Airlines, airports and fuel suppliers are warning that the cease-fire deal, even if it holds, won’t solve the jet fuel crisis any time soon. https://t.co/MHP85hVfTJ ...

A unit of Heathrow Airport is looking to raise around C$500 million ($359 million) through a bond sale in Canada, according to people familiar with the matter, amid improved market conditions there for overseas borrowers https://t.co/2LmJUqm1yC ...

Core Viewpoint - Grupo Aeroportuario del Pacífico successfully issued 107.18 million long-term bond certificates in the Mexican market, totaling Ps. 10,718.0 million, with an oversubscription of 1.74x [1][2]. Group 1: Transaction Details - The bond issuance consisted of two tranches, with both receiving the highest credit ratings: "Aaa.mx" from Moody's and "mxAAA" from S&P, indicating a stable outlook [2]. - The proceeds from the bond issuance will primarily finance the acquisition of a 25% stake in Cross Border Xpress (CBX) and support capital expenditures aligned with the 2025–2029 Master Development Program [2]. 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 [3]. - The company was listed on the New York Stock Exchange in February 2006 and on the Mexican Stock Exchange in the same year [3]. - 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 [3]. Group 3: Debt Issuance Specifics - The first tranche, "GAP 26," involved the issuance of 27.67 million long-term debt securities with a three-year maturity, totaling Ps. 2,767.0 million, with interest payable every 28 days at a variable rate [6]. - The second tranche, "GAP 26-2," included 79.51 million long-term debt securities with a ten-year maturity, totaling Ps. 7,951.0 million, with interest payable every 182 days at a fixed rate of 9.87% [6].

Core Viewpoint - Grupo Aeroportuario del Pacífico (GAP) has successfully paid off the bond certificate "GAP 23L" amounting to Ps.1,120.0 million, utilizing proceeds from a new credit facility with Scotiabank Inverlat [1][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 [3]. - The company was listed on the New York Stock Exchange in February 2006 and on the Mexican Stock Exchange in the same year [3]. - GAP acquired a majority stake in MBJ Airports Limited in April 2015 and entered into a concession agreement for the Norman Manley International Airport in Jamaica in October 2018 [3].

Core Insights - Grupo Aeroportuario del Pacífico (GAP) has achieved a 25% reduction in absolute Scope 1 and Scope 2 greenhouse gas emissions by the end of 2025 compared to the 2019 baseline year, as confirmed by independent assurance from KPMG and Ruby Canyon [2][4][3] 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 [5] - The company was listed on the New York Stock Exchange in February 2006 and on the Mexican Stock Exchange, with ticker symbols "PAC" and "GAP" respectively [5] - GAP acquired a majority stake in MBJ Airports Limited, which operates Sangster International Airport in Jamaica, and entered into a concession agreement for the Norman Manley International Airport in Kingston, Jamaica [5]

Core Viewpoint - Grupo Aeroportuario del Pacífico has successfully refinanced a bank loan of USD 95.5 million with BBVA México, extending its financing terms and maintaining liquidity [1][2]. Group 1: Loan Details - The new loan has a six-month term with an option to extend for an additional six months [2]. - Interest on the loan is payable monthly at a variable rate equivalent to SOFR plus 40 basis points, with a structuring fee of 10 basis points [2]. - If the extension option is exercised, an additional fee of 10 basis points will apply, and the principal will be paid at maturity [2]. 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 [3]. - The company was listed on the New York Stock Exchange in February 2006 and on the Mexican Stock Exchange in the same year [3]. - GAP acquired a majority stake in MBJ Airports Limited in April 2015 and entered into a concession agreement for the Norman Manley International Airport in Jamaica in October 2018 [3].

Financial Data and Key Metrics Changes - Total revenues excluding IFRIC 12 increased by 17%, nearly doubling the passenger traffic growth of 9% [11] - Adjusted EBITDA excluding IFRIC 12 rose nearly 40% to $211 million, reflecting strong performance in Argentina and Armenia [14] - Net debt decreased to $502 million from $780 million in December 2024, improving the net leverage ratio to 0.7 times [17] Business Line Data and Key Metrics Changes - Aeronautical revenues increased by 17%, driven by strong results in Argentina, with a 21% increase in aeronautical revenues attributed to a 15% rise in international traffic volumes [11][12] - Commercial revenues grew by 16%, supported by higher contributions from cargo, fuel revenues, and solid growth across VIP lounges and parking facilities [12] - Cargo revenues were up 22% year-over-year, with strong contributions from Argentina, Uruguay, and Brazil [10] Market Data and Key Metrics Changes - Passenger traffic reached a record 22.3 million, with international traffic growing by 12% and domestic traffic increasing nearly 7% [4][5] - In Argentina, passenger traffic increased nearly 9%, with international traffic up 15% [6] - Italy's traffic grew by 8%, driven mainly by international travel, while Brazil's total traffic was up 12% [7][8] Company Strategy and Development Direction - The company secured a 35-year extension of the concession in Armenia and a six-year extension in Galapagos, enhancing long-term visibility [4][19] - The company is pursuing inorganic growth opportunities, having received concession awards in Iraq and Angola, while evaluating additional bidding processes [20] - The focus remains on disciplined capital allocation and expanding the portfolio through both organic initiatives and acquisitions [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued positive momentum in passenger traffic, particularly in Argentina, supported by strong international trends [21] - The geopolitical situation in the Middle East is being monitored closely for potential implications on international travel [21] - The company aims to prioritize commercial optimization and revenue per passenger growth across the portfolio [21] Other Important Information - The company ended the year with a strong balance sheet and significant financial flexibility, with total liquidity of $750 million [17] - The company received industry recognition, including being named Best Airport Operator in South America [20] Q&A Session Summary Question: Will the current margins profitability be the new base for CAAP going forward, and has the war impacted operations in Armenia? - Management indicated that margins are stable, with traffic growth observed in the first two months of the year, but approximately 10%-15% of traffic in Armenia has been affected by the war [24][25] Question: Any updates on the Argentina concession rebalance and the Italy investment opportunity? - Management stated they are on the right track regarding Argentina but could not provide a specific timeline due to political dynamics. Progress is being made in Italy, but further approvals are needed before construction can begin [30][31] Question: Can you elaborate on the capital allocation strategy and expected new regions for investment? - Management confirmed they are pursuing opportunities in Iraq and Angola and are looking at other regions, including the Middle East and Central Asia, while focusing on growing the portfolio [35][36] Question: How will funding for acquisitions outside of Argentina be managed? - Management indicated that funding for acquisitions would primarily come from cash on hand, given the size of the opportunities being pursued [40]

Financial Data and Key Metrics Changes - Total revenues excluding IFRIC 12 increased by 17%, nearly doubling the passenger traffic growth of 9% [11] - Adjusted EBITDA excluding IFRIC 12 rose nearly 40% to $211 million, reflecting strong performance in Argentina and Armenia [14] - The company closed the quarter with total liquidity of $750 million, a 36% increase from $526 million at year-end 2024 [17] - Total debt at year-end was $1.1 billion, with net debt decreasing to $502 million from $780 million in December 2024 [17] Business Line Data and Key Metrics Changes - Aeronautical revenues increased by 17%, driven by strong results in Argentina, with a 21% increase in aeronautical revenues [11][12] - Commercial revenues grew by 16%, supported by higher contributions from cargo, fuel revenues, and solid growth across VIP lounges and parking facilities [12] - Cargo revenues were up 22% year-over-year, with strong contributions from Argentina, Uruguay, and Brazil [10] Market Data and Key Metrics Changes - Passenger traffic in Argentina increased nearly 9%, with domestic traffic up 6% and international traffic up 15% [6] - International traffic across the portfolio grew by 12%, with Argentina contributing more than half of the total increase [5] - Traffic in Italy grew by 8%, driven mainly by the international segment, which increased by 11% [7] - Brazil's total traffic was up 12%, reflecting a better environment among airlines and stronger summer season activity [8] Company Strategy and Development Direction - The company secured a 35-year extension of the concession in Armenia and a 6-year extension in Galapagos, enhancing long-term visibility [4][19] - The company has been awarded concessions and is a preferred bidder for new airport concessions in Baghdad, Iraq, and Luanda, Angola, while evaluating additional opportunities [20] - The focus remains on disciplined capital allocation and expanding the portfolio through both organic and inorganic growth strategies [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued positive momentum in passenger traffic, particularly in Argentina, supported by strong international trends [21] - The geopolitical situation in the Middle East is being monitored closely for potential implications on international travel [21] - The company aims to prioritize commercial optimization and revenue per passenger growth across the portfolio [21] Other Important Information - The company achieved significant industry recognition, with various airports receiving awards for operational excellence and customer experience [20] Q&A Session Summary Question: Regarding traffic growth and profitability margins - Management indicated that margins are stable and expect continued growth in traffic and profitability, with approximately 10%-15% of traffic in Armenia affected by the war [24][25] Question: Update on Argentina concession rebalance and Italy investment opportunity - Management stated they are on the right track regarding Argentina's economic reequilibrium but could not provide a specific timeline due to political dynamics. Progress is being made in Italy, but further approvals are needed before construction can begin [30][31] Question: Capital allocation strategy and commercial revenue growth - Management highlighted ongoing opportunities in Iraq and Angola, with a focus on expanding the portfolio. Commercial revenues are expected to continue growing, although not as intensely as in 2025 [35][36]

Financial Data and Key Metrics Changes - Total revenues excluding IFRIC 12 increased by 17%, nearly doubling the passenger traffic growth of 9% [12] - Adjusted EBITDA excluding IFRIC 12 rose nearly 40% to $211 million, reflecting strong performance in Argentina and Armenia [14] - The company closed the quarter with total liquidity of $750 million, a 36% increase from $526 million at year-end 2024 [18] - Total debt at year-end was $1.1 billion, with net debt decreasing to $502 million from $780 million in December 2024 [18] Business Line Data and Key Metrics Changes - Aeronautical revenues increased by 17%, driven by strong results in Argentina, with a 21% increase in aeronautical revenues [12] - Commercial revenues grew by 16%, supported by higher contributions from cargo and fuel revenues [12] - Cargo revenues were up 22% year-over-year, with solid contributions from Argentina, Uruguay, and Brazil [11] Market Data and Key Metrics Changes - Total passenger traffic reached a record 22.3 million, with international traffic growing by 12% [5] - In Argentina, passenger traffic increased nearly 9%, with domestic traffic up 6% and international traffic up 15% [6] - Italy's traffic grew by 8%, driven mainly by the international segment, which increased by 11% [7] - Brazil's total traffic was up 12%, reflecting a better environment among airlines and stronger summer season activity [8] Company Strategy and Development Direction - The company secured a 35-year extension of the concession in Armenia and a 6-year extension in Galapagos, enhancing long-term visibility [5][20] - The company is pursuing inorganic growth opportunities, having received concession awards in Iraq and Angola, while evaluating additional bidding processes [21] - The focus remains on disciplined capital allocation and expanding the portfolio through both organic initiatives and acquisitions [21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued positive momentum in passenger traffic, particularly in Argentina, supported by strong international trends [22] - The geopolitical situation in the Middle East is being monitored closely for potential implications on international travel [22] - The company expects margins to remain stable, with traffic growth anticipated to continue [26] Other Important Information - The company received several industry recognitions, including Best Airport Operator in South America and Best Airport in Latin America and the Caribbean [21] - The strong performance in 2025 reflects the resilience and quality of the company's portfolio and disciplined execution by the management team [20] Q&A Session Summary Question: Will the current margins and profitability be the new base for CAAP going forward, and has the war affected operations in Armenia? - Management indicated that margins are stable, with traffic growth expected to continue, but noted that 10%-15% of traffic in Armenia has been affected by the war [25][26] Question: Any updates on the Argentina concession rebalance and the Italy investment opportunity? - Management stated they are on the right track with Argentina but could not provide a specific timeline due to political dynamics; progress is being made in Italy, but further approvals are needed [33][34] Question: Can you elaborate on the capital allocation strategy and expected commercial revenue growth? - Management confirmed they are pursuing opportunities in Iraq and Angola and looking at other regions; commercial revenues are expected to continue growing, particularly in VIP lounges and parking [37][39]

CORPORACIÓN AMÉRICA AIRPORTS 2 Disclaimer and Forward-Looking Statement Statements relating to our future plans, projections, events or prospects are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward- looking statements include all statements that are not historical facts and can be identified by terms such as "believes," "continue," "could," "potential," "remain," "will," "would" or similar expressions and the negatives of those terms. Forward-lo ...