Core Insights - Grupo Aeroportuario del Pacífico (GAP) reported a 1.0% increase in total terminal passenger traffic across its 12 Mexican airports for September 2025 compared to September 2024 [2][3] - The overall passenger traffic for the year-to-date (January to September) increased by 6.4% compared to the same period in 2024 [3] Passenger Traffic Summary - **Total Terminal Passengers**: - September 2025: 2,821.1 thousand, up from 2,731.9 thousand in September 2024, representing a 3.3% increase [3] - Year-to-date (Jan-Sep 2025): 27,071.6 thousand, compared to 25,452.6 thousand in 2024, a 6.4% increase [3] - **Domestic Terminal Passengers**: - September 2025: 1,580.8 thousand, down from 1,632.4 thousand in September 2024, a decrease of 3.2% [5] - Year-to-date (Jan-Sep 2025): 20,736.8 thousand, slightly up from 20,684.7 thousand in 2024, a 0.3% increase [5] - **International Terminal Passengers**: - September 2025: 1,240.3 thousand, down from 1,188.8 thousand in September 2024, a decrease of 4.2% [5] - Year-to-date (Jan-Sep 2025): 6,334.8 thousand, compared to 6,267.5 thousand in 2024, a 1.1% increase [5] Airport-Specific Performance - **Guadalajara Airport**: - September 2025: 990.4 thousand, up 1.3% from 977.6 thousand in September 2024 [3] - Year-to-date (Jan-Sep 2025): 9,295.2 thousand, a 5.9% increase from 8,779.7 thousand in 2024 [3] - **Tijuana Airport**: - September 2025: 675.4 thousand, a 2.2% increase from 660.8 thousand in September 2024 [3] - Year-to-date (Jan-Sep 2025): 6,434.0 thousand, a 2.3% increase from 6,288.3 thousand in 2024 [3] - **Los Cabos Airport**: - September 2025: 208.4 thousand, down 5.7% from 220.9 thousand in September 2024 [3] - Year-to-date (Jan-Sep 2025): 2,170.7 thousand, a 2.4% increase from 2,119.7 thousand in 2024 [3] - **Puerto Vallarta Airport**: - September 2025: 235.2 thousand, a 7.4% increase from 219.0 thousand in September 2024 [3] - Year-to-date (Jan-Sep 2025): 2,354.6 thousand, an 11.0% increase from 2,121.6 thousand in 2024 [3] Operational Metrics - **Seats and Load Factors**: - Available seats in September 2025 increased by 1.3% compared to September 2024 [9] - Load factors decreased from 81.0% in September 2024 to 80.7% in September 2025 [9]

Group 1 - The company Grupo Aeroportuario del Pacífico (GAP) has refinanced a USD $40.0 million credit line with Banco Nacional de México for a five-year term, maturing on September 18, 2030 [1] - The interest on the new credit line will be paid monthly at a variable rate equivalent to SOFR plus 81 basis points, with no additional commissions [1] Group 2 - GAP 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] - The company was listed on the New York Stock Exchange in February 2006 and acquired a majority stake in MBJ Airports Limited in April 2015 [2] - GAP entered into a concession agreement for the Norman Manley International Airport in Jamaica in October 2018 and took control of operations in October 2019 [2]

Core Insights - Grupo Aeroportuario del Pacífico (GAP) reported a 3.3% increase in total terminal passenger traffic across its 12 Mexican airports in August 2025 compared to August 2024 [2][3] - The total number of terminal passengers for August 2025 reached approximately 3.28 million, up from 3.12 million in August 2024 [3][6] - The year-to-date passenger traffic from January to August 2025 increased by 6.7% compared to the same period in 2024, totaling approximately 24.25 million passengers [3][6] Passenger Traffic by Airport - Guadalajara airport saw a 4.7% increase in passenger traffic, with 1.1 million passengers in August 2025 compared to 1.05 million in August 2024 [3][7] - Puerto Vallarta experienced the highest growth at 12.8%, with 314,000 passengers in August 2025 [3][7] - Tijuana airport reported a slight decrease of 1.6%, with 785,600 passengers in August 2025 [3][7] Domestic and International Passenger Trends - Domestic terminal passengers increased by 0.8% to approximately 2.15 million in August 2025 [5][6] - International terminal passengers decreased by 6.3% at Puerto Vallarta and 6.8% at Tijuana, while Montego Bay saw a 5.3% increase [5][6] Load Factors and Capacity - Available seats in August 2025 increased by 3.6% compared to August 2024, while load factors slightly decreased from 84.3% to 84.0% [9] - The overall capacity utilization remains stable despite the increase in available seats [9] Company Overview - Grupo Aeroportuario del Pacífico operates 12 airports in Mexico's Pacific region, including major cities and tourist destinations [10] - The company has been publicly traded since February 2006 on both the New York Stock Exchange and the Mexican Stock Exchange [10]

Group 1 - The company Grupo Aeroportuario del Pacífico (GAP) made a payment of Ps. 2,500.0 million for the maturity of the debt securities "GAP 21" on May 2, 2025, which corresponds to 25 million long-term debt securities with a face value of Ps. 100.0 each [1] - 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 [2] - The company was listed on the New York Stock Exchange in February 2006 and acquired a majority stake in MBJ Airports Limited in April 2015, which operates Sangster International Airport in Jamaica [2] Group 2 - GAP entered into a concession agreement for the operation of Norman Manley International Airport in Kingston, Jamaica, in October 2018 and took control of the operation in October 2019 [2] - The company has implemented a whistleblower program in accordance with the Sarbanes-Oxley Act, allowing anonymous reporting of suspected criminal conduct or violations [4]

Core Viewpoint - Grupo Aeroportuario del Pacífico (GAP) reported strong financial results for the first quarter of 2025, with significant increases in revenues, passenger traffic, and comprehensive income compared to the same period in 2024. Financial Position - As of March 31, 2025, the company had cash and cash equivalents of Ps. 16,227.8 million. It issued long-term bonds for Ps. 6,000.0 million to refinance debt and fund capital investments [3] - The company refinanced its credit facility with Banamex for USD$40.0 million and extended the maturity date of another credit facility until October 4, 2029 [3] Passenger Traffic - Total passengers at GAP's 14 airports increased by 660.0 thousand, or 4.2%, compared to 1Q24 [4] - New domestic and international routes were opened, enhancing connectivity [4][5] Revenue Growth - Total revenues increased by Ps. 2,560.2 million, or 30.1%, driven by a 26.1% increase in aeronautical and non-aeronautical services revenues [6][17] - Aeronautical services revenues rose by Ps. 1,037.0 million, or 20.9%, while non-aeronautical services revenues increased by Ps. 699.5 million, or 41.3% [17] Cost and Income Analysis - Cost of services increased by Ps. 412.9 million, or 38.5%, leading to total operating costs rising by Ps. 1,850.0 million, or 41.0% [6][19] - Income from operations increased by Ps. 710.2 million, or 17.8%, with EBITDA rising by Ps. 979.8 million, or 21.1% [6][25] Comprehensive Income - Comprehensive income increased by Ps. 650.2 million, or 30.0%, from Ps. 2,164.2 million in 1Q24 to Ps. 2,814.4 million in 1Q25 [6][26] Financial Metrics - EBITDA margin (excluding IFRIC-12 effects) decreased from 69.8% in 1Q24 to 67.1% in 1Q25 [6][25] - Net income increased by Ps. 387.4 million, or 15.7%, compared to 1Q24 [26] Asset and Liability Overview - Total assets increased by Ps. 14,765.7 million, primarily due to improvements to concession assets and cash equivalents [27] - Total liabilities rose by Ps. 10,438.4 million, mainly due to long-term bond certificates and bank loans [28] Company Overview - Grupo Aeroportuario del Pacífico operates 12 airports in Mexico's Pacific region and has expanded its operations to include airports in Jamaica [29]

Core Insights - Grupo Aeroportuario del Pacífico (GAP) reported a 7.0% increase in total terminal passenger traffic for March 2025 compared to March 2024, with significant growth at major airports like Guadalajara, Tijuana, and Los Cabos [2][3] Passenger Traffic Summary - Total terminal passengers at GAP's 12 airports reached 3,040.6 thousand in March 2025, up from 2,699.5 thousand in March 2024, marking a 12.6% increase [3][6] - Guadalajara airport saw the highest growth with an 18.0% increase in passenger traffic, totaling 1,088.8 thousand in March 2025 [3][6] - Tijuana and Puerto Vallarta airports reported increases of 5.3% and 12.8% respectively, while Los Cabos increased by 8.8% [3][6] - Montego Bay experienced a decline of 7.7% in passenger traffic, totaling 0.0 thousand in March 2025 [2][3] Domestic vs. International Passengers - Domestic terminal passengers decreased by 1.3% to 2,707.2 thousand in March 2025, while international terminal passengers also saw a decline of 1.3% [5][6] - Notable changes in international passenger traffic included a 3.7% decrease at Guadalajara and a 7.7% decrease at Montego Bay [5][6] Load Factors and Seat Availability - The number of available seats increased by 9.0% in March 2025 compared to March 2024, but the load factor decreased from 84.0% to 81.5% [9] New Routes - GAP has introduced new routes including Guanajuato to Monterrey and Puerto Vallarta to Sacramento, enhancing connectivity [12]