Grupo Aeroportuario del Pacifico(PAC) - 2025 Q2 - Quarterly Report

Introduction Report Information 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][3] - The financial figures presented are unaudited and prepared following International Financial Reporting Standards (IFRS)[3] Summary of Second Quarter 2025 Results (2Q25) Financial Position Highlights (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] Passenger Traffic Performance (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] - One new international route, World2Fly from Montego Bay to Lisboa, was launched in June 2025[7] CBX Users (2Q25 vs 2Q24) | Airport | 2Q24 (thousands) | 2Q25 (thousands) | Change (%) | | :------ | :--------------- | :--------------- | :--------- | | Tijuana | 965.7 | 1,031.4 | 6.8% | Consolidated Financial Performance (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) 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] - 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] 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] - IFRIC-12 revenues increased by Ps. 1,700.8 million (174.4%) due to investments under the Master Development Program for 2025-2029[17][18][24] Operating Costs Analysis (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] - 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] - 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] 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] Operating Income & EBITDA Margins (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) 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] - The foreign currency translation effect contributed to a Ps. 1,082.6 million increase in expense compared to 2Q24[26][27] - 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] - 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] Summary of Six Months 2025 Results (6M25) Consolidated Financial Performance (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) 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] - 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] 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] - IFRIC-12 revenues increased by Ps. 2,524.5 million (89.7%) due to investments under the Master Development Program for 2025-2029[36][41] Operating Costs Analysis (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] - 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] - 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] 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] Operating Income & EBITDA Margins (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) 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] - The foreign currency translation effect contributed to a Ps. 866.4 million increase in expense compared to 6M24[51] - 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] - Income tax expense increased by Ps. 581.8 million, driven by the Ps. 1,777.8 million increase in operating income[44] Statement of Financial Position 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] - Key asset decreases: Cash and cash equivalents (Ps. 2,887.6 million) and Advanced payments to suppliers (Ps. 905.1 million)[45] - 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] - Key liability decrease: Payables related to shareholder distribution (Ps. 2,819.9 million)[46] Additional Information & Disclosures Company Description 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] - 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] - GAP shares are listed on the NYSE (PAC) and the Mexican Stock Exchange (GAP)[47] Non-GAAP Financial Measures 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] - Non-GAAP financial measures have limitations as analytical tools and should be considered a supplement to, not a substitute for, IFRS measures[48] Forward-Looking Statements 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] - Such statements are subject to risks and uncertainties, and there is no guarantee that expected events, trends, or results will occur[49] Whistleblower Program 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] - 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] - All complaints are notified to GAP's Audit Committee for immediate investigation[50] Exhibits Operating Results by Airport 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 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 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 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 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] - The legal reserve decreased by Ps. 681,309 thousand in 2025[58] Other Operating Data 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% |