Financial Data and Key Metrics Changes - Total passenger traffic reached 15.8 million, representing a 4.1% increase compared to the same quarter of 2024 [6] - Revenues excluding IFRIC 12 grew by 30.6% year over year, reaching ARS 8.2 billion, driven by a 26.4% increase in aeronautical revenues and a 41.8% increase in non-aeronautical revenues [9][10] - EBITDA increased by 31.1%, reaching ARS 5.5 billion, with an EBITDA margin of 67.1% excluding IFRIC 12 [11] - Operating income increased by 30.4% and net income by 17.9% [12] - Cash and cash equivalents stood at ARS 9.7 billion as of June 30 [12] Business Line Data and Key Metrics Changes - Revenues from business lines operated directly by the company increased by 113%, driven by the consolidation of the cargo and bonded warehouse business [10] - Third-party operated business grew by 10.7%, with significant contributions from food and beverage, retail, duty-free, ground transportation, and timeshares [10] Market Data and Key Metrics Changes - The company added eight new routes this quarter, including seven domestic and one international, bringing the total to 21 new routes for the year [6] - Canada is becoming an increasingly relevant market, especially during the winter season, with new international routes announced [6] Company Strategy and Development Direction - The company remains cautiously optimistic about the future, focusing on controlling costs while ensuring service quality across airports [12][15] - The company is pursuing strategic expansion opportunities, including the Turks and Caicos tender process and potential acquisition of CCR Airports assets [16] Management's Comments on Operating Environment and Future Outlook - Management expressed concerns about stricter U.S. migration and enforcement policies potentially impacting international traffic, particularly on U.S.-Mexico routes [8] - Despite macroeconomic headwinds and FX volatility, the company expects to maintain its initial annual guidance [9][15] Other Important Information - The company executed capital investments of about ARS 12.8 billion in the first half of 2025, in line with annual plans [13] - A dividend of ARS 16.84 per share was approved for payment throughout 2025, with the first tranche already distributed [15] Q&A Session Summary Question: Potential inorganic opportunities with Turks and Caicos and CCR - Management indicated that while there are opportunities in Latin America and the Caribbean, not all will yield the desired returns [20] Question: Status of the hotel in Guadalajara Airport - The hotel has achieved an average tariff of ARS 2,500 and an occupancy rate of around 80% in its first year of operation [22] Question: Tariff increases and airline negotiations - The first tariff increase was implemented in March 2025, with a second adjustment expected in early 2026 [27][30] - Airlines have been vocal about tariff changes, but management noted no significant change in their behavior [31] Question: Traffic trends and demand stabilization - Management noted a decrease in passengers on BFR routes due to migration policy changes but expects demand to stabilize as clarity improves [36] Question: CCR portfolio acquisition and leverage - Management stated that a potential acquisition of the CCR portfolio would not require capital injection, as the balance sheet remains healthy [44] Question: Impact of U.S. Department of Transportation claims - Management sees potential impacts on the BFR market but believes the diversified airport portfolio can mitigate risks [82]

Group 1 - Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (NYSE: PAC) has demonstrated the ability to maintain value creation despite years of high growth [1] - The company serves as an example of how to sustain long-term potential in the investment landscape [1]

Core Viewpoint - Grupo Aeroportuario del Pacífico (GAP) reported significant growth in revenues and passenger traffic for the second quarter of 2025 compared to the same period in 2024, driven by increased aeronautical and non-aeronautical services, despite a decrease in comprehensive income due to foreign currency translation losses. Financial Position - As of June 30, 2025, the company had cash and cash equivalents of Ps. 9,697.3 million, repaid Ps. 2,500.0 million in maturing bonds, and drew down a Ps. 3,375.0 million credit facility from Banamex [3]. Passenger Traffic - In 2Q25, GAP's 14 airports saw an increase of 624.7 thousand total passengers, a 4.1% rise compared to 2Q24 [4]. - New domestic routes were launched by Viva, including daily flights between Hermosillo and Tijuana, and La Paz and Santa Lucía, among others [4]. - Internationally, World2Fly launched a weekly flight from Montego Bay to Lisboa [5]. Revenue Growth - Total revenues increased by Ps. 3,623.0 million, or 49.9%, with aeronautical services revenues rising by Ps. 1,202.2 million (26.4%) and non-aeronautical services revenues increasing by Ps. 719.9 million (41.8%) [7][16]. - Revenues from improvements to concession assets surged by Ps. 1,700.8 million, or 174.4% [16][18]. Cost and Operating Expenses - Total operating costs rose by Ps. 2,555.4 million, or 68.2%, primarily due to a significant increase in costs related to improvements to concession assets [19][33]. - Employee costs increased by Ps. 134.2 million (30.8%), and maintenance costs rose by Ps. 77.1 million (54.5%) [22]. Income and Profitability - Income from operations increased by Ps. 1,067.6 million, or 30.4%, with an EBITDA increase of Ps. 1,305.2 million (31.1%) [7][24]. - Comprehensive income decreased by Ps. 658.9 million, or 22.8%, primarily due to increased foreign currency translation losses [25][26]. Comprehensive Income and Margins - The operating income margin fell from 48.4% in 2Q24 to 42.1% in 2Q25, while the EBITDA margin decreased from 57.8% to 50.6% [24][37]. - Comprehensive income per share decreased from Ps. 5.7273 to Ps. 4.4232, reflecting a 22.8% decline [12].

[Introduction](index=1&type=section&id=Introduction) [Report Information](index=1&type=section&id=Report%20Information) This Form 6-K report by Grupo Aeroportuario del Pacífico S.A.B. de C.V. (GAP) presents unaudited consolidated results for 2Q25, prepared under IFRS - The report is a Form 6-K filing by Grupo Aeroportuario del Pacífico S.A.B. de C.V. (GAP) for the month of July 2025[1](index=1&type=chunk)[3](index=3&type=chunk) - The financial figures presented are unaudited and prepared following International Financial Reporting Standards (IFRS)[3](index=3&type=chunk) [Summary of Second Quarter 2025 Results (2Q25)](index=2&type=section&id=Summary%20of%20Second%20Quarter%202025%20Results%20(2Q25)) [Financial Position Highlights (2Q25)](index=2&type=section&id=Financial%20Position%20Highlights%20(2Q25)) As of June 30, 2025, GAP reported cash and cash equivalents of Ps. 9,697.3 million, having repaid a Ps. 2,500.0 million bond and drawn a Ps. 3,375.0 million credit facility for refinancing Key Financial Position Data (2Q25) | Metric | Amount (Ps. millions) | | :----------------------- | :-------------------- | | Cash and Cash Equivalents | 9,697.3 | | Bond Repayment | 2,500.0 | | Credit Facility Drawn | 3,375.0 | - Proceeds from the new credit facility were used to refinance maturities with Banamex (**Ps. 2,500.0 million**) and BBVA (**Ps. 875.0 million**)[5](index=5&type=chunk) [Passenger Traffic Performance (2Q25)](index=2&type=section&id=Passenger%20Traffic%20Performance%20(2Q25)) Total passenger traffic across GAP's 14 airports increased by 4.1% to 15.9 million passengers in 2Q25, driven by a 6.2% rise in domestic traffic and 1.4% in international traffic, alongside new route launches Passenger Traffic Overview (2Q25 vs 2Q24) | Metric | 2Q24 (thousands) | 2Q25 (thousands) | Change (thousands) | Change (%) | | :------------------- | :--------------- | :--------------- | :----------------- | :--------- | | Total Passengers | 15,254.7 | 15,879.4 | 624.7 | 4.1% | | Domestic Passengers | 8,577.6 | 9,107.6 | 530.0 | 6.2% | | International Passengers | 6,677.3 | 6,771.8 | 94.5 | 1.4% | - New domestic routes launched in 2Q25 include Viva flights from Hermosillo to Tijuana, La Paz to Santa Lucía, La Paz to Tijuana, Tijuana to Veracruz, and Tijuana to Querétaro[6](index=6&type=chunk) - One new international route, World2Fly from Montego Bay to Lisboa, was launched in June 2025[7](index=7&type=chunk) CBX Users (2Q25 vs 2Q24) | Airport | 2Q24 (thousands) | 2Q25 (thousands) | Change (%) | | :------ | :--------------- | :--------------- | :--------- | | Tijuana | 965.7 | 1,031.4 | 6.8% | [Consolidated Financial Performance (2Q25)](index=4&type=section&id=Consolidated%20Financial%20Performance%20(2Q25)) GAP's total revenues surged by 49.9% to Ps. 10,882,000 thousand in 2Q25, primarily due to a 174.4% increase in IFRIC-12 related revenues, leading to a 30.4% rise in operating income and 31.1% in EBITDA, despite a 22.8% decrease in comprehensive income from foreign currency translation effects Key Financial Highlights (2Q25 vs 2Q24) | Metric | 2Q24 (Ps. thousands) | 2Q25 (Ps. thousands) | Change (%) | | :---------------------------------- | :------------------- | :------------------- | :--------- | | Total Revenues | 7,259,022 | 10,881,996 | 49.9% | | Income from Operations | 3,510,775 | 4,578,354 | 30.4% | | EBITDA | 4,198,126 | 5,503,313 | 31.1% | | Net Income | 2,252,715 | 2,655,135 | 17.9% | | 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%) | [Revenues Analysis (2Q25)](index=5&type=section&id=Revenues%20Analysis%20(2Q25)) Total revenues surged by 49.9%, primarily driven by a 174.4% increase in IFRIC-12 related revenues, with aeronautical services growing 26.4% and non-aeronautical revenues increasing 41.8%, significantly boosted by the cargo and bonded warehouse business Revenue Breakdown (2Q25 vs 2Q24) | Revenue Type | 2Q24 (Ps. thousands) | 2Q25 (Ps. thousands) | Change (%) | | :-------------------------------- | :------------------- | :------------------- | :--------- | | 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% | - Mexican airport revenues increased by **27.6%**, mainly due to a **22.5%** increase in passenger fee revenue from higher maximum tariffs and a **4.5%** increase in passenger traffic[17](index=17&type=chunk) - Jamaican airport revenues increased by **19.3%**, benefiting from Mexican peso depreciation against the U.S. dollar and a **0.8%** increase in passenger traffic[17](index=17&type=chunk) Non-Aeronautical Revenue by Business Type (2Q25 vs 2Q24) | Business Type (Directly Operated) | 2Q24 (Ps. thousands) | 2Q25 (Ps. thousands) | Change (%) | | :-------------------------------- | :------------------- | :------------------- | :--------- | | Cargo operation and bonded warehouse | 31,218 | 514,113 | 1546.8% | | VIP Lounges | 120,862 | 168,321 | 39.3% | | Hotel operation | 18,251 | 36,882 | 102.1% | | Total Directly Operated | 517,551 | 1,102,141 | 113.0% | | Total Non-aeronautical Revenues | 1,722,735 | 2,442,659 | 41.8% | - Non-aeronautical revenues from Mexican airports increased by **45.9%**, with directly operated businesses up **116.7%** (Ps. 477.1 million from cargo/bonded warehouse) and third-party businesses up **9.2%** (driven by food & beverage, retail, duty-free, timeshares, ground transportation)[17](index=17&type=chunk) - IFRIC-12 revenues increased by **Ps. 1,700.8 million** (**174.4%**) due to investments under the Master Development Program for 2025-2029[17](index=17&type=chunk)[18](index=18&type=chunk)[24](index=24&type=chunk) [Operating Costs Analysis (2Q25)](index=4&type=section&id=Operating%20Costs%20Analysis%20(2Q25)) Total operating costs increased by 68.2%, largely due to a 174.4% rise in IFRIC-12 related costs, with non-IFRIC-12 costs up 30.8% driven by higher services, concession fees, and depreciation Operating Costs Breakdown (2Q25 vs 2Q24) | Cost Type | 2Q24 (Ps. thousands) | 2Q25 (Ps. thousands) | Change (%) | | :-------------------------------- | :------------------- | :------------------- | :--------- | | Total operating costs | 3,748,247 | 6,303,642 | 68.2% | | Costs of services | 1,213,842 | 1,522,382 | 25.4% | | 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% | - Excluding IFRIC-12, operating costs increased by **Ps. 854.6 million** (**30.8%**)[19](index=19&type=chunk) - Mexican airport operating costs increased by **83.7%**, with IFRIC-12 costs up **191.1%**, cost of services up **27.1%**, and depreciation/amortization up **37.0%**[20](index=20&type=chunk) - Jamaican airport operating costs increased by **11.0%**, driven by higher cost of services (**16.9%**), concession fees (**7.5%**), and depreciation/amortization (**22.9%**)[21](index=21&type=chunk) Key Cost of Services Increases (Mexican Airports, 2Q25) | Cost Item | Change (Ps. millions) | Change (%) | | :-------------------------- | :-------------------- | :--------- | | Employee costs | 134.2 | 30.8% | | Maintenance | 77.1 | 54.5% | | Other operating expenses | 29.3 | 15.3% | | Safety, security & insurance | 17.7 | 11.7% | - The consolidation of the cargo and bonded warehouse business contributed significantly to increases in employee costs (**Ps. 86.5 million**), maintenance (**Ps. 8.4 million**), other operating expenses (**Ps. 12.4 million**), and safety/security/insurance (**Ps. 4.8 million**)[25](index=25&type=chunk) [Operating Income & EBITDA Margins (2Q25)](index=4&type=section&id=Operating%20Income%20%26%20EBITDA%20Margins%20(2Q25)) Operating income margin decreased to 42.1% and EBITDA margin to 50.6%, but excluding non-cash IFRIC-12 effects, margins remained stable at 55.8% and 67.1% respectively Operating Margins (2Q25 vs 2Q24) | Metric | 2Q24 | 2Q25 | Change (percentage points) | | :-------------------------------- | :--- | :--- | :----------------------- | | Operating income margin | 48.4% | 42.1% | (6.3) | | Operating income margin (excluding IFRIC-12) | 55.9% | 55.8% | (0.1) | | EBITDA margin | 57.8% | 50.6% | (7.2) | | EBITDA margin (excluding IFRIC-12) | 66.8% | 67.1% | 0.3 | [Financial Results & Net Income (2Q25)](index=4&type=section&id=Financial%20Results%20%26%20Net%20Income%20(2Q25)) Financial results saw a 10.6% increase in expense due to foreign exchange losses and a significant foreign currency translation effect, yet net income rose by 17.9%, while comprehensive income decreased by 22.8% Financial Results (2Q25 vs 2Q24) | Metric | 2Q24 (Ps. thousands) | 2Q25 (Ps. thousands) | Change (%) | | :-------------------------- | :------------------- | :------------------- | :--------- | | Financial Result (expense) | (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% | | Comprehensive income | 2,893,881 | 2,234,943 | (22.8%) | - Foreign exchange fluctuations shifted from an income of **Ps. 80.9 million** in 2Q24 to an expense of **Ps. 40.3 million** in 2Q25, a **Ps. 121.2 million** loss due to Mexican peso depreciation[23](index=23&type=chunk) - The foreign currency translation effect contributed to a **Ps. 1,082.6 million** increase in expense compared to 2Q24[26](index=26&type=chunk)[27](index=27&type=chunk) - Interest expense decreased by **11.6%** due to lower reference rates, while interest income decreased by **24.9%** due to lower cash balances and reference rates[30](index=30&type=chunk) - Income tax expense doubled (**100.0%**) due to a **Ps. 451.5 million** increase in current income tax and a **Ps. 143.3 million** decrease in deferred tax benefit[28](index=28&type=chunk) [Summary of Six Months 2025 Results (6M25)](index=7&type=section&id=Summary%20of%20Six%20Months%202025%20Results%20(6M25)) [Consolidated Financial Performance (6M25)](index=7&type=section&id=Consolidated%20Financial%20Performance%20(6M25)) For 6M25, GAP's total revenues increased by 39.2% to Ps. 21,937,200 thousand, driven by an 89.7% rise in IFRIC-12 related revenues, with operating income up 23.7% and EBITDA up 25.8%, while net income grew 16.7% and comprehensive income remained flat due to foreign currency translation losses Key Financial Highlights (6M25 vs 6M24) | Metric | 6M24 (Ps. thousands) | 6M25 (Ps. thousands) | Change (%) | | :---------------------------------- | :------------------- | :------------------- | :--------- | | Total Revenues | 15,753,991 | 21,937,180 | 39.2% | | Income from Operations | 7,496,778 | 9,274,567 | 23.7% | | EBITDA | 8,847,078 | 11,132,102 | 25.8% | | Net Income | 4,723,434 | 5,513,253 | 16.7% | | 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%) | [Revenues Analysis (6M25)](index=8&type=section&id=Revenues%20Analysis%20(6M25)) Total revenues for 6M25 increased by 39.2%, with IFRIC-12 revenues up 89.7%, aeronautical services revenues rising 23.5% due to higher tariffs, peso depreciation, and increased passenger traffic, and non-aeronautical revenues increasing 41.5% from the cargo and bonded warehouse business Revenue Breakdown (6M25 vs 6M24) | Revenue Type | 6M24 (Ps. thousands) | 6M25 (Ps. thousands) | Change (%) | | :-------------------------------- | :------------------- | :------------------- | :--------- | | 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% | - Mexican airport revenues increased by **24.0%**, driven by higher maximum tariffs, **16.8%** Mexican peso depreciation, and a **5.0%** increase in passenger traffic[34](index=34&type=chunk) - Jamaican airport revenues increased by **20.5%**, mainly due to **16.8%** peso depreciation, partially offset by a **1.9%** decrease in passenger traffic[34](index=34&type=chunk) Non-Aeronautical Revenue by Business Type (6M25 vs 6M24) | Business Type (Directly Operated) | 6M24 (Ps. thousands) | 6M25 (Ps. thousands) | Change (%) | | :-------------------------------- | :------------------- | :------------------- | :--------- | | Cargo operation and bonded warehouse | 62,994 | 948,381 | 1405.5% | | VIP Lounges | 231,941 | 336,336 | 45.0% | | Hotel operation | 18,615 | 74,323 | 100.0% | | Total Directly Operated | 1,021,467 | 2,124,677 | 108.0% | | Total Non-aeronautical Revenues | 3,417,140 | 4,836,535 | 41.5% | - Non-aeronautical revenues from Mexican airports increased by **45.0%**, with directly operated businesses up **111.0%** and third-party businesses up **11.2%** due to new commercial spaces and contract renegotiations[34](index=34&type=chunk) - IFRIC-12 revenues increased by **Ps. 2,524.5 million** (**89.7%**) due to investments under the Master Development Program for 2025-2029[36](index=36&type=chunk)[41](index=41&type=chunk) [Operating Costs Analysis (6M25)](index=7&type=section&id=Operating%20Costs%20Analysis%20(6M25)) Total operating costs increased by 53.4% for 6M25, primarily due to an 89.7% increase in IFRIC-12 related costs, with non-IFRIC-12 costs rising 34.6% driven by higher services, concession fees, and depreciation Operating Costs Breakdown (6M25 vs 6M24) | Cost Type | 6M24 (Ps. thousands) | 6M25 (Ps. thousands) | Change (%) | | :-------------------------------- | :------------------- | :------------------- | :--------- | | Total operating costs | 8,257,212 | 12,662,613 | 53.4% | | Costs of services | 2,285,769 | 3,007,237 | 31.6% | | 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% | - Excluding IFRIC-12, operating costs increased by **Ps. 1,880.9 million** (**34.6%**)[37](index=37&type=chunk) - Mexican airport operating costs increased by **62.3%**, with IFRIC-12 costs up **94.1%**, cost of services up **33.0%**, and depreciation/amortization up **40.1%**[38](index=38&type=chunk) - Jamaican airport operating costs increased by **15.5%**, mainly due to higher cost of services (**24.6%**), concession fees (**9.4%**), and depreciation/amortization (**25.8%**)[39](index=39&type=chunk) Key Cost of Services Increases (Mexican Airports, 6M25) | Cost Item | Change (Ps. millions) | Change (%) | | :-------------------------- | :-------------------- | :--------- | | Employee costs | 272.7 | 32.3% | | Maintenance | 153.4 | 57.3% | | Other operating expenses | 136.1 | 40.4% | | Safety, security & insurance | 34.7 | 12.2% | - The consolidation of the cargo and bonded warehouse business contributed significantly to increases in employee costs (**Ps. 187.8 million**), maintenance (**Ps. 17.3 million**), other operating expenses (**Ps. 64.3 million**), and safety/security/insurance (**Ps. 4.8 million**)[42](index=42&type=chunk) [Operating Income & EBITDA Margins (6M25)](index=8&type=section&id=Operating%20Income%20%26%20EBITDA%20Margins%20(6M25)) Operating income margin decreased to 42.3% and EBITDA margin to 50.7%, while excluding IFRIC-12 effects, operating income margin decreased to 55.9% and EBITDA margin to 67.1% Operating Margins (6M25 vs 6M24) | Metric | 6M24 | 6M25 | Change (percentage points) | | :-------------------------------- | :--- | :--- | :----------------------- | | Operating income margin | 47.6% | 42.3% | (5.3) | | Operating income margin (excluding IFRIC-12) | 57.9% | 55.9% | (2.0) | | EBITDA margin | 56.2% | 50.7% | (5.5) | | EBITDA margin (excluding IFRIC-12) | 68.4% | 67.1% | (1.3) | [Financial Results & Net Income (6M25)](index=9&type=section&id=Financial%20Results%20%26%20Net%20Income%20(6M25)) Financial results increased in expense by 32.3% due to foreign exchange losses and higher interest expense, yet net income grew by 16.7% driven by EBITDA, partially offset by increased depreciation and financial expenses Financial Results (6M25 vs 6M24) | Metric | 6M24 (Ps. thousands) | 6M25 (Ps. thousands) | Change (%) | | :-------------------------- | :------------------- | :------------------- | :--------- | | Financial Result (expense) | (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% | | Comprehensive income | 5,058,042 | 5,049,325 | (0.2%) | - Foreign exchange fluctuations resulted in a **Ps. 274.1 million** loss due to Mexican peso depreciation, shifting from an income of **Ps. 109.9 million** in 6M24 to an expense of **Ps. 164.3 million** in 6M25[51](index=51&type=chunk) - The foreign currency translation effect contributed to a **Ps. 866.4 million** increase in expense compared to 6M24[51](index=51&type=chunk) - Interest expense increased by **6.5%** due to higher bond certificates and bank loans, while interest income decreased by **1.3%** due to lower cash balances and reference rates[51](index=51&type=chunk) - Income tax expense increased by **Ps. 581.8 million**, driven by the **Ps. 1,777.8 million** increase in operating income[44](index=44&type=chunk) [Statement of Financial Position](index=10&type=section&id=Statement%20of%20Financial%20Position) As of June 30, 2025, total assets increased by 6.6% to Ps. 78,188,055 thousand, primarily due to significant increases in improvements to concession assets and other acquired rights, while total liabilities increased by 5.0% to Ps. 57,155,773 thousand, mainly from higher bond certificates and deferred liabilities Consolidated Statement of Financial Position (June 30, 2025 vs 2024) | Metric | 2024 (Ps. thousands) | 2025 (Ps. thousands) | Change (Ps. thousands) | Change (%) | | :--------------------------------------- | :------------------- | :------------------- | :--------------------- | :--------- | | Total assets | 73,317,717 | 78,188,055 | 4,870,338 | 6.6% | | Total liabilities | 54,417,657 | 57,155,773 | 2,738,116 | 5.0% | | Total stockholders' equity | 18,900,057 | 21,032,285 | 2,132,228 | 11.3% | - Key asset increases: Improvements to concession assets (**Ps. 5,875.2 million**), Other acquired rights (**Ps. 1,937.1 million**), Trade accounts receivable (**Ps. 816.9 million**), and Deferred income taxes (**Ps. 813.6 million**)[45](index=45&type=chunk) - Key asset decreases: Cash and cash equivalents (**Ps. 2,887.6 million**) and Advanced payments to suppliers (**Ps. 905.1 million**)[45](index=45&type=chunk) - Key liability increases: Bonds certificates (**Ps. 4,639.0 million**), Deferred liabilities (**Ps. 575.1 million**), Accounts payable (**Ps. 365.2 million**), and Taxes payable (**Ps. 157.0 million**)[46](index=46&type=chunk) - Key liability decrease: Payables related to shareholder distribution (**Ps. 2,819.9 million**)[46](index=46&type=chunk) [Additional Information & Disclosures](index=10&type=section&id=Additional%20Information%20%26%20Disclosures) [Company Description](index=10&type=section&id=Company%20Description) Grupo Aeroportuario del Pacífico (GAP) operates 12 airports in Mexico's Pacific region and two in Jamaica, with its shares listed on the NYSE (PAC) and Mexican Stock Exchange (GAP) - GAP operates 12 airports in Mexico, including Guadalajara, Tijuana, Puerto Vallarta, Los Cabos, La Paz, Manzanillo, Hermosillo, Guanajuato, Morelia, Aguascalientes, Mexicali, and Los Mochis[47](index=47&type=chunk) - GAP also operates Sangster International Airport in Montego Bay, Jamaica (acquired 2015), and Norman Manley International Airport in Kingston, Jamaica (concession agreement 2018, control 2019)[47](index=47&type=chunk) - GAP shares are listed on the NYSE (PAC) and the Mexican Stock Exchange (GAP)[47](index=47&type=chunk) [Non-GAAP Financial Measures](index=10&type=section&id=Non-GAAP%20Financial%20Measures) The report includes EBITDA, a non-IFRS financial performance measure, and investors are cautioned that non-GAAP measures have limitations and should supplement, not substitute, IFRS measures - EBITDA is a non-IFRS financial performance measure and should not be considered an alternative to IFRS measures[48](index=48&type=chunk) - Non-GAAP financial measures have limitations as analytical tools and should be considered a supplement to, not a substitute for, IFRS measures[48](index=48&type=chunk) [Forward-Looking Statements](index=10&type=section&id=Forward-Looking%20Statements) This press release contains forward-looking statements based on management's current views and estimates, which are subject to risks and uncertainties, meaning actual results may differ materially from expectations - Forward-looking statements are based on management's current views and estimates of future economic circumstances, industry conditions, company performance, and financial results[49](index=49&type=chunk) - Such statements are subject to risks and uncertainties, and there is no guarantee that expected events, trends, or results will occur[49](index=49&type=chunk) [Whistleblower Program](index=10&type=section&id=Whistleblower%20Program) GAP has implemented a whistleblower program, compliant with Sarbanes-Oxley Act and Mexican law, allowing anonymous and confidential reporting of suspected criminal conduct or violations, with all complaints investigated by GAP's Audit Committee - GAP has a whistleblower program for anonymous and confidential reporting of suspected criminal conduct or violations[50](index=50&type=chunk) - The program is in accordance with Section 806 of the Sarbanes-Oxley Act of 2002 and Article 42 of the 'Ley del Mercado de Valores'[50](index=50&type=chunk) - All complaints are notified to GAP's Audit Committee for immediate investigation[50](index=50&type=chunk) [Exhibits](index=11&type=section&id=Exhibits) [Operating Results by Airport](index=11&type=section&id=Operating%20Results%20by%20Airport) Exhibit A provides detailed operating results for each of GAP's airports, including revenues (aeronautical, non-aeronautical, IFRIC-12), operating income, and EBITDA for both 2Q25 and 6M25 compared to the prior year periods Total Operating Results by Airport (2Q25 vs 2Q24) | Airport | Total Revenues (2Q24, Ps. thousands) | Total Revenues (2Q25, Ps. thousands) | Revenue Change (%) | Operating Income (2Q24, Ps. thousands) | Operating Income (2Q25, Ps. thousands) | Operating Income Change (%) | EBITDA (2Q24, Ps. thousands) | EBITDA (2Q25, Ps. thousands) | EBITDA Change (%) | | :-------------- | :----------------------------------- | :----------------------------------- | :----------------- | :------------------------------------- | :------------------------------------- | :-------------------------- | :--------------------------- | :--------------------------- | :---------------- | | Guadalajara | 1,987,785 | 3,085,651 | 55.2% | 1,105,607 | 1,242,734 | 12.4% | 1,238,723 | 1,450,416 | 17.1% | | Tijuana | 884,912 | 1,367,144 | 54.5% | 416,606 | 565,985 | 35.9% | 532,909 | 691,459 | 29.8% | | Los Cabos | 1,111,374 | 1,459,135 | 31.3% | 592,449 | 806,799 | 36.2% | 681,734 | 911,098 | 33.6% | | Puerto Vallarta | 958,074 | 1,407,778 | 46.9% | 382,540 | 584,274 | 52.7% | 436,696 | 647,844 | 48.4% | | Montego Bay | 690,897 | 814,765 | 17.9% | 250,207 | 305,501 | 22.1% | 321,002 | 391,479 | 22.0% | | Guanajuato | 293,369 | 457,356 | 55.9% | 139,587 | 208,424 | 49.3% | 161,425 | 233,880 | 44.9% | | Hermosillo | 172,136 | 209,312 | 21.6% | 65,385 | 97,867 | 49.7% | 90,659 | 123,579 | 36.3% | | Others (1) | 760,880 | 1,070,309 | 40.7% | (24,265) | 248,864 | (1125.6%) | 125,786 | 351,893 | 179.8% | | Total | 6,859,423 | 9,871,449 | 43.9% | 2,928,112 | 4,060,448 | 38.7% | 3,588,935 | 4,801,647 | 33.8% | [Consolidated Statement of Financial Position](index=12&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) Exhibit B presents the consolidated statement of financial position as of June 30, 2025, detailing assets, liabilities, and stockholders' equity, with comparative figures for June 30, 2024 Consolidated Statement of Financial Position (June 30, 2025 vs 2024) | Item | 2024 (Ps. thousands) | 2025 (Ps. thousands) | Change (Ps. thousands) | Change (%) | | :--------------------------------------- | :------------------- | :------------------- | :--------------------- | :--------- | | **Assets** | | | | | | Current assets | 16,092,224 | 14,004,675 | (2,087,549) | (13.0%) | | Non-current assets | 57,225,493 | 64,183,380 | 6,957,887 | 12.2% | | 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** | | | | | | 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 stockholders' equity | 18,900,057 | 21,032,285 | 2,132,228 | 11.3% | [Consolidated Statement of Cash Flows](index=13&type=section&id=Consolidated%20Statement%20of%20Cash%20Flows) Exhibit C details the consolidated cash flows from operating, investing, and financing activities for 2Q25 and 6M25, showing a net decrease in cash and cash equivalents for both periods Consolidated Statement of Cash Flows (2Q25 vs 2Q24) | Cash Flow Activity | 2Q24 (Ps. thousands) | 2Q25 (Ps. thousands) | Change (%) | | :-------------------------------- | :------------------- | :------------------- | :--------- | | Net cash flows provided by operating activities | 3,871,196 | 4,379,662 | 13.1% | | Net cash used by investment activities | (2,374,762) | (2,422,856) | 2.0% | | Net cash flows used in financing activities | (578,588) | (8,057,414) | 1292.6% | | Net increase (decrease) in cash and cash equivalents | 1,043,277 | (6,530,476) | (726.0%) | | Cash and cash equivalents at end of period | 12,584,900 | 9,697,343 | (22.9%) | Consolidated Statement of Cash Flows (6M25 vs 6M24) | Cash Flow Activity | 6M24 (Ps. thousands) | 6M25 (Ps. thousands) | Change (%) | | :-------------------------------- | :------------------- | :------------------- | :--------- | | Net cash flows provided by operating activities | 8,405,543 | 8,856,227 | 5.4% | | Net cash used by investment activities | (3,908,274) | (4,115,559) | 5.3% | | Net cash flows used in financing activities | (1,654,263) | (7,939,822) | 380.0% | | Net increase (decrease) in cash and cash equivalents | 2,529,691 | (3,768,684) | (249.0%) | | Cash and cash equivalents at end of period | 12,584,900 | 9,697,343 | (22.9%) | [Consolidated Statements of Profit or Loss and Other Comprehensive Income](index=14&type=section&id=Consolidated%20Statements%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) Exhibit D provides the consolidated statements of profit or loss and other comprehensive income for 2Q25 and 6M25, detailing revenues, operating costs, income from operations, financial results, net income, and comprehensive income, with comparative figures Consolidated Statements of Profit or Loss and Other Comprehensive Income (2Q25 vs 2Q24) | Metric | 2Q24 (Ps. thousands) | 2Q25 (Ps. thousands) | Change (%) | | :-------------------------------- | :------------------- | :------------------- | :--------- | | Total revenues | 7,259,022 | 10,881,996 | 49.9% | | Total operating costs | 3,748,247 | 6,303,642 | 68.2% | | Income from operations | 3,510,775 | 4,578,354 | 30.4% | | Net income | 2,252,715 | 2,655,135 | 17.9% | | Comprehensive income | 2,893,881 | 2,234,943 | (22.8%) | Consolidated Statements of Profit or Loss and Other Comprehensive Income (6M25 vs 6M24) | Metric | 6M24 (Ps. thousands) | 6M25 (Ps. thousands) | Change (%) | | :-------------------------------- | :------------------- | :------------------- | :--------- | | Total revenues | 15,753,991 | 21,937,180 | 39.2% | | Total operating costs | 8,257,212 | 12,662,613 | 53.4% | | Income from operations | 7,496,778 | 9,274,567 | 23.7% | | Net income | 4,723,434 | 5,513,253 | 16.7% | | Comprehensive income | 5,058,042 | 5,049,325 | (0.2%) | [Consolidated Stockholders' Equity](index=15&type=section&id=Consolidated%20Stockholders'%20Equity) Exhibit E presents the consolidated stockholders' equity, detailing changes in common stock, legal reserve, retained earnings, and other comprehensive income components from January 1, 2024, to June 30, 2025 Consolidated Stockholders' Equity (June 30, 2025 vs 2024) | Item | June 30, 2024 (Ps. thousands) | June 30, 2025 (Ps. thousands) | Change (Ps. thousands) | Change (%) | | :-------------------------------- | :---------------------------- | :---------------------------- | :--------------------- | :--------- | | Common Stock | 1,194,390 | 1,194,390 | - | 0.0% | | Legal Reserve | 920,187 | 238,878 | (681,309) | (74.0%) | | Retained Earnings | 12,994,201 | 14,397,387 | 1,403,186 | 10.8% | | Total controlling interest | 17,709,037 | 18,681,250 | 972,213 | 5.5% | | Non-controlling interest | 1,191,021 | 2,351,039 | 1,160,018 | 97.4% | | Total Stockholders' Equity | 18,900,058 | 21,032,291 | 2,132,233 | 11.3% | - Dividends declared for non-controlling interest were **Ps. 99,485 thousand** in 2024 and **Ps. 130,779 thousand** in 2025[58](index=58&type=chunk) - The legal reserve decreased by **Ps. 681,309 thousand** in 2025[58](index=58&type=chunk) [Other Operating Data](index=15&type=section&id=Other%20Operating%20Data) Exhibit F provides key operating metrics, including total passengers, cargo volume, and various per-passenger and per-WLU (Workload Unit) metrics for 2Q25 and 6M25, with comparative figures Other Operating Data (2Q25 vs 2Q24) | Metric | 2Q24 | 2Q25 | Change (%) | | :--------------------------------------- | :----- | :----- | :--------- | | Total passengers (thousands) | 15,254.7 | 15,879.4 | 4.1% | | Total cargo volume (in WLUs, thousands) | 703.1 | 686.6 | (2.3%) | | Total WLUs (thousands) | 15,957.8 | 16,566.0 | 3.8% | | Aeronautical & non aeronautical services per passenger (pesos) | 411.9 | 516.8 | 25.5% | | Aeronautical services per WLU (pesos) | 285.8 | 347.9 | 21.7% | | Non aeronautical services per passenger (pesos) | 112.9 | 153.8 | 36.2% | | Cost of services per WLU (pesos) | 76.1 | 91.9 | 20.8% | Other Operating Data (6M25 vs 6M24) | Metric | 6M24 | 6M25 | Change (%) | | :--------------------------------------- | :----- | :----- | :--------- | | Total passengers (thousands) | 30,864.2 | 32,148.7 | 4.2% | | Total cargo volume (in WLUs, thousands) | 1,343.1 | 1,337.3 | (0.4%) | | Total WLUs (thousands) | 32,207.3 | 33,486.0 | 4.0% | | Aeronautical & non aeronautical services per passenger (pesos) | 419.3 | 516.3 | 23.1% | | Aeronautical services per WLU (pesos) | 295.7 | 351.3 | 18.8% | | Non aeronautical services per passenger (pesos) | 110.7 | 150.4 | 35.9% | | Cost of services per WLU (pesos) | 71.0 | 89.8 | 26.5% |

Core Viewpoint - Grupo Aeroportuario del Pacífico (GAP) reported significant growth in revenues and passenger traffic for the second quarter of 2025 compared to the same period in 2024, driven by increased aeronautical and non-aeronautical services, despite a decrease in comprehensive income due to foreign currency translation losses [1][7][25]. Financial Position - As of June 30, 2025, the company had cash and cash equivalents of Ps. 9,697.3 million. During the second quarter, it repaid Ps. 2,500.0 million in maturing bonds and drew down a Ps. 3,375.0 million credit facility to refinance other maturities [3]. Passenger Traffic - In 2Q25, GAP's 14 airports saw an increase of 624.7 thousand total passengers, a 4.1% rise compared to 2Q24. New domestic and international routes were launched during this period [4][5]. Revenue Growth - Total revenues increased by Ps. 3,623.0 million, or 49.9%, with aeronautical services revenues rising by Ps. 1,202.2 million (26.4%) and non-aeronautical services revenues increasing by Ps. 719.9 million (41.8%) [7][16]. - Revenues from improvements to concession assets surged by Ps. 1,700.8 million, or 174.4% [18]. Cost Structure - Total operating costs rose by Ps. 2,555.4 million, or 68.2%, primarily due to a significant increase in costs related to improvements to concession assets [19][33]. - The cost of services increased by Ps. 308.5 million, or 25.4%, driven by the consolidation of the cargo and bonded warehouse business [19]. Income and Profitability - Income from operations increased by Ps. 1,067.6 million, or 30.4%, while EBITDA rose by Ps. 1,305.2 million, or 31.1% [7][24]. - However, comprehensive income decreased by Ps. 658.9 million, or 22.8%, primarily due to increased foreign currency translation losses [25][26]. Passenger Traffic Breakdown - Domestic terminal passengers increased by 6.2% to 9,107.6 thousand, while international terminal passengers rose by 1.4% to 6,771.8 thousand [10][9]. - Notable increases were observed at airports such as Guadalajara (3.2% increase) and Los Cabos (7.1% increase) [6][8]. Financial Results for Six Months - For the first half of 2025, total revenues reached Ps. 21,937.2 million, a 39.2% increase compared to the same period in 2024, with significant contributions from both aeronautical and non-aeronautical services [27][30]. - Operating costs also increased significantly, leading to a decrease in operating income margin from 47.6% to 42.3% [37].

Core Insights - Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (GAP) has released its 2024 Sustainability Report, detailing its environmental, social, and corporate governance (ESG) performance across its airport network [1][2]. Company Overview - GAP operates 12 airports in Mexico's Pacific region, including major cities like Guadalajara and Tijuana, and tourist destinations such as Puerto Vallarta and Los Cabos [4]. - The company was listed on the New York Stock Exchange in February 2006 and on the Mexican Stock Exchange [4]. - GAP has expanded its operations internationally, acquiring a majority stake in MBJ Airports Limited in Jamaica and entering a concession agreement for the Norman Manley International Airport [4]. Sustainability Reporting - The 2024 Sustainability Report covers the period from January 1 to December 31, 2024, and adheres to the Global Reporting Initiative (GRI) Standards and the Sustainability Accounting Standards Board (SASB) framework [2]. - The report also considers the International Financial Reporting Standards (IFRS) S1 and S2 for sustainability and climate-related financial disclosures [2]. Additional Information - The full report is accessible on GAP's website under the "Investors" section [3]. - GAP has implemented a whistleblower program in compliance with the Sarbanes-Oxley Act, allowing anonymous reporting of suspected violations [6].

Core Insights - Grupo Aeroportuario del Pacífico (GAP) reported a 0.7% increase in total terminal passenger traffic across its 12 Mexican airports in June 2025 compared to June 2024 [2][3] - The total number of terminal passengers for the first half of 2025 increased by 7.6% compared to the same period in 2024 [3] Passenger Traffic Summary - Los Cabos airport saw a 1.7% increase in passenger traffic, while Tijuana, Guadalajara, and Puerto Vallarta experienced decreases of 2.3%, 1.1%, and 0.1% respectively [2] - Montego Bay airport reported a 1.9% decrease in passenger traffic compared to June 2024 [2] Detailed Passenger Statistics - Guadalajara: - June 2024: 1,009.3 thousand passengers - June 2025: 1,000.1 thousand passengers - Change: (0.9%) [3] - Tijuana: - June 2024: 686.3 thousand passengers - June 2025: 660.1 thousand passengers - Change: (3.8%) [3] - Los Cabos: - June 2024: 238.5 thousand passengers - June 2025: 240.1 thousand passengers - Change: 0.7% [3] - Puerto Vallarta: - June 2024: 259.6 thousand passengers - June 2025: 273.8 thousand passengers - Change: 5.5% [3] - Total terminal passengers for June 2025: 2,917.8 thousand, compared to 2,868.7 thousand in June 2024 [3] Domestic and International Passenger Trends - Domestic passengers decreased by 0.8% in June 2025 compared to June 2024, totaling 2,262.1 thousand [5] - International passengers decreased by 1.5% in Guadalajara, while Tijuana saw a slight increase of 0.6% [5] Load Factors and Capacity - The number of available seats increased by 2.1% in June 2025 compared to June 2024 [11] - Load factors decreased from 83.4% in June 2024 to 82.2% in June 2025 [11] Company Overview - Grupo Aeroportuario del Pacífico operates 12 airports in Mexico's Pacific region, including major cities and tourist destinations [9] - The company is listed on both the New York Stock Exchange and the Mexican Stock Exchange [9]

Core Insights - Kuehne & Nagel International Ag (KHNGY) is currently viewed as a better value opportunity compared to Grupo Aeroportuario del Pacifico (PAC) based on various financial metrics and outlooks [1][3]. Valuation Metrics - KHNGY has a forward P/E ratio of 19.09, while PAC's forward P/E is 20.13, indicating that KHNGY may be undervalued relative to PAC [5]. - The PEG ratio for KHNGY is 1.04, suggesting a more favorable growth outlook compared to PAC's PEG ratio of 2.32, which indicates a higher valuation relative to its growth [5]. - KHNGY's P/B ratio stands at 8.59, slightly lower than PAC's P/B of 8.71, further supporting KHNGY's position as a more attractive value option [6]. Investment Ratings - KHNGY holds a Zacks Rank of 2 (Buy), indicating a stronger earnings outlook compared to PAC, which has a Zacks Rank of 3 (Hold) [3]. - The Value grades reflect KHNGY's B rating versus PAC's D rating, highlighting KHNGY's superior valuation metrics and earnings outlook [6].

Summary of Key Points Core Viewpoint - Grupo Aeroportuario del Pacífico (GAP) has completed the ordinary review process for maximum passenger tariffs and committed investments for the Capital Development Program at Montego Bay for the period 2026-2030 [1]. Group 1: Tariffs and Investments - The maximum passenger charges for Montego Bay airport are set to increase from $17.38 in 2026 to $19.07 in 2030, reflecting a gradual annual increase [1]. - The total committed investments for Montego Bay airport under the Capital Development Program amount to $118.1 million, with specific allocations of $38.4 million in 2026, $39.4 million in 2027, $18.4 million in 2028, $11.6 million in 2029, and $10.3 million in 2030 [1]. Group 2: Company Overview - Grupo Aeroportuario del Pacífico operates 12 airports in Mexico's Pacific region, including major cities like Guadalajara and Tijuana, as well as tourist destinations such as Puerto Vallarta and Los Cabos [2]. - GAP was listed on the New York Stock Exchange in February 2006 and acquired a majority stake in MBJ Airports Limited, which operates Sangster International Airport in Montego Bay, Jamaica, in April 2015 [2]. - The company entered into a concession agreement for the Norman Manley International Airport in Kingston, Jamaica, in October 2018 and took control of operations in October 2019 [2].

Core Points - Grupo Aeroportuario del Pacífico (GAP) has completed the ordinary review process for maximum tariffs per passenger and committed investments for Kingston Airport for the 2026-2030 period [1] - The maximum passenger charges for Kingston Airport will increase from $38.18 in 2026 to $60.10 in 2030 [1] - The total committed investments under the Capital Development Program for Kingston Airport amount to $85.2 million, with scheduled investments of $45.8 million in 2026, $23.4 million in 2028, and smaller amounts in other years [1] Company Overview - Grupo Aeroportuario del Pacífico operates 12 airports in Mexico's Pacific region, including major cities like Guadalajara and Tijuana, and tourist destinations such as Puerto Vallarta and Los Cabos [2] - The company was listed on the New York Stock Exchange in February 2006 and on the Mexican Stock Exchange [2] - GAP acquired a majority stake in MBJ Airports Limited in April 2015 and entered into a concession agreement for Norman Manley International Airport in Kingston, Jamaica, in October 2018 [2]