 3,007,237 | 31.6 | % | ||
| Employee costs | 949,877 | 1,252,084 | 31.8 | % | ||
| Maintenance | 342,282 | 513,733 | 50.1 | % | ||
| Safety, security & insurance | 382,022 | 447,723 | 17.2 | % | ||
| Utilities | 236,008 | 273,963 | 16.1 | % | ||
| Business operated directly by us | 146,160 | 173,968 | 19.0 | % | ||
| Other operating expenses | 229,420 | 345,766 | 50.7 | % | ||
| Technical assistance fees | 426,536 | 505,580 | 18.5 | % | ||
| Concession taxes | 1,393,211 | 1,990,083 | 42.8 | % | ||
| Depreciation and amortization | 1,350,300 | 1,857,534 | 37.6 | % | ||
| Cost of improvements to concession assets (IFRIC-12) | 2,813,789 | 5,338,324 | 89.7 | % | ||
| Other (income) | (12,392 | ) | (36,145 | ) | 191.7 | % |
| Total operating costs | 8,257,212 | 12,662,613 | 53.4 | % | ||
| Income from operations | 7,496,778 | 9,274,567 | 23.7 | % | ||
| Financial Result | (1,256,892 | ) | (1,663,035 | ) | 32.3 | % |
| Income before income taxes | 6,239,887 | 7,611,532 | 22.0 | % | ||
| Income taxes | (1,516,453 | ) | (2,098,280 | ) | 38.4 | % |
| Net income | 4,723,434 | 5,513,253 | 16.7 | % | ||
| Currency translation effect | 367,782 | (498,585 | ) | (235.6 | %) | |
| Cash flow hedges, net of income tax | (35,403 | ) | 1,892 | (105.3 | %) | |
| Remeasurements of employee benefit – net income tax | 2,229 | 32,766 | 1370.0 | % | ||
| Comprehensive income | 5,058,042 | 5,049,325 | (0.2 | %) | ||
| Non-controlling interest | (127,642 | ) | (205,878 | ) | 61.3 | % |
| Comprehensive income attributable to controlling interest | 4,930,400 | 4,843,449 | (1.8 | %) | ||
| 6M24 | 6M25 | Change | ||||
| EBITDA | 8,847,078 | 11,132,102 | 25.8 | % | ||
| Comprehensive income | 5,058,042 | 5,049,325 | (0.2 | %) | ||
| Comprehensive income per share (pesos) | 10.0104 | 9.9932 | (0.2 | %) | ||
| Comprehensive income per ADS (US dollars) | 6.0459 | 4.8847 | (19.2 | %) | ||
| Operating income margin | 47.6 | % | 42.3 | % | (11.2 | %) |
| Operating income margin (excluding IFRIC-12) | 57.9 | % | 55.9 | % | (3.6 | %) |
| EBITDA margin | 56.2 | % | 50.7 | % | (9.6 | %) |
| EBITDA margin (excluding IFRIC-12) | 68.4 | % | 67.1 | % | (1.9 | %) |
| Costs of services and improvements / total revenues | 32.4 | % | 38.0 | % | 17.5 | % |
| Cost of services / total revenues (excluding IFRIC-12) | 17.7 | % | 18.1 | % | 2.6 | % |
- Net income and comprehensive income per share for 6M25 and 6M24 were calculated based on 505,277,464 shares outstanding. U.S. dollar figures were converted from pesos using an exchange rate of Ps. 18.2610 per U.S. dollar, as published by the U.S. Federal Reserve Board (noon buying rate) on June 30, 2025.
- For the purpose of consolidating Jamaican airports, an average exchange rate of Ps. 19.9844 per U.S. dollar was used, corresponding to the six months ended June 30, 2025.
Revenues (6M25 vs. 6M24)
- Aeronautical services revenues increased by Ps. 2,239.3 million, or 23.5%.
- Non-aeronautical services revenues increased by Ps. 1,419.4 million, or 41.5%.
- Revenues from improvements to concession assets increased by Ps. 2,524.5 million, or 89.7%.
- Total revenues increased by Ps. 6,183.2 million, or 39.2%.
The change in aeronautical services revenues comprised primarily of the following factors:
- Revenues at our Mexican airports increased by
Ps. 1,942.2 million, or 24.0%, compared to 6M24. This growth was mainly driven by the increase in the maximum tariffs approved for the
new 2025–2029 regulatory period, effective as of March 2025, the 16.8% depreciation of the Mexican peso against the U.S. dollar,
and 5.0% increase in passenger traffic.
- Revenues from Jamaican airports increased by
Ps. 297.0 million, or 20.5%, compared to 6M24. This was mainly due to the 16.8% depreciation of the peso against the U.S. dollar, with
the average exchange rate moving from Ps. 17.1042 in 6M24 to Ps. 19.9844 in 6M25, resulting in higher peso-denominated revenue. This
effect was partially offset by a 1.9% decrease in passenger traffic.
- The change in non-aeronautical services revenues comprised primarily of the following factors:
- Revenues at our Mexican airports increased by
Ps. 1,313.6 million, or 45.0%, compared to 6M24. Revenues from businesses operated directly by us rose by Ps. 1,096.1 million, or 111.0%.
Businesses operated by third parties increased by Ps. 206.9 million, or 11.2%. This was mainly due to the opening of new commercial spaces,
and the renegotiation of existing contracts. The business lines that increased the most were food and beverage, duty-free, retail, timeshares
and ground transportation, which increased by Ps. 184.8 million, or 15.5%. Recovery of costs increased by Ps.10.5 million, or 11.8%.
- Revenues from the Jamaican airports increased
by Ps. 105.8 million, or 21.2%, compared to 6M24. Revenues in U.S. dollars increased by US$1.4 million, or 3.7%.
| 6M24 | 6M25 | Change | ||
| Businesses operated by third parties: | ||||
| Food and beverage | 588,081 | 685,259 | 16.5 | % |
| Duty-free | 368,037 | 424,845 | 15.4 | % |
| Car rental | 403,176 | 416,425 | 3.3 | % |
| Retail | 341,779 | 382,605 | 11.9 | % |
| Leasing of space | 207,277 | 229,859 | 10.9 | % |
| Other commercial revenues | 113,833 | 131,035 | 15.1 | % |
| Timeshares | 110,747 | 138,723 | 25.3 | % |
| Ground transportation | 93,522 | 107,769 | 15.2 | % |
| Communications and financial services | 54,078 | 60,242 | 11.4 | % |
| Total | 2,280,531 | 2,576,761 | 13.0 | % |
| Businesses operated directly by us: | ||||
| Cargo operation and bonded warehouse | 62,994 | 948,381 | 1405.5 | % |
| Car parking | 346,732 | 356,342 | 2.8 | % |
| Convenience stores | 283,378 | 331,088 | 16.8 | % |
| VIP Lounges | 231,941 | 336,336 | 45.0 | % |
| Hotel operation | 18,615 | 74,323 | 100.0 | % |
| Advertising | 77,807 | 78,206 | 0.5 | % |
| Total | 1,021,467 | 2,124,677 | 108.0 | % |
| Recovery of costs | 115,142 | 135,097 | 17.3 | % |
| Total Non-aeronautical Revenues | 3,417,140 | 4,836,535 | 41.5 | % |
Figures expressed in thousands of Mexican pesos.
‐ Revenues from improvements to concession
assets 1
Revenues from improvements to concession assets (IFRIC-12) increased by Ps. 2,524.5 million, or 89.7%, compared to 6M24. The change was composed of:
- Improvements to concession assets at the Company’s
Mexican airports, which increased by Ps. 2,514.9 million, or 94.1%, following investments under the Master Development Program for the
2025-2029 period.
- Improvements to concession assets at the Company’s Jamaican airports,
which increased Ps. 9.6 million, or 6.9%.
1 Revenues from improvements to concession assets are recognized in accordance with International Financial Reporting Interpretation Committee 12 “Service Concession Arrangements” (IFRIC 12). However, this recognition does not have a cash impact or impact on the Company’s operating results. Amounts included as a result of the recognition of IFRIC 12 are related to construction of infrastructure in each quarter to which the Company has committed. This is in accordance with the Company’s Master Development Programs in Mexico and Capital Development Programs in Jamaica. All margins and ratios calculated using “Total Revenues” include revenues from improvements to concession assets (IFRIC 12), and, consequently, such margins and ratios may not be comparable to other ratios and margins, such as EBITDA margin, operating margin or other similar ratios that are calculated based on those results of the Company that do have a cash impact.
Total operating cost increased by Ps. 4,405.4 million, or 53.4%, compared
to 6M24, primarily due to a Ps. 2,524.5 million, or 89.7%. increase in the cost of improvements to concession assets (IFRIC-12), a Ps.
721.5 million, or 31.6%, increase in the cost of services, an increase of Ps. 675.9 million, or 37.1%, in concession fees and technical
assistance fees; and higher depreciation and amortization, up Ps. 507.2 million, or 37.6%. Excluding the cost of improvements to concession
assets (IFRIC-12), operating costs increased by Ps. 1,880.9 million, or 34.6%.
This increase in total operating costs was primarily due to the following factors:
Mexican airports:
- Operating costs increased by Ps. 4,161.1 million,
or 62.3%, compared to 6M24, mainly due to a Ps. 2,514.9 million or 94.1% increase in the cost of improvements to the concession assets
(IFRIC-12), a Ps. 625.3 million, or 33.0%, increase in the cost of services, a combined increase in technical assistance fees and concession
fees Ps. 600.3 million, or 59.3%, and an increase in depreciation and amortization of Ps. 445.5 million or 40.1%. Excluding the cost
of improvements to concession assets (IFRIC-12), operating expenses increased by Ps. 1,646.1 million, or 41.1%.
The change in the cost of services at our Mexican airports during 6M25 was mainly due to:
- Employee costs increased by Ps. 272.7 million, or 32.3%, mainly due to the increase in minimum wages and changes in the Federal Labor Law, and the consolidation of the cargo and bonded warehouse business, which contributed Ps. 187.8 million.
- Maintenance rose by Ps. 153.4 million, or 57.3%, due to the opening of new operational areas, the operation of jet bridges by Ps. 88.4 million, and the consolidation of the cargo and bonded warehouse business, which contributed Ps. 17.3 million.
- Other operating expenses increased by Ps. 136.1 million, or 40.4%, primarily due to higher consulting services and travel expenses of Ps. 31.6 million, and the consolidation of the cargo and bonded warehouse business of Ps. 64.3 million.
- Safety, security and insurance rose by Ps. 34.7
million, or 12.2%, driven by an increase in security personnel, minimum wage adjustments, changes in the Federal Labor Law, the opening
of additional operational areas, and Ps. 4.8 million from the consolidation of the cargo and bonded warehouse business.
Jamaican Airports:
Operating costs increased by Ps. 244.3 million, or 15.5%, compared to 6M24, mainly due to a Ps. 96.1 million, or 24.6%, increase in the cost of services, a Ps. 75.6 million, or 9.4%, increase in concession fees, and a Ps. 61.7 million, or 25.8%, increase in depreciation and amortization, and a Ps. 9.6 million, or 6.9%, increase in the cost of improvements to concession assets (IFRIC-12).
Operating income margin went from 47.6% in 6M24 to 42.3% in 6M25. Excluding the effects of IFRIC-12, the operating income margin went from 57.9% in 6M24 to 55.9% in 6M25. Income from operations increased by Ps. 1,777.8 million, or 23.7%, compared to 6M24.
EBITDA margin went from 56.2% in 6M24 to 50.7% in 6M25. Excluding the effects of IFRIC-12, EBITDA margin went from 68.4% in 6M24 to 67.1% in 6M25. The nominal value of EBITDA increased by Ps. 2,285.0 million, or 25.8%, compared to 6M24.
Financial results increased in expense by Ps. 406.1 million, or 32.3%, from a net expense of Ps. 1,257.0 million in 6M24 to a net expense of Ps. 1,663.1 million in 6M25. This change was mainly the result of:
- Foreign exchange fluctuations, which went from
an income of Ps. 109.9 million in 6M24 to an expense of Ps. 164.3 million in 6M25, resulting in a foreign exchange loss of Ps. 274.1
million due to the depreciation of the Mexican peso. Additionally, the foreign currency translation effect contributed to a Ps. 866.4
million increase in expense compared to 6M24.
- Interest expense increased by Ps. 124.6 million,
or 6.5%, compared to 6M24, mainly due to the increase in bond certificates and higher borrowings of bank loans.
- Interest income decreased by Ps. 7.4 million,
or 1.3%, compared to 6M24, mainly due to a decrease in the cash and cash equivalents average balance and changes in the reference rates.
In 6M25, net and comprehensive income decreased by Ps. 8.7 million, or 0.2%, compared to 6M24. Income before taxes increased by Ps. 1,371.6 million, mainly due to the increase in EBITDA, as mentioned above.
During 6M25, net income increased by Ps. 789.8 million, or 16.7%, compared to 6M24, mainly due to the increase in EBITDA, partially offset by higher depreciation and amortization expenses, as well as an increase in net financial expenses. In addition, income tax expense for the period increased by Ps. 581.8 million, as a result of a Ps. 1,777.8 million increase in operating income.
Statement of Financial Position
Total assets as of June 30, 2025, increased by Ps. 4,870.3 million compared to June 30, 2024, primarily due to the following items: i) Improvements to concession assets of Ps. 5,875.2 million, ii) Other acquired rights of Ps. 1,937.1 million, iii) Trade accounts receivable of Ps. 816.9 million, iv) Deferred income taxes of Ps. 813.6 million, and v) Machinery, equipment, and improvements to leased buildings of Ps. 254.4 million, partially offset by a decrease in cash and cash equivalents of Ps. 2,887.6 million, advanced payments to suppliers of Ps. 905.1 million.
As of June 30, 2025, total liabilities increased by Ps. 2,738.1 million compared to the same period in 2024, mainly due to i) Bonds certificates of Ps. 4,639.0 million, ii) Deferred liabilities of Ps. 575.1 million, iii) Accounts payable of Ps. 365.2 million, and iv) Taxes payable of Ps. 157.0 million, partially offset by a decrease in payables related to shareholder distribution of Ps. 2,819.9 million.
Company Description
Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (GAP) operates 12 airports throughout Mexico’s Pacific region, including the major cities of Guadalajara and Tijuana, the four tourist destinations of Puerto Vallarta, Los Cabos, La Paz and Manzanillo, and six other mid-sized cities: Hermosillo, Guanajuato, Morelia, Aguascalientes, Mexicali, and Los Mochis. In February 2006, GAP’s shares were listed on the New York Stock Exchange under the ticker symbol “PAC” and on the Mexican Stock Exchange under the ticker symbol “GAP”. In April 2015, GAP acquired 100% of Desarrollo de Concessioner Aeroportuarias, S.L., which owns a majority stake in MBJ Airports Limited, a company operating Sangster International Airport in Montego Bay, Jamaica. In October 2018, GAP entered into a concession agreement for the Norman Manley International Airport operation in Kingston, Jamaica, and took control of the operation in October 2019.
| This press release contains references to EBITDA, a financial performance measure not recognized under IFRS and which does not purport to be an alternative to IFRS measures of operating performance or liquidity. We caution investors not to place undue reliance on non-GAAP financial measures such as EBITDA, as these have limitations as analytical tools and should be considered as a supplement to, not a substitute for, the corresponding measures calculated in accordance with IFRS. | ||
| This press release may contain forward-looking statements. These statements are statements that are not historical facts and are based on management’s current view and estimates of future economic circumstances, industry conditions, company performance, and financial results. The words “anticipates”, “believes”, “estimates”, “expects”, “plans” and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations, and the factors or trends affecting financial condition, liquidity, or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends, or results will occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations. | ||
In accordance with Section 806 of the Sarbanes-Oxley Act of 2002 and Article 42 of the “Ley del Mercado de Valores”, GAP has implemented a “whistleblower” program, which allows complainants to anonymously and confidentially report suspected activities that involve criminal conduct or violations. The telephone number in Mexico, facilitated by a third party responsible for collecting these complaints, is 800 04 ETICA (38422) or WhatsApp +52 55 6538 5504. The website is www.lineadedenunciagap.com or by email at denuncia@lineadedenunciagap.com. GAP’s Audit Committee will be notified of all complaints for immediate investigation.
Exhibit A: Operating results by airport (in thousands of pesos):
| Airport | 2Q24 | 2Q25 | Change | 6M24 | 6M25 | Change | |||
| Guadalajara | |||||||||
| Aeronautical services | 1,268,040 | 1,562,430 | 23.2 | % | 2,564,649 | 3,151,517 | 22.9 | % | |
| Non-aeronautical services | 317,441 | 348,795 | 9.9 | % | 627,732 | 709,331 | 13.0 | % | |
| Improvements to concession assets (IFRIC 12) | 402,305 | 1,174,426 | 191.9 | % | 1,206,914 | 2,348,852 | 94.6 | % | |
| Total Revenues | 1,987,785 | 3,085,651 | 55.2 | % | 4,399,296 | 6,209,700 | 41.2 | % | |
| Operating income | 1,105,607 | 1,242,734 | 12.4 | % | 2,357,430 | 2,424,965 | 2.9 | % | |
| EBITDA | 1,238,723 | 1,450,416 | 17.1 | % | 2,615,085 | 2,844,519 | 8.8 | % | |
| Tijuana | |||||||||
| Aeronautical services | 691,854 | 855,119 | 23.6 | % | 1,330,342 | 1,587,933 | 19.4 | % | |
| Non-aeronautical services | 137,398 | 125,930 | (8.3 | %) | 290,551 | 250,651 | (13.7 | %) | |
| Improvements to concession assets (IFRIC 12) | 55,659 | 386,094 | 593.7 | % | 166,976 | 772,188 | 362.5 | % | |
| Total Revenues | 884,912 | 1,367,144 | 54.5 | % | 1,787,870 | 2,610,772 | 46.0 | % | |
| Operating income | 416,606 | 565,985 | 35.9 | % | 910,293 | 972,388 | 6.8 | % | |
| EBITDA | 532,909 | 691,459 | 29.8 | % | 1,139,124 | 1,224,397 | 7.5 | % | |
| Los Cabos | |||||||||
| Aeronautical services | 678,207 | 903,938 | 33.3 | % | 1,460,930 | 1,850,570 | 26.7 | % | |
| Non-aeronautical services | 333,646 | 349,334 | 4.7 | % | 651,689 | 712,000 | 9.3 | % | |
| Improvements to concession assets (IFRIC 12) | 99,521 | 205,863 | 106.9 | % | 298,562 | 411,726 | 37.9 | % | |
| Total Revenues | 1,111,374 | 1,459,135 | 31.3 | % | 2,411,181 | 2,974,296 | 23.4 | % | |
| Operating income | 592,449 | 806,799 | 36.2 | % | 1,428,213 | 1,645,613 | 15.2 | % | |
| EBITDA | 681,734 | 911,098 | 33.6 | % | 1,607,296 | 1,846,950 | 14.9 | % | |
| Puerto Vallarta | |||||||||
| Aeronautical services | 554,172 | 720,778 | 30.1 | % | 1,386,173 | 1,708,950 | 23.3 | % | |
| Non-aeronautical services | 156,084 | 183,464 | 17.5 | % | 324,160 | 371,047 | 14.5 | % | |
| Improvements to concession assets (IFRIC 12) | 247,818 | 503,536 | 103.2 | % | 743,455 | 1,007,073 | 35.5 | % | |
| Total Revenues | 958,074 | 1,407,778 | 46.9 | % | 2,453,787 | 3,087,070 | 25.8 | % | |
| Operating income | 382,540 | 584,274 | 52.7 | % | 1,184,206 | 1,365,432 | 15.3 | % | |
| EBITDA | 436,696 | 647,844 | 48.4 | % | 1,293,055 | 1,494,221 | 15.6 | % | |
| Montego Bay | |||||||||
| Aeronautical services | 451,015 | 518,434 | 14.9 | % | 965,270 | 1,103,799 | 14.4 | % | |
| Non-aeronautical services | 199,927 | 231,963 | 16.0 | % | 398,845 | 476,550 | 19.5 | % | |
| Improvements to concession assets (IFRIC 12) | 39,954 | 64,368 | 61.1 | % | 80,681 | 113,354 | 40.5 | % | |
| Total Revenues | 690,897 | 814,765 | 17.9 | % | 1,444,798 | 1,693,703 | 17.2 | % | |
| Operating income | 250,207 | 305,501 | 22.1 | % | 541,105 | 648,016 | 19.8 | % | |
| EBITDA | 321,002 | 391,479 | 22.0 | % | 681,708 | 823,813 | 20.8 | % | |
Exhibit A: Operating results by airport (in thousands of pesos):
| Airport | 2Q24 | 2Q25 | Change | 6M24 | 6M25 | Change | |||
| Guanajuato | |||||||||
| Aeronautical services | 209,686 | 280,231 | 33.6 | % | 428,065 | 548,630 | 28.2 | % | |
| Non-aeronautical services | 46,658 | 46,903 | 0.5 | % | 92,604 | 97,540 | 5.3 | % | |
| Improvements to concession assets (IFRIC 12) | 37,025 | 130,222 | 251.7 | % | 111,075 | 260,444 | 134.5 | % | |
| Total Revenues | 293,369 | 457,356 | 55.9 | % | 631,745 | 906,614 | 43.5 | % | |
| Operating income | 139,587 | 208,424 | 49.3 | % | 339,761 | 407,575 | 20.0 | % | |
| EBITDA | 161,425 | 233,880 | 44.9 | % | 383,005 | 458,950 | 19.8 | % | |
| Hermosillo | |||||||||
| Aeronautical services | 132,431 | 161,897 | 22.3 | % | 250,143 | 305,246 | 22.0 | % | |
| Non-aeronautical services | 28,985 | 30,191 | 4.2 | % | 56,967 | 56,762 | (0.4 | %) | |
| Improvements to concession assets (IFRIC 12) | 10,720 | 17,224 | 60.7 | % | 32,159 | 34,448 | 7.1 | % | |
| Total Revenues | 172,136 | 209,312 | 21.6 | % | 339,269 | 396,456 | 16.9 | % | |
| Operating income | 65,385 | 97,867 | 49.7 | % | 150,699 | 176,221 | 16.9 | % | |
| EBITDA | 90,659 | 123,579 | 36.3 | % | 201,279 | 228,262 | 13.4 | % | |
| Others (1) | |||||||||
| Aeronautical services | 575,556 | 760,361 | 32.1 | % | 1,137,490 | 1,505,675 | 32.4 | % | |
| Non-aeronautical services | 102,998 | 115,531 | 12.2 | % | 209,218 | 234,076 | 11.9 | % | |
| Improvements to concession assets (IFRIC 12) | 82,326 | 194,416 | 136.2 | % | 173,965 | 390,239 | 124.3 | % | |
| Total Revenues | 760,880 | 1,070,309 | 40.7 | % | 1,520,673 | 2,129,991 | 40.1 | % | |
| Operating income | (24,265 | ) | 248,864 | (1125.6 | %) | 10,809 | 481,021 | 4350.3 | % |
| EBITDA | 125,786 | 351,893 | 179.8 | % | 309,263 | 689,098 | 122.8 | % | |
| Total | |||||||||
| Aeronautical services | 4,560,960 | 5,763,188 | 26.4 | % | 9,523,062 | 11,762,320 | 23.5 | % | |
| Non-aeronautical services | 1,323,136 | 1,432,112 | 8.2 | % | 2,651,767 | 2,907,957 | 9.7 | % | |
| Improvements to concession assets (IFRIC 12) | 975,327 | 2,676,149 | 174.4 | % | 2,813,789 | 5,338,324 | 89.7 | % | |
| Total Revenues | 6,859,423 | 9,871,449 | 43.9 | % | 14,988,618 | 20,008,601 | 33.5 | % | |
| Operating income | 2,928,112 | 4,060,448 | 38.7 | % | 6,922,515 | 8,121,231 | 17.3 | % | |
| EBITDA | 3,588,935 | 4,801,647 | 33.8 | % | 8,229,814 | 9,610,209 | 16.8 | % | |
(1) Others include the operating results of the Aguascalientes, La Paz, Los Mochis, Manzanillo, Mexicali, Morelia, and Kingston airports.
Exhibit B: Consolidated statement of financial position as of June 30 (in thousands of pesos):
| 2024 | 2025 | Change | % | ||||
| Assets | |||||||
| Current assets | |||||||
| Cash and cash equivalents | 12,584,900 | 9,697,343 | (2,887,557 | ) | (22.9 | %) | |
| Trade accounts receivable - Net | 2,337,543 | 3,154,471 | 816,928 | 34.9 | % | ||
| Other current assets | 1,169,781 | 1,152,861 | (16,920 | ) | (1.4 | %) | |
| Total current assets | 16,092,224 | 14,004,675 | (2,087,549 | ) | (13.0 | %) | |
| Advanced payments to suppliers | 1,774,646 | 869,569 | (905,077 | ) | (51.0 | %) | |
| Machinery, equipment and improvements to leased buildings - Net | 4,369,470 | 4,623,910 | 254,440 | 5.8 | % | ||
| Improvements to concession assets - Net | 31,357,661 | 37,232,836 | 5,875,175 | 18.7 | % | ||
| Airport concessions - Net | 9,167,056 | 9,140,466 | (26,590 | ) | (0.3 | %) | |
| Rights to use airport facilities - Net | 1,024,916 | 967,163 | (57,753 | ) | (5.6 | %) | |
| Other acquired rights | - | 1,937,118 | 1,937,118 | 100.0 | % | ||
| Deferred income taxes - Net | 7,667,150 | 8,480,777 | 813,627 | 10.6 | % | ||
| Other non-current assets | 1,864,594 | 931,541 | (933,052 | ) | (50.0 | %) | |
| Total assets | 73,317,717 | 78,188,055 | 4,870,338 | 6.6 | % | ||
| Liabilities | |||||||
| Current liabilities | 16,313,310 | 14,743,847 | (1,569,463 | ) | (9.6 | %) | |
| Long-term liabilities | 38,104,347 | 42,411,926 | 4,307,579 | 11.3 | % | ||
| Total liabilities | 54,417,657 | 57,155,773 | 2,738,116 | 5.0 | % | ||
| Stockholders' Equity | |||||||
| Common stock | 1,194,390 | 1,194,390 | - | 0.0 | % | ||
| Legal reserve | 920,187 | 238,878 | (681,309 | ) | (74.0 | %) | |
| Net income | 4,648,636 | 5,266,355 | 617,719 | 13.3 | % | ||
| Retained earnings | 8,345,564 | 9,131,025 | 785,461 | 9.4 | % | ||
| Reserve for share repurchase | 2,500,000 | 2,500,000 | - | 0.0 | % | ||
| Foreign currency translation reserve | 74,634 | 312,241 | 237,607 | 318.4 | % | ||
| Remeasurements of employee benefit – Net | 311 | 41,049 | 40,738 | 13099.0 | |||
| Cash flow hedges- Net | 25,315 | (2,692 | ) | (28,007 | ) | (110.6 | |
| Total controlling interest | 17,709,037 | 18,681,246 | 972,209 | 5.5 | % | ||
| Non-controlling interest | 1,191,020 | 2,351,039 | 1,160,019 | 97.4 | % | ||
| Total stockholder's equity | 18,900,057 | 21,032,285 | 2,132,228 | 11.3 | % | ||
| Total liabilities and stockholders' equity | 73,317,717 | 78,188,055 | 4,870,338 | 6.6 | % | ||
The non-controlling interest corresponds to the 25.5% stake held in the Montego Bay airport by Vantage Airport Group Limited (“Vantage”), as well as the 48.5% held by the shareholders of GWTC.
Exhibit C: Consolidated statement of cash flows (in thousands of pesos):
| 2Q24 | 2Q25 | Change | 6M24 | 6M25 | Change | |||||||
| Cash flows from operating activities: | ||||||||||||
| Consolidated net income | 2,252,715 | 2,655,135 | 17.9 | % | 4,723,435 | 5,513,253 | 16.7 | % | ||||
| Postemployment benefit costs | 13,776 | 15,459 | 12.2 | % | 27,552 | 29,621 | 7.5 | % | ||||
| Allowance expected credit loss | 21,328 | (13,123 | ) | (161.5 | %) | 18,527 | 12,269 | (33.8 | %) | |||
| Depreciation and amortization | 687,351 | 924,959 | 34.6 | % | 1,350,300 | 1,857,534 | 37.6 | % | ||||
| Loss on sale of machinery, equipment and improvements to leased assets | 11,215 | (630 | ) | (105.6 | %) | 11,760 | 1,360 | (88.4 | %) | |||
| Interest expense | 981,033 | 1,034,255 | 5.4 | % | 1,977,891 | 2,281,509 | 15.4 | % | ||||
| Provisions | 9,970 | 9,022 | (9.5 | %) | 16,250 | (21,667 | ) | (233.3 | %) | |||
| Income tax expense | 594,903 | 1,189,674 | 100.0 | % | 1,516,453 | 2,098,280 | 38.4 | % | ||||
| Unrealized exchange loss | 309,521 | (54,076 | ) | (117.5 | %) | 225,863 | 56,804 | (74.9 | %) | |||
| 4,881,812 | 5,760,675 | 18.0 | % | 9,868,031 | 11,828,961 | 19.9 | % | |||||
| Changes in working capital: | ||||||||||||
| (Increase) decrease in | ||||||||||||
| Trade accounts receivable | 128,758 | 162,331 | 26.1 | % | (83,124 | ) | (493,714 | ) | 493.9 | % | ||
| Recoverable tax on assets and other assets | 394,674 | 25,725 | (93.5 | %) | 791,223 | 107,364 | (86.4 | %) | ||||
| Increase (decrease) | ||||||||||||
| Concession taxes payable | (258,431 | ) | (248,380 | ) | (3.9 | %) | (109,032 | ) | (215,106 | ) | 97.3 | % |
| Accounts payable | (400,002 | ) | (117,942 | ) | (70.5 | %) | (474,606 | ) | (46,488 | ) | (90.2 | %) |
| Cash generated by operating activities | 4,746,811 | 5,582,409 | 17.6 | % | 9,992,492 | 11,181,017 | 11.9 | % | ||||
| Income taxes paid | (875,615 | ) | (1,202,747 | ) | 37.4 | % | (1,586,948 | ) | (2,324,790 | ) | 46.5 | % |
| Net cash flows provided by operating activities | 3,871,196 | 4,379,662 | 13.1 | % | 8,405,543 | 8,856,227 | 5.4 | % | ||||
| Cash flows from investing activities: | ||||||||||||
| Machinery, equipment and improvements to concession assets | (1,701,189 | ) | (678,121 | ) | (60.1 | %) | (3,109,274 | ) | (2,384,763 | ) | (23.3 | %) |
| Cash flows from sales of machinery and equipment | 2,878 | 1,656 | (42.5 | %) | 4,235 | 1,774 | (58.1 | %) | ||||
| Other investment activities | 199,053 | (1,746,391 | ) | (977.3 | %) | 72,270 | (1,732,569 | ) | (2497.4 | %) | ||
| Net cash used by investment activities | (2,374,762 | ) | (2,422,856 | ) | 2.0 | % | (3,908,274 | ) | (4,115,559 | ) | 5.3 | % |
| Cash flows from financing activities: | ||||||||||||
| Dividends declared | - | (4,254,436 | ) | 100.0 | % | - | (4,254,436 | ) | 100.0 | % | ||
| Dividends paid | (65,424 | ) | (152,881 | ) | 133.7 | % | (65,424 | ) | (152,881 | ) | (133.7 | %) |
| Bond certificates issued | - | - | 0.0 | % | 3,000,000 | 6,000,000 | 100.0 | % | ||||
| Bond certificates paid | - | (2,500,000 | ) | 100.0 | % | (3,000,000 | ) | (7,000,000 | ) | 133.3 | % | |
| Bank loans | 875,000 | 3,249,098 | 271.3 | % | 875,000 | 3,249,098 | 271.3 | % | ||||
| Interest paid on bank loans | (1,314,322 | ) | (941,099 | ) | (28.4 | %) | (2,384,483 | ) | (2,306,485 | ) | (3.3 | %) |
| Interest paid on lease | (971 | ) | (592 | ) | (39.0 | %) | (2,031 | ) | (1,282 | ) | (36.9 | %) |
| Payments of obligations for leasing | (4,454 | ) | (2,566 | ) | (42.4 | %) | (8,908 | ) | (18,899 | ) | 112.1 | % |
| Net cash flows used in financing activities | (578,588 | ) | (8,057,414 | ) | 1292.6 | % | (1,654,263 | ) | (7,939,822 | ) | 380.0 | % |
| Effects of exchange rate changes on cash held | 125,431 | (429,868 | ) | (442.7 | %) | (313,317 | ) | (569,530 | ) | 81.8 | % | |
| Net increase (decrease) in cash and cash equivalents | 1,043,277 | (6,530,476 | ) | (726.0 | %) | 2,529,691 | (3,768,684 | ) | (249.0 | %) | ||
| Cash and cash equivalents at beginning of the period | 11,541,621 | 16,227,819 | 40.6 | % | 10,055,211 | 13,466,026 | 33.9 | % | ||||
| Cash and cash equivalents at the end of the period | 12,584,900 | 9,697,343 | (22.9 | %) | 12,584,900 | 9,697,343 | (22.9 | %) | ||||
Exhibit D: Consolidated statements of profit or loss and other comprehensive income (in thousands of pesos):
| 2Q24 | 2Q25 | Change | 6M24 | 6M25 | Change | |||||||
| Revenues | ||||||||||||
| Aeronautical services | 4,560,960 | 5,763,188 | 26.4 | % | 9,523,062 | 11,762,321 | 23.5 | % | ||||
| Non-aeronautical services | 1,722,735 | 2,442,659 | 41.8 | % | 3,417,140 | 4,836,535 | 41.5 | % | ||||
| Improvements to concession assets (IFRIC-12) | 975,327 | 2,676,149 | 174.4 | % | 2,813,789 | 5,338,324 | 89.7 | % | ||||
| Total revenues | 7,259,022 | 10,881,996 | 49.9 | % | 15,753,991 | 21,937,180 | 39.2 | % | ||||
| Operating costs | ||||||||||||
| Costs of services: | 1,213,842 | 1,522,382 | 25.4 | % | 2,285,769 | 3,007,237 | 31.6 | % | ||||
| Employee costs | 490,716 | 638,722 | 30.2 | % | 949,877 | 1,252,084 | 31.8 | % | ||||
| Maintenance | 180,485 | 256,830 | 42.3 | % | 342,282 | 513,733 | 50.1 | % | ||||
| Safety, security & insurance | 199,802 | 232,516 | 16.4 | % | 382,022 | 447,723 | 17.2 | % | ||||
| Utilities | 130,036 | 148,732 | 14.4 | % | 236,008 | 273,963 | 16.1 | % | ||||
| Business operated directly by us | 72,549 | 86,632 | 19.4 | % | 146,160 | 173,968 | 19.0 | % | ||||
| Other operating expenses | 140,254 | 158,950 | 13.3 | % | 229,420 | 345,766 | 50.7 | % | ||||
| Technical assistance fees | 202,174 | 221,680 | 9.6 | % | 426,536 | 505,580 | 18.5 | % | ||||
| Concession taxes | 678,595 | 968,933 | 42.8 | % | 1,393,211 | 1,990,083 | 42.8 | % | ||||
| Depreciation and amortization | 687,351 | 924,959 | 34.6 | % | 1,350,300 | 1,857,534 | 37.6 | % | ||||
| Cost of improvements to concession assets (IFRIC-12) | 975,327 | 2,676,149 | 174.4 | % | 2,813,789 | 5,338,324 | 89.7 | % | ||||
| Other (income) | (9,042 | ) | (10,461 | ) | 15.7 | % | (12,392 | ) | (36,145 | ) | 191.7 | % |
| Total operating costs | 3,748,247 | 6,303,642 | 68.2 | % | 8,257,212 | 12,662,613 | 53.4 | % | ||||
| Income from operations | 3,510,775 | 4,578,354 | 30.4 | % | 7,496,778 | 9,274,567 | 23.7 | % | ||||
| Financial Result | (663,157 | ) | (733,545 | ) | 10.6 | % | (1,256,892 | ) | (1,663,035 | ) | 32.3 | % |
| Income before income taxes | 2,847,618 | 3,844,809 | 35.0 | % | 6,239,887 | 7,611,532 | 22.0 | % | ||||
| Income taxes | (594,903 | ) | (1,189,674 | ) | 100.0 | % | (1,516,453 | ) | (2,098,280 | ) | 38.4 | % |
| Net income | 2,252,715 | 2,655,135 | 17.9 | % | 4,723,434 | 5,513,253 | 16.7 | % | ||||
| Currency translation effect | 659,054 | (423,527 | ) | (164.3 | %) | 367,782 | (498,585 | ) | (235.6 | %) | ||
| Cash flow hedges, net of income tax | (20,164 | ) | 2,668 | (113.2 | %) | (35,403 | ) | 1,892 | (105.3 | %) | ||
| Remeasurements of employee benefit – net income tax | 2,276 | 667 | (70.7 | %) | 2,229 | 32,766 | 1370.0 | % | ||||
| Comprehensive income | 2,893,881 | 2,234,943 | (22.8 | %) | 5,058,042 | 5,049,325 | (0.2 | %) | ||||
| Non-controlling interest | (95,925 | ) | (90,951 | ) | (5.2 | %) | (127,642 | ) | (205,878 | ) | 61.3 | % |
| Comprehensive income attributable to controlling interest | 2,797,956 | 2,143,992 | (23.4 | %) | 4,930,400 | 4,843,449 | (1.8 | %) | ||||
The non-controlling interest corresponds to the 25.5% stake held in the Montego Bay airport by Vantage Airport Group Limited (“Vantage”), as well as the 48.5% held by the shareholders of GWTC.
Exhibit E: Consolidated stockholders’ equity (in thousands of pesos):
| Common Stock | Legal Reseve | Reserve for Share Repurchase | Retained Earnings | Other comprehensive income | Total controlling interest | Non-controlling interest | Total Stockholders' Equity | ||||||||
| Balance as of January 1, 2024 | 8,197,536 | 478,185 | 2,500,000 | 8,787,568 | (181,508 | ) | 19,781,783 | 1,162,864 | 20,944,646 | ||||||
| Increase legal reserve | - | 442,002 | - | (442,002 | ) | - | - | - | - | ||||||
| Capital reduction | (7,003,146 | ) | - | - | - | - | (7,003,146 | ) | - | (7,003,146 | ) | ||||
| Dividends declared non-controlling interest | - | - | - | - | - | - | (99,485 | ) | (99,485 | ) | |||||
| Comprehensive income: | |||||||||||||||
| Net income | - | - | - | 4,648,635 | - | 4,648,635 | 74,803 | 4,723,438 | |||||||
| Foreign currency translation reserve | - | - | - | - | 314,940 | 314,940 | 52,839 | 367,779 | |||||||
| Remeasurements of employee benefit – Net | - | - | - | - | 2,229 | 2,229 | - | 2,229 | |||||||
| Reserve for cash flow hedges – Net of income tax | - | - | - | - | (35,403 | ) | (35,403 | ) | - | (35,403 | ) | ||||
| Balance as of June 30, 2024 | 1,194,390 | 920,187 | 2,500,000 | 12,994,201 | 100,259 | 17,709,037 | 1,191,021 | 18,900,058 | |||||||
| Balance as of January 1, 2025 | 1,194,390 | 920,187 | 2,500,000 | 16,957,723 | 773,499 | 22,345,799 | 2,275,940 | 24,621,739 | |||||||
| Decrease legal reserve | - | (681,309 | ) | - | 681,309 | - | - | - | - | ||||||
| Dividends declared | - | - | - | (8,508,000 | ) | - | (8,508,000 | ) | (130,779 | ) | (8,638,779 | ) | |||
| Comprehensive income: | |||||||||||||||
| Net income | - | - | - | 5,266,354 | - | 5,266,354 | 246,904 | 5,513,258 | |||||||
| Foreign currency translation reserve | - | - | - | - | (457,559 | ) | (457,559 | ) | (41,026 | ) | (498,585 | ) | |||
| Remeasurements of employee benefit – Net | - | - | - | - | 32,766 | 32,766 | 32,766 | ||||||||
| Reserve for cash flow hedges – Net of income tax | - | - | - | - | 1,892 | 1,892 | - | 1,892 | |||||||
| Balance as of June 30, 2025 | 1,194,390 | 238,878 | 2,500,000 | 14,397,387 | 350,598 | 18,681,250 | 2,351,039 | 21,032,291 | |||||||
The non-controlling interest corresponds to the 25.5% stake held in the Montego Bay airport by Vantage Airport Group Limited (“Vantage”), as well as the 48.5% held by the shareholders of GWTC.
As a part of the adoption of IFRS, the effects of inflation on common stock recognized
under Mexican Financial Reporting Standards (MFRS) through December 31, 2007, were reclassified as retained earnings because accumulated
inflation recognized under MFRS is not considered hyperinflationary according to IFRS. For Mexican legal and tax purposes, Grupo Aeroportuario
del Pacífico, S.A.B. de C.V., as an individual entity, will continue preparing separate financial information under MFRS. Therefore,
for any transaction between the Company and its shareholders related to stockholders’ equity, the Company must take into consideration
the accounting balances prepared under MFRS as an individual entity and determine the tax impact under tax laws applicable in Mexico,
which requires the use of MFRS. For purposes of reporting to stock exchanges, the consolidated financial statements will continue to
be prepared following IFRS, as issued by the IASB.
Exhibit F: Other operating data:
| 2Q24 | 2Q25 | Change | 6M24 | 6M25 | Change | |||
| Total passengers | 15,254.7 | 15,879.4 | 4.1 | % | 30,864.2 | 32,148.7 | 4.2 | % |
| Total cargo volume (in WLUs) | 703.1 | 686.6 | (2.3 | %) | 1,343.1 | 1,337.3 | (0.4 | %) |
| Total WLUs | 15,957.8 | 16,566.0 | 3.8 | % | 32,207.3 | 33,486.0 | 4.0 | % |
| Aeronautical & non aeronautical services per passenger (pesos) | 411.9 | 516.8 | 25.5 | % | 419.3 | 516.3 | 23.1 | % |
| Aeronautical services per WLU (pesos) | 285.8 | 347.9 | 21.7 | % | 295.7 | 351.3 | 18.8 | % |
| Non aeronautical services per passenger (pesos) | 112.9 | 153.8 | 36.2 | % | 110.7 | 150.4 | 35.9 | % |
| Cost of services per WLU (pesos) | 76.1 | 91.9 | 20.8 | % | 71.0 | 89.8 | 26.5 | % |
WLU = Workload units represent passenger traffic plus cargo units (1 cargo unit = 100 kilograms of cargo).
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 21, 2025 | /s/ SAÚL VILLARREAL GARCÍA | |
| Saúl Villarreal García | ||
| Chief Financial Officer | ||