Grupo Aeroportuario del Pacífico (NYSE:PAC) Q4 2025 Earnings call February 25, 2026 10:00 AM ET Speaker4Good morning, everyone. Welcome to GAP's fourth quarter of 2025 conference call. All lines have been placed on mute to prevent any background noise. After the presentation, we will open the floor for questions. At that time, instructions will be given if you'd like to ask a question. Now, it's my pleasure to turn the call over to GAP's Investor Relations team. Please go ahead.Speaker0Thank you, welcome to ...

Financial Data and Key Metrics Changes - Total revenues were flat year-on-year at MXN 7.3 billion, reflecting softer traffic in Mexico and the FX impact from the appreciation of the Mexican peso [10][11] - Consolidated EBITDA decreased nearly 5% to MXN 4.9 billion during the quarter, with adjusted EBITDA margin declining 330 basis points to 66.4% year-on-year [13] - Net Majority Income for the fourth quarter decreased 22% to MXN 2.7 billion, primarily due to a non-cash foreign exchange loss and an adjustment in amortization methodology [14][15] - For the full year, total revenues increased nearly 19% to MXN 37 billion, while net income declined 20% year-on-year to MXN 10.9 billion [15] Business Line Data and Key Metrics Changes - Aeronautical and non-aeronautical revenues were essentially unchanged during the quarter [10] - Commercial revenue per passenger increased 1% year-on-year to nearly MXN 132, with Colombia posting the strongest performance with a 12% gain [11] - The company opened 41 additional retail and service units across the network over the past year, contributing to a low single-digit increase in commercial revenues [11] Market Data and Key Metrics Changes - Passenger traffic handled was 17.9 million, up nearly 1% year-on-year, with nearly 72 million passengers traveling through airports during the year [8] - Traffic in Mexico was essentially flat, with domestic traffic slightly below prior year levels, while international traffic showed modest improvement [8] - Colombia delivered the strongest performance with a nearly 6% increase in traffic, while Puerto Rico's traffic declined 3% [9] Company Strategy and Development Direction - The company completed its expansion into the U.S. airport commercial market with the acquisition of URW Airports, now ASUR US, at an enterprise value of $295 million [3][4] - A purchase agreement was signed to acquire Motiva's stake in its airport portfolio for BRL 5 billion, which would add approximately 45 million passengers annually to the network [5][6] - The company aims to enhance geographic diversification and create long-term operational opportunities while adhering to a disciplined acquisition strategy [7] Management's Comments on Operating Environment and Future Outlook - Management noted that while near-term traffic trends in some markets have moderated, the structural demand drivers for air travel in the region remain intact [17] - The company expects traffic in Mexico to gradually stabilize as aircraft availability improves, with positive momentum anticipated in Puerto Rico and Colombia [10] Other Important Information - Capital expenditures during the fourth quarter were MXN 3.9 billion, with a total of MXN 7.8 billion invested in CapEx for the full year [16] - The company returned value to shareholders in the form of dividends, totaling MXN 24 billion during 2025 [7] Q&A Session Summary Question: Additional projections about ASUR US acquisitions and Motiva Airports acquisition updates - Management indicated that the first 20 days of ASUR US results are not normalized for the full year 2026, with expectations for a significant jump due to the new Terminal 1 at JFK Airport [19][20] - The Motiva acquisition process is progressing well, though it may take time due to aeronautical approvals [20][21] Question: Clarification on the lower tax rate - Management confirmed that the lower tax rate is related to the results of the year and not a one-off effect [22][23] Question: Initiatives driving commercial performance in Puerto Rico and Colombia - Management highlighted efforts in Puerto Rico to improve convenience stores and duty-free operations, while Colombia's performance was supported by new retail units [27][28]

航空机场 2026 年 1 月数据点评：春节错期 导致 1 月数据平淡，春运数据表现良好 事件：上市航司发布 2026 年 1 月运营数据。受春节错期影响，数据表现较为 平淡，但我们认为实际情况好于预期。 国内航线：春节错期导致 1 月运力投放同比下降，春运数据表现良好 2026 年 1 月上市公司国内航线运力投放同比下降约 4.3%，环比 25 年 12 月提 升约 5.8%。行业备战春运，运力投放环比有较明显提升。但由于 26 年春节较 25 年晚了近 3 周，春节错期导致今年 1 月运力投放同比是下降的。 客座率方面，1 月上市公司整体客座率较 25 年同期提升约 1.6pct，同比继续 改善；环比 12 月则下降 0.4pct。由于今年春节较晚，但航司的运力投放已经 提前部署，因此 1 月客座率表现环比看并不强势。我们认为这是正常现象，随 着春运逐渐发力，预计 2 月客座率环比会有较明显提升。 根据民航局数据，2 月 15 日起的 9 天春节假期期间，全国民航累计运输旅客 2205 万人次、保障航班 17.1 万班，日均 245 万人次、18956 班，分别较 2025 年春运同期增长 7.7%、4. ...

今年的春节假期已经结束，首都机场集团多项纪录被刷新。春节假期期间，首都机场集团各地机场共保 障旅客665.4万人次，航班4.2万架次；日均保障旅客73.9万人次，同比增长7.9%；单日高峰为2月23日， 保障旅客80.7万人次，保障航班4864架次。 首都机场推出冬衣寄存、电瓶车急客承诺、萌宠出行套餐及食品专业打包等特色服务；开启"首览文华· 驰马赴新岁"春节服务文化活动，与国航联手打造"看见·用心生活的自己"主题活动。 大兴机场持续优化"兴心相印"服务品牌，针对不同旅客群体推出特色产品温暖旅途；开展"兴兴陪你过 大年""归兴肆见"新春市集和"加马过大年"等活动，让春运旅途充满温情记忆。 天津滨海机场瞄准"快捷从容、触手可及、品质品味"三大目标，从出行效率、暖心细节、文化体验多方 面发力；举行"非遗会客厅·相约航站楼"春节专场活动，打造沉浸式文旅体验。 南昌机场针对春运期间无陪儿童增多的情况，推出专人全程陪伴小朋友办理值机、安检、登机、乘机的 全流程引导服务；以"一马当先"为主题，精心打造了充满喜庆氛围的春节装饰，营造浓厚的年味。 来源：北京日报客户端 其中，北京两场（首都机场、大兴机场）共保障旅客347.8 ...

本报2月24日讯 （记者 康丽娜）2026年春节假期（2月15日至23日），内蒙古机场集团共保障航班起降 4864架次，运送旅客51万人次。2月22日迎来返程客流高峰，单日旅客吞吐量达7.4万人次。 从旅客流量流向来看，区外出行主要方向集中在北京、上海、广州、西安、杭州、重庆、郑州等城市， 区内出行主要方向为呼伦贝尔、赤峰、通辽、乌兰察布等城市。 从干线和支线机场运输情况来看，干线呼和浩特机场保障航班起降2190架次，运送旅客26.2万人次；支 线机场共保障航班起降2674架次，运送旅客24.8万人次。干线和支线机场旅客吞吐量分别占集团总量的 51.4%和48.6%。 马年新春，返乡流、探亲流、旅游流高度叠加，为确保春节期间旅客安全、顺畅出行，内蒙古机场集团 紧扣"平安春运、便捷春运、温馨春运"目标，开展了春运安全服务检查工作，全面排查设施设备适用 性，消除安全隐患。集团所属各机场提前制定保障措施，出台多项服务举措，加大航班监控力度，重点 做好不正常航班服务保障工作。同时在候机楼里营造浓郁的春节氛围，开展形式多样的节日主题活动， 给旅客营造舒心、放心、安心的出行环境。 （来源：内蒙古日报） 转自：内蒙古日报 ...

为确保旅客顺畅出行，青海机场公司提前谋划，积极协调各航空公司在北京、上海、南京、长沙、昆 明、成都、海口等重点航线上增投运力、加密航班。今年春节，成都、重庆、长沙、厦门、泉州、昆 明、西双版纳等城市出行客流较为集中，客座率均超过90%。 本报讯（西海新闻记者 范程程）2月24日，记者从青海机场公司获悉，2026年春节假期（2月15日至2月 23日），青海机场民航共执行航班1314架次、运送旅客15.4万人次，同比分别增长2.9%、16.7%。西宁 机场共执行航班1146架次，运送旅客14.3万人次，同比分别增长8.8%和22.1%，增幅显著。 春运期间，青海机场公司持续深化航旅融合，推出多项特色服务与产品。联合航旅联盟成员推出3980 元/人的泰国8日游特价航旅产品，为旅客出境游提供高性价比选择；在T3航站楼与GTC连廊处打造"冬 游青海"主题廊道，为旅客提供青海冬季旅游线路、景区、产品推介与咨询服务。 ...

从烟台机场获悉，春节假期，烟台机场保障航班1516架次，运送旅客19.2万人次。此外，自2月2日春运 启动以来，烟台机场已累计运送旅客45.4万人次。 今年春节假期，"探亲+旅游"成为热门出行模式，烟台机场客流呈现出"逐日攀升、高位运行"的态势。 自2月18日正月初二起，烟台机场连续6日旅客人次突破2万人次，其中2月22日单日运送旅客2.5万人 次，创今年单日客流新高。受益于航文旅融合、假期延长等利好措施出台，北方冰雪游、南方避寒游等 热门旅游航线需求度持续攀升。烟台机场春节假期的主要流向为北京、上海、哈尔滨、广州、长春、西 安、大连、武汉、昆明、成都等城市。 春节假期，烟台机场以"年味机场·暖途迎春"为主题，在航站楼开展氛围营造与场景升级，为旅客打造 沉浸式年味空间。在出发层打造"2026，马跃福至"主题艺术展，融合福字、舞狮、骏马等元素；在中庭 打造"寻味烟台"年货市集，搭配特色展位与民俗装饰，让旅客感受本土年味与消费乐趣。同时，将值机 柜台屏显融入马年吉祥物元素，推出马年主题登机牌、专属信封，并在中转休息区增设图书角，为旅客 候机时光增添书香暖意。此外，还增设安检后端综合服务台，整合物品暂存及随身物品临 ...

Core Viewpoint - Qingdao Airport achieved a record high passenger throughput during the Spring Festival holiday, with a peak of over 90,200 passengers on February 23, 2023, and a total of 715,700 passengers throughout the holiday period [1][3]. Group 1: Passenger Traffic - During the Spring Festival holiday, Qingdao Airport executed a total of 4,735 flight takeoffs and landings, averaging 526 flights per day and serving approximately 79,500 passengers daily, marking a 3% and 8% increase compared to the 2025 Spring Festival holiday [3]. - From February 19 to February 23, the airport's passenger throughput exceeded 85,000 for five consecutive days, indicating a strong demand driven by family visits, tourism, and labor migration [3]. Group 2: Operational Enhancements - Qingdao Airport proactively planned and enhanced flight operation support and passenger services to accommodate the increased traffic, focusing on traditional travel demands such as "winter escape" and "family reunions" [3]. - The airport optimized check-in and security processes to improve efficiency during peak periods, while also enhancing safety measures in response to increased restrictions on carry-on items [3]. Group 3: Cargo Operations - The airport has seen a significant increase in the transportation of goods related to the Spring Festival, implementing upgraded logistics measures including a green channel for priority handling of goods [4]. - Qingdao Airport is positioned as a key gateway to Northeast Asia, with a capacity to handle an annual passenger throughput of 35 million and cargo/mail throughput of 500,000 tons [4].

按整体市场结构分析，春节期间中国内地航线旅客占整体旅客43%，国际市场旅客占整体旅客39%，中 国台湾航线旅客占整体旅客18%。 据澳门国际机场消息，2026年新春期间，澳门国际机场迎来客流高峰，2月14至23日共录得26.7235万旅 客人次，航班起降共1,943架次，较2025年春节同期分别增长11%及9%。其中，旅客高峰出现在年初五 和初六(2月21日及22日)两天，单日旅客分别达2.9万及2.8万人次。 ...

《中国民航报》、中国民航网 记者许晓泓 通讯员刘亚楠报道：2026年春节假期（2月15日至2月23 日），山东省机场管理集团完成旅客吞吐量近百万人次。2月23日（正月初七），该集团各权属机场迎 来假期返程运输高峰，日客流量近12万人次。其中，济南机场日旅客吞吐量突破7万人次，刷新春运单 日客流历史记录。 （山东机场集团供图） 假期期间，山东机场管理集团各权属机场至丽江、贵阳、延吉等地客流翻倍，至三亚、福州、揭阳、温 州、长沙、广州、沈阳等地客流增幅均达两位数。国际（地区）方面，济南至首尔及东南亚，威海至首 尔客流同比分别增长59%、39%、11%。（编辑：陈虹莹 校对：许浩存 审核：程凌） ...