Core Insights - Grupo Aeroportuario del Pacífico (GAP) reported a consolidated revenue increase of Ps. 1,343.9 million, or 16.3%, for the third quarter of 2025 compared to the same period in 2024, driven by growth in both aeronautical and non-aeronautical services [6][17][31] - The company experienced a total passenger traffic increase of 386.5 thousand, representing a 2.5% growth year-over-year [4][11] - Comprehensive income decreased by Ps. 162.8 million, or 6.2%, primarily due to increased foreign currency translation losses [26][27] Financial Position - As of September 30, 2025, GAP reported cash and cash equivalents of Ps. 11,699.5 million [3] - The company issued long-term bond certificates totaling Ps. 8,500.0 million to finance capital investments and repay a bank loan [3] - GAP refinanced its credit line with Banco Nacional de México for USD$40.0 million, extending the maturity to September 18, 2030 [3] Passenger Traffic - Total passenger traffic across GAP's 14 airports increased by 386.5 thousand, or 2.5%, compared to 3Q24 [4][11] - New domestic and international routes were inaugurated, contributing to the growth in passenger numbers [4][5] Revenue Breakdown - Aeronautical services revenues increased by Ps. 846.4 million, or 18.3%, while non-aeronautical services revenues rose by Ps. 327.6 million, or 15.6% [17][31] - Revenues from improvements to concession assets increased by Ps. 169.9 million, or 11.3% [20][31] - The fastest-growing non-aeronautical revenue segments included food and beverage, retail stores, and ground transportation [19] Operating Costs - Total operating costs increased by Ps. 914.3 million, or 20.3%, compared to 3Q24, driven by higher technical assistance and concession fees [21][23] - The cost of services rose by Ps. 201.8 million, or 14.1% [21][23] Profitability Metrics - Income from operations increased by Ps. 429.6 million, or 11.5%, with an operating income margin decrease from 45.2% in 3Q24 to 43.3% in 3Q25 [25][31] - EBITDA increased by Ps. 578.0 million, or 12.8%, with an EBITDA margin decline from 54.8% to 53.1% [25][31] Net Income - Net income for 3Q25 increased by Ps. 713.2 million, or 36.0%, compared to 3Q24 [27][31] - Income before income taxes rose by Ps. 827.8 million, or 31.1% [26][27]

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].

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].