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]