CORRECTION - Grupo Aeroportuario del Pacifico Announces Results for the Second Quarter of 2025
GUADALAJARA, Mexico, July 22, 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
