Grupo Aeroportuario del Pacifico Announces Results for the Second Quarter of 2025

GlobeNewswire | Grupo Aeroportuario del Pacífico, S.A.B. de C.V.
Today at 1:13am UTC

GUADALAJARA, Mexico, July 21, 2025 (GLOBE NEWSWIRE) -- Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (NYSE: PAC; BMV: GAP) (“the Company” or “GAP”) reports its consolidated results for the second quarter ended June 30, 2025 (2Q25). Figures are unaudited and prepared following International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”).

Summary of Results 2Q25 vs. 2Q24

  • The sum of aeronautical and non-aeronautical services revenues increased by Ps. 1,922.2 million, or 30.6%. Total revenues increased by Ps. 3,623.0 million, or 49.9%.
  • Cost of services increased by Ps. 308.5 million, or 25.4%.
  • Income from operations increased by Ps. 1,067.6 million, or 30.4%.
  • EBITDA increased by Ps. 1,305.2 million, or 31.1%, an increase from Ps. 4,198.1 million in 2Q24 to Ps. 5,503.3 million in 2Q25. EBITDA margin (excluding the effects of IFRIC-12) went from 66.8% in 2Q24 to 67.1% in 2Q25.
  • Comprehensive income decreased by Ps. 658.9 million, or 22.8%, from an income of Ps. 2,893.9 million in 2Q24 to an income of Ps. 2,234.9 million in 2Q25.

Company’s Financial Position:

As of June 30, 2025, the Company reported a cash and cash equivalents position of Ps. 9,697.3 million. During the second quarter of 2025, the Company repaid the maturing bond certificate “GAP 21” for Ps. 2,500.0 million. In addition, the Company drew down a Ps. 3,375.0 million credit facility from Banco Nacional de México, S.A. (“Banamex”) with a five-year term, and the proceeds were used to refinance maturities in June and July 2025 with Banamex for Ps. 2,500.0 million and BBVA for Ps. 875.0 million.

Passenger Traffic

During 2Q25, the 14 airports operated by GAP recorded an increase of 624.7 thousand total passengers, representing a 4.1% increase compared to 2Q24.

During this period, the following new routes were launched:

Domestic:

AirlineDepartureArrivalOpening dateFrequencies
VivaHermosilloTijuanaMay 22, 20251 daily
VivaTijuanaHermosilloMay 22, 20251 daily
VivaLa PazSanta LucíaMay 22, 20251 daily
VivaLa PazTijuanaMay 22, 20251 daily
VivaTijuanaLa PazMay 22, 20251 daily
VivaTijuanaVeracruzMay 22, 20253 weekly
VivaTijuanaQuerétaroMay 23, 20254 weekly
     

Note: Frequencies can vary without prior notice.


International:

AirlineDepartureArrivalOpening dateFrequencies
World2FlyMontego BayLisboaJune 11, 20251 weekly
     

Note: Frequencies can vary without prior notice.


Domestic Terminal Passengers – 14 airports (in thousands):

Airport2Q242Q25Change6M246M25Change
Guadalajara2,994.83,090.93.2%5,666.56,112.17.9%
Tijuana *2,097.82,139.22.0%4,083.44,196.72.8%
Los Cabos690.6739.77.1%1,328.31,408.66.0%
Puerto Vallarta742.6830.411.8%1,317.41,484.012.6%
Montego Bay0.00.00.0%0.00.00.0%
Guanajuato514.3576.812.2%998.21,092.39.4%
Hermosillo531.0545.52.7%988.51,054.26.6%
Kingston0.50.1(84.2%)1.10.2(85.8%)
Morelia153.3173.112.9%299.5359.219.9%
Mexicali226.3305.735.1%514.6598.816.4%
La Paz288.1328.113.9%559.4608.78.8%
Aguascalientes166.2167.40.7%308.6319.23.4%
Los Mochis141.8179.426.5%268.0344.428.5%
Manzanillo30.331.43.5%66.266.1(0.1%)
Total8,577.69,107.66.2%16,399.817,644.57.6%
       

*Cross Border Xpress (CBX) users are classified as international passengers.


International Terminal Passengers – 14 airports (in thousands):

Airport2Q242Q25Change6M246M25Change
Guadalajara1,369.91,387.21.3%2,860.02,894.21.2%
Tijuana *981.71,051.87.1%1,934.02,066.76.9%
Los Cabos1,199.91,224.42.0%2,607.82,607.3(0.0%)
Puerto Vallarta897.7849.1(5.4%)2,441.52,321.6(4.9%)
Montego Bay1,285.11,264.7(1.6%)2,742.42,603.7(5.1%)
Guanajuato242.2252.74.3%489.3515.75.4%
Hermosillo20.319.2(5.2%)43.640.1(7.9%)
Kingston419.2453.58.2%810.6881.58.7%
Morelia156.8155.9(0.6%)313.9330.15.1%
Mexicali2.11.8(14.1%)3.83.6(4.0%)
La Paz2.98.9202.1%6.117.6186.1%
Aguascalientes81.782.50.9%151.2156.23.3%
Los Mochis2.02.0(0.2%)4.03.9(3.2%)
Manzanillo15.918.315.2%56.162.210.8%
Total6,677.36,771.81.4%14,464.414,504.20.3%
       

*CBX users are classified as international passengers.


Total Terminal Passengers – 14 airports (in thousands):

Airport2Q242Q25Change6M246M25Change
Guadalajara4,364.64,478.12.6%8,526.59,006.35.6%
Tijuana *3,079.53,191.03.6%6,017.46,263.34.1%
Los Cabos1,890.51,964.03.9%3,936.24,015.92.0%
Puerto Vallarta1,640.31,679.52.4%3,758.93,805.61.2%
Montego Bay1,285.11,264.7(1.6%)2,742.42,603.7(5.1%)
Guanajuato756.5829.49.6%1,487.51,608.18.1%
Hermosillo551.2564.72.4%1,032.01,094.36.0%
Kingston419.8453.58.0%811.8881.78.6%
Morelia310.1329.06.1%613.4689.312.4%
Mexicali228.5307.534.6%518.4602.416.2%
La Paz291.0337.015.8%565.6626.310.7%
Aguascalientes247.9249.80.8%459.8475.33.4%
Los Mochis143.8181.426.1%272.0348.328.0%
Manzanillo46.249.77.5%122.4128.34.9%
Total15,254.715,879.44.1%30,864.232,148.74.2%
       

*CBX users are classified as international passengers.


CBX Users (in thousands):

Airport2Q242Q25Change6M246M25Change
Tijuana965.71,031.46.8%1,907.62,029.66.4%
       


Consolidated Results for the Second Quarter of 2025 (in thousands of pesos):

 2Q242Q25Change
Revenues   
Aeronautical services4,560,960 5,763,188 26.4%
Non-aeronautical services1,722,735 2,442,659 41.8%
Improvements to concession assets (IFRIC-12)975,327 2,676,149 174.4%
Total revenues7,259,022 10,881,996 49.9%
 6,283,695 8,205,847 30.6%
Operating costs   
Costs of services:1,213,842 1,522,382 25.4%
Employee costs490,716 638,722 30.2%
Maintenance180,485 256,830 42.3%
Safety, security & insurance199,802 232,516 16.4%
Utilities130,036 148,732 14.4%
Business operated directly by us72,549 86,632 19.4%
Other operating expenses140,254 158,950 13.3%
    
Technical assistance fees202,174 221,680 9.6%
Concession taxes678,595 968,933 42.8%
Depreciation and amortization687,351 924,959 34.6%
Cost of improvements to concession assets (IFRIC-12)975,327 2,676,149 174.4%
Other (income)(9,042)(10,461)15.7%
Total operating costs3,748,247 6,303,642 68.2%
Income from operations3,510,775 4,578,354 30.4%
Financial Result(663,157)(733,545)10.6%
Income before income taxes 2,847,618 3,844,809 35.0%
Income taxes(594,903)(1,189,674)100.0%
Net income 2,252,715 2,655,135 17.9%
Currency translation effect659,054 (423,527)(164.3%)
Cash flow hedges, net of income tax(20,164)2,668 (113.2%)
Remeasurements of employee benefit – net income tax2,276 667 (70.7%)
Comprehensive income 2,893,881 2,234,943 (22.8%)
Non-controlling interest(95,925)(90,951)(5.2%)
Comprehensive income attributable to controlling interest2,797,956 2,143,992 (23.4%)
    
    
 2Q242Q25Change
EBITDA4,198,126 5,503,313 31.1%
Comprehensive income2,893,881 2,234,943 (22.8%)
Comprehensive income per share (pesos)5.7273 4.4232 (22.8%)
Comprehensive income per ADS (US dollars)3.4591 2.1621 (37.5%)
    
Operating income margin48.4%42.1%(13.0%)
Operating income margin (excluding IFRIC-12)55.9%55.8%(0.1%)
EBITDA margin57.8%50.6%(12.6%)
EBITDA margin (excluding IFRIC-12)66.8%67.1%0.4%
Costs of services and improvements / total revenues30.2%38.6%27.9%
Cost of services / total revenues (excluding IFRIC-12)19.3%18.6%(4.0%)
    
    

- Net income and comprehensive income per share for 2Q25 and 2Q24 were calculated based on 505,277,464 shares outstanding as of June 30, 2025, and June 30, 2024, respectively. Figures in U.S. dollar were converted from pesos using an exchange rate of Ps. 18.2610 per U.S. dollar, as published by the U.S. Federal Reserve Board (noon buying rate) on June 30, 2025.

- For consolidating the Jamaican airports, an average exchange rate of Ps. 19.5453 per U.S. dollar was used, corresponding to the three-month period ended June 30, 2025.


Revenues (2Q25 vs. 2Q24)

  • Aeronautical services revenues increased by Ps. 1,202.2 million, or 26.4%.
  • Non-aeronautical services revenues increased by Ps. 719.9 million, or 41.8%.
  • Revenues from improvements to concession assets increased by Ps. 1,700.8 million, or 174.4%.
  • Total revenues increased by Ps. 3,623.0 million, or 49.9%.

The change in aeronautical services revenues was primarily due to the following factors:

  1. Revenues from Mexican airports increased by Ps. 1,067.3 million, or 27.6%, compared to 2Q24, mainly due to a Ps. 951.6 million or 22.5% increase in the passenger fee revenue, driven by the higher airport maximum tariffs approved for the new 2025–2029 regulatory period, effective as of March 2025, and by a 4.5% increase in passenger traffic during the quarter.
  2. Revenues from Jamaican airports increased by Ps. 134.9 million, or 19.3%, compared to 2Q24, mainly due to the depreciation of the Mexican peso against the U.S. dollar, which moved from an average exchange rate of Ps. 17.2106 in 2Q24 to Ps. 19.5453 in 2Q25, resulting in higher revenues in pesos. Additionally, there was a 0.8% increase in passenger traffic during the quarter.

The change in non-aeronautical services revenues was primarily driven by the following factors:

  1. Revenues from Mexican airports increased by Ps. 676.2 million, or 45.9%, compared to 2Q24. Revenues from businesses operated directly by us increased by Ps. 582.8 million, or 116.7%, mainly due to the consolidation of revenues from the cargo and bonded warehouse business, which contributed Ps. 477.1 million. Revenues from businesses operated by third parties increased by Ps. 85.5 million, or 9.2%, primarily driven by the opening of new commercial spaces and the renegotiation of commercial contracts. The fastest-growing business lines were food and beverage, retail stores, duty-free, timeshares, and ground transportation, which together increased by Ps. 90.4 million, or 15.3%.
  2. Revenues from Jamaican airports increased by Ps. 43.7 million, or 17.4%, compared to 2Q24. In U.S. dollar terms, revenues rose by USD $0.6 million, or 8.2%, further benefiting from a 13.6% depreciation of the Mexican peso against the U.S. dollar compared to 2Q24.

 2Q242Q25Change
Businesses operated by third parties:   
Food and beverage290,715342,67917.9%
Duty-free183,384208,16013.5%
Car rental204,578211,1283.2%
Retail159,927191,43119.7%
Leasing of space120,804112,962(6.5%)
Other commercial revenues61,50159,010(4.1%)
Timeshares55,36767,81822.5%
Ground transportation46,67651,1969.7%
Communications and financial services27,55928,8374.6%
Total1,150,5111,273,22110.7%
    
Businesses operated directly by us:   
Cargo operation and bonded warehouse31,218514,1131546.8%
Car parking169,356177,8725.0%
Convenience stores135,464161,58819.3%
VIP Lounges120,862168,32139.3%
Hotel operation18,25136,882102.1%
Advertising42,40043,3662.3%
Total517,5511,102,141113.0%
Recovery of costs54,67467,29723.1%
Total Non-aeronautical Revenues 1,722,7352,442,65941.8%
    
    

Figures expressed in thousands of Mexican pesos.


‐        Revenues from improvements to concession assets 1

Revenues from improvements to concession assets (IFRIC-12) increased by Ps. 1,700.8 million, or 174.4%, compared to 2Q24. The change was composed of:

  1. Improvements to concession assets at the Company’s Mexican airports, which increased by Ps. 1,703.1 million, or 191.1%, following investments under the Master Development Program for the 2025-2029 period.
  2. Improvements to concession assets at the Company’s Jamaican airports, which decreased Ps. 2.3 million, or 2.7%.

1 Revenues from improvements to concession assets are recognized in accordance with International Financial Reporting Interpretation Committee 12 “Service Concession Arrangements” (IFRIC 12). However, this recognition does not have a cash impact or impact on the Company’s operating results. Amounts included as a result of the recognition of IFRIC 12 are related to construction of infrastructure in each quarter to which the Company has committed. This is in accordance with the Company’s Master Development Programs in Mexico and Capital Development Programs in Jamaica. All margins and ratios calculated using “Total Revenues” include revenues from improvements to concession assets (IFRIC 12), and, consequently, such margins and ratios may not be comparable to other ratios and margins, such as EBITDA margin, operating margin or other similar ratios that are calculated based on those results of the Company that do have a cash impact.


Total operating costs increased by Ps. 2,555.4 million, or 68.2%, compared to 2Q24, primarily due to a Ps. 1,700.8 million increase in the cost of improvements to concession assets (IFRIC-12), a Ps. 308.5 million, or 25.4%, increase in the cost of services, driven mainly by the consolidation of the cargo and bonded warehouse business, which contributed Ps. 160.1 million; an increase of Ps. 309.8 million, or 35.2%, in concession fees and technical assistance fees; and higher depreciation and amortization, up Ps. 237.6 million, or 34.6%, due to the recognition of fair values related to the cargo and bonded warehouse business. Excluding the cost of improvements to concession assets (IFRIC-12), operating costs increased by Ps. 854.6 million, or 30.8%.

This increase in total operating costs was primarily due to the following factors:

   Mexican airports:

  • Operating costs increased by Ps. 2,467.5 million, or 83.7%, compared to 2Q24, mainly due to a Ps. 1,703.1 million or 191.1% increase in cost of improvements to the concession assets (IFRIC-12), a Ps. 274.6 million or 27.1% increase in the cost of services, a Ps. 210.2 million, or 37.0% increase in depreciation and amortization, and a Ps. 280.2 million or 57.6% combined increase in technical assistance fees and concession fees. Excluding construction costs (IFRIC 12), operating expenses increased by Ps. 764.4 million, or 37.2%.

The change in the cost of services at our Mexican airports during 2Q25 was mainly due to:

  • Employee costs increased by Ps. 134.2 million, or 30.8%, mainly due to the consolidation of the cargo and bonded warehouse business, which contributed Ps. 86.5 million.
  • Maintenance rose by Ps. 77.1 million, or 54.5%, due to the opening of new operational areas, airfield maintenance, the operation of jet bridges by Ps. 44.4 million, and the consolidation of the cargo and bonded warehouse business, which contributed Ps. 8.4 million.
  • Other operating expenses increased by Ps. 29.3 million, or 15.3%, primarily due to higher consulting services and travel expenses of Ps. 11.7 million, and the consolidation of the cargo and bonded warehouse business of Ps. 12.4 million.
  • Safety, security and insurance rose by Ps. 17.7 million, or 11.7%, driven by an increase in security personnel, minimum wage adjustments, changes in the Federal Labor Law, the opening of additional operational areas, and Ps. 4.8 million from the consolidation of the cargo and bonded warehouse business.

Jamaican Airports:

Operating costs increased by Ps. 87.9 million, or 11.0%, compared to 2Q24, mainly due to a Ps. 33.9 million, or 16.9%, increase in the cost of services, a Ps. 29.7 million, or 7.5%, an increase in concession fees, and a Ps. 27.3 million, or 22.9%, increase in depreciation and amortization, partially offset by a Ps. 2.3 million, or 2.7%, decrease in the cost of improvements to concession assets (IFRIC-12).

Operating income margin went from 48.4% in 2Q24 to 42.1% in 2Q25. Excluding the effects of IFRIC-12, the operating income margin went from 55.9% in 2Q24 to 55.8% in 2Q25. Income from operations increased by Ps. 1,067.6 million, or 30.4%, compared to 2Q24.

EBITDA margin went from 57.8% in 2Q24 to 50.6% in 2Q25. Excluding the effects of IFRIC-12, EBITDA margin went from 66.8% in 2Q24 to 67.1% in 2Q25. The nominal value of EBITDA increased by Ps. 1,305.2 million, or 31.1%, compared to 2Q24.

Financial results increased in expense by Ps. 70.4 million, or 10.6%, from a net expense of Ps. 663.1 million in 2Q24 to Ps. 733.5 million in 2Q25. This change was mainly the result of:

  • Foreign exchange fluctuations, which went from an income of Ps. 80.9 million in 2Q24 to an expense of Ps. 40.3 million in 2Q25, resulting in a foreign exchange loss of Ps. 121.2 million due to the depreciation of the Mexican peso. Additionally, the foreign currency translation effect contributed to a Ps. 1,082.6 million increase in expense compared to 2Q24.
  • Interest expense decreased by Ps. 119.9 million, or 11.6%, compared to 2Q24, mainly due to a decrease in reference rates.
  • Interest income decreased by Ps. 69.3 million, or 24.9%, compared to 2Q24, mainly due to a decrease in the cash and cash equivalents average balance and changes in the reference rates.

In 2Q25, net and comprehensive income decreased by Ps. 658.9 million, or 22.8%, compared to 2Q24, mainly due to a Ps. 1,082.6 million increase in foreign currency translation losses versus the same period last year. Income before taxes increased by Ps. 997.2 million, or 35.0%.

During 2Q25, net income increased by Ps. 402.4 million, or 17.9%, compared to 2Q24. Income tax for the period increased by Ps. 594.8 million, composed of a Ps. 451.5 million increase in current income tax, and a Ps. 143.3 million decrease in deferred tax benefit, primarily due to lower tax loss carryforwards of Ps. 177.3 million, compared to 2024. This was partially offset by a higher inflation effect, as inflation rose from 0.4% in 2Q24 to 0.9% in 2Q25.

Consolidated Results for the Six Months of 2025 (in thousands of pesos):

 6M246M25Change
Revenues   
Aeronautical services9,523,062 11,762,321 23.5%
Non-aeronautical services3,417,140 4,836,535 41.5%
Improvements to concession assets (IFRIC-12)2,813,789 5,338,324 89.7%
Total revenues15,753,991 21,937,180 39.2%
    
Operating costs   
Costs of services:2,285,769 3,007,237 31.6%
Employee costs949,877 1,252,084 31.8%
Maintenance342,282 513,733 50.1%
Safety, security & insurance382,022 447,723 17.2%
Utilities236,008 273,963 16.1%
Business operated directly by us146,160 173,968 19.0%
Other operating expenses229,420 345,766 50.7%
    
Technical assistance fees426,536 505,580 18.5%
Concession taxes1,393,211 1,990,083 42.8%
Depreciation and amortization1,350,300 1,857,534 37.6%
Cost of improvements to concession assets (IFRIC-12)2,813,789 5,338,324 89.7%
Other (income)(12,392)(36,145)191.7%
Total operating costs8,257,212 12,662,613 53.4%
Income from operations7,496,778 9,274,567 23.7%
Financial Result(1,256,892)(1,663,035)32.3%
Income before income taxes 6,239,887 7,611,532 22.0%
Income taxes(1,516,453)(2,098,280)38.4%
Net income 4,723,434 5,513,253 16.7%
Currency translation effect367,782 (498,585)(235.6%)
Cash flow hedges, net of income tax(35,403)1,892 (105.3%)
Remeasurements of employee benefit – net income tax2,229 32,766 1370.0%
Comprehensive income 5,058,042 5,049,325 (0.2%)
Non-controlling interest(127,642)(205,878)61.3%
Comprehensive income attributable to controlling interest4,930,400 4,843,449 (1.8%)
    
    
 6M246M25Change
EBITDA8,847,078 11,132,102 25.8%
Comprehensive income5,058,042 5,049,325 (0.2%)
Comprehensive income per share (pesos)10.0104 9.9932 (0.2%)
Comprehensive income per ADS (US dollars)6.0459 4.8847 (19.2%)
    
Operating income margin47.6%42.3%(11.2%)
Operating income margin (excluding IFRIC-12)57.9%55.9%(3.6%)
EBITDA margin56.2%50.7%(9.6%)
EBITDA margin (excluding IFRIC-12)68.4%67.1%(1.9%)
Costs of services and improvements / total revenues32.4%38.0%17.5%
Cost of services / total revenues (excluding IFRIC-12)17.7%18.1%2.6%
    
    

- Net income and comprehensive income per share for 6M25 and 6M24 were calculated based on 505,277,464 shares outstanding. U.S. dollar figures were converted from pesos using an exchange rate of Ps. 18.2610 per U.S. dollar, as published by the U.S. Federal Reserve Board (noon buying rate) on June 30, 2025.

- For the purpose of consolidating Jamaican airports, an average exchange rate of Ps. 19.9844 per U.S. dollar was used, corresponding to the six months ended June 30, 2025.


Revenues (6M25 vs. 6M24)

  • Aeronautical services revenues increased by Ps. 2,239.3 million, or 23.5%.
  • Non-aeronautical services revenues increased by Ps. 1,419.4 million, or 41.5%.
  • Revenues from improvements to concession assets increased by Ps. 2,524.5 million, or 89.7%.
  • Total revenues increased by Ps. 6,183.2 million, or 39.2%.

The change in aeronautical services revenues comprised primarily of the following factors:

  1. Revenues at our Mexican airports increased by Ps. 1,942.2 million, or 24.0%, compared to 6M24. This growth was mainly driven by the increase in the maximum tariffs approved for the new 2025–2029 regulatory period, effective as of March 2025, the 16.8% depreciation of the Mexican peso against the U.S. dollar, and 5.0% increase in passenger traffic.
  2. Revenues from Jamaican airports increased by Ps. 297.0 million, or 20.5%, compared to 6M24. This was mainly due to the 16.8% depreciation of the peso against the U.S. dollar, with the average exchange rate moving from Ps. 17.1042 in 6M24 to Ps. 19.9844 in 6M25, resulting in higher peso-denominated revenue. This effect was partially offset by a 1.9% decrease in passenger traffic.

-   The change in non-aeronautical services revenues comprised primarily of the following factors:

  1. Revenues at our Mexican airports increased by Ps. 1,313.6 million, or 45.0%, compared to 6M24. Revenues from businesses operated directly by us rose by Ps. 1,096.1 million, or 111.0%. Businesses operated by third parties increased by Ps. 206.9 million, or 11.2%. This was mainly due to the opening of new commercial spaces, and the renegotiation of existing contracts. The business lines that increased the most were food and beverage, duty-free, retail, timeshares and ground transportation, which increased by Ps. 184.8 million, or 15.5%. Recovery of costs increased by Ps.10.5 million, or 11.8%.
  2. Revenues from the Jamaican airports increased by Ps. 105.8 million, or 21.2%, compared to 6M24. Revenues in U.S. dollars increased by US$1.4 million, or 3.7%.

 6M246M25Change
Businesses operated by third parties:   
Food and beverage588,081685,25916.5%
Duty-free368,037424,84515.4%
Car rental403,176416,4253.3%
Retail341,779382,60511.9%
Leasing of space207,277229,85910.9%
Other commercial revenues113,833131,03515.1%
Timeshares110,747138,72325.3%
Ground transportation93,522107,76915.2%
Communications and financial services54,07860,24211.4%
Total2,280,5312,576,76113.0%
    
Businesses operated directly by us:   
Cargo operation and bonded warehouse62,994948,3811405.5%
Car parking346,732356,3422.8%
Convenience stores283,378331,08816.8%
VIP Lounges231,941336,33645.0%
Hotel operation18,61574,323100.0%
Advertising77,80778,2060.5%
Total1,021,4672,124,677108.0%
Recovery of costs115,142135,09717.3%
Total Non-aeronautical Revenues 3,417,1404,836,53541.5%
    

Figures expressed in thousands of Mexican pesos.


‐        Revenues from improvements to concession assets 1

Revenues from improvements to concession assets (IFRIC-12) increased by Ps. 2,524.5 million, or 89.7%, compared to 6M24. The change was composed of:

  1. Improvements to concession assets at the Company’s Mexican airports, which increased by Ps. 2,514.9 million, or 94.1%, following investments under the Master Development Program for the 2025-2029 period.
  2. Improvements to concession assets at the Company’s Jamaican airports, which increased Ps. 9.6 million, or 6.9%.

1 Revenues from improvements to concession assets are recognized in accordance with International Financial Reporting Interpretation Committee 12 “Service Concession Arrangements” (IFRIC 12). However, this recognition does not have a cash impact or impact on the Company’s operating results. Amounts included as a result of the recognition of IFRIC 12 are related to construction of infrastructure in each quarter to which the Company has committed. This is in accordance with the Company’s Master Development Programs in Mexico and Capital Development Programs in Jamaica. All margins and ratios calculated using “Total Revenues” include revenues from improvements to concession assets (IFRIC 12), and, consequently, such margins and ratios may not be comparable to other ratios and margins, such as EBITDA margin, operating margin or other similar ratios that are calculated based on those results of the Company that do have a cash impact.


Total operating cost increased by Ps. 4,405.4 million, or 53.4%, compared to 6M24, primarily due to a Ps. 2,524.5 million, or 89.7%. increase in the cost of improvements to concession assets (IFRIC-12), a Ps. 721.5 million, or 31.6%, increase in the cost of services, an increase of Ps. 675.9 million, or 37.1%, in concession fees and technical assistance fees; and higher depreciation and amortization, up Ps. 507.2 million, or 37.6%. Excluding the cost of improvements to concession assets (IFRIC-12), operating costs increased by Ps. 1,880.9 million, or 34.6%.

This increase in total operating costs was primarily due to the following factors:

   Mexican airports:

  • Operating costs increased by Ps. 4,161.1 million, or 62.3%, compared to 6M24, mainly due to a Ps. 2,514.9 million or 94.1% increase in the cost of improvements to the concession assets (IFRIC-12), a Ps. 625.3 million, or 33.0%, increase in the cost of services, a combined increase in technical assistance fees and concession fees Ps. 600.3 million, or 59.3%, and an increase in depreciation and amortization of Ps. 445.5 million or 40.1%. Excluding the cost of improvements to concession assets (IFRIC-12), operating expenses increased by Ps. 1,646.1 million, or 41.1%.

The change in the cost of services at our Mexican airports during 6M25 was mainly due to:

  • Employee costs increased by Ps. 272.7 million, or 32.3%, mainly due to the increase in minimum wages and changes in the Federal Labor Law, and the consolidation of the cargo and bonded warehouse business, which contributed Ps. 187.8 million.
  • Maintenance rose by Ps. 153.4 million, or 57.3%, due to the opening of new operational areas, the operation of jet bridges by Ps. 88.4 million, and the consolidation of the cargo and bonded warehouse business, which contributed Ps. 17.3 million.
  • Other operating expenses increased by Ps. 136.1 million, or 40.4%, primarily due to higher consulting services and travel expenses of Ps. 31.6 million, and the consolidation of the cargo and bonded warehouse business of Ps. 64.3 million.
  • Safety, security and insurance rose by Ps. 34.7 million, or 12.2%, driven by an increase in security personnel, minimum wage adjustments, changes in the Federal Labor Law, the opening of additional operational areas, and Ps. 4.8 million from the consolidation of the cargo and bonded warehouse business.

Jamaican Airports:

Operating costs increased by Ps. 244.3 million, or 15.5%, compared to 6M24, mainly due to a Ps. 96.1 million, or 24.6%, increase in the cost of services, a Ps. 75.6 million, or 9.4%, increase in concession fees, and a Ps. 61.7 million, or 25.8%, increase in depreciation and amortization, and a Ps. 9.6 million, or 6.9%, increase in the cost of improvements to concession assets (IFRIC-12).

Operating income margin went from 47.6% in 6M24 to 42.3% in 6M25. Excluding the effects of IFRIC-12, the operating income margin went from 57.9% in 6M24 to 55.9% in 6M25. Income from operations increased by Ps. 1,777.8 million, or 23.7%, compared to 6M24.

EBITDA margin went from 56.2% in 6M24 to 50.7% in 6M25. Excluding the effects of IFRIC-12, EBITDA margin went from 68.4% in 6M24 to 67.1% in 6M25. The nominal value of EBITDA increased by Ps. 2,285.0 million, or 25.8%, compared to 6M24.

Financial results increased in expense by Ps. 406.1 million, or 32.3%, from a net expense of Ps. 1,257.0 million in 6M24 to a net expense of Ps. 1,663.1 million in 6M25. This change was mainly the result of:

  • Foreign exchange fluctuations, which went from an income of Ps. 109.9 million in 6M24 to an expense of Ps. 164.3 million in 6M25, resulting in a foreign exchange loss of Ps. 274.1 million due to the depreciation of the Mexican peso. Additionally, the foreign currency translation effect contributed to a Ps. 866.4 million increase in expense compared to 6M24.
  • Interest expense increased by Ps. 124.6 million, or 6.5%, compared to 6M24, mainly due to the increase in bond certificates and higher borrowings of bank loans.
  • Interest income decreased by Ps. 7.4 million, or 1.3%, compared to 6M24, mainly due to a decrease in the cash and cash equivalents average balance and changes in the reference rates.

In 6M25, net and comprehensive income decreased by Ps. 8.7 million, or 0.2%, compared to 6M24. Income before taxes increased by Ps. 1,371.6 million, mainly due to the increase in EBITDA, as mentioned above.

During 6M25, net income increased by Ps. 789.8 million, or 16.7%, compared to 6M24, mainly due to the increase in EBITDA, partially offset by higher depreciation and amortization expenses, as well as an increase in net financial expenses. In addition, income tax expense for the period increased by Ps. 581.8 million, as a result of a Ps. 1,777.8 million increase in operating income.

Statement of Financial Position

Total assets as of June 30, 2025, increased by Ps. 4,870.3 million compared to June 30, 2024, primarily due to the following items: i) Improvements to concession assets of Ps. 5,875.2 million, ii) Other acquired rights of Ps. 1,937.1 million, iii) Trade accounts receivable of Ps. 816.9 million, iv) Deferred income taxes of Ps. 813.6 million, and v) Machinery, equipment, and improvements to leased buildings of Ps. 254.4 million, partially offset by a decrease in cash and cash equivalents of Ps. 2,887.6 million, advanced payments to suppliers of Ps. 905.1 million.

As of June 30, 2025, total liabilities increased by Ps. 2,738.1 million compared to the same period in 2024, mainly due to i) Bonds certificates of Ps. 4,639.0 million, ii) Deferred liabilities of Ps. 575.1 million, iii) Accounts payable of Ps. 365.2 million, and iv) Taxes payable of Ps. 157.0 million, partially offset by a decrease in payables related to shareholder distribution of Ps. 2,819.9 million.

Company Description

Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (GAP) operates 12 airports throughout Mexico’s Pacific region, including the major cities of Guadalajara and Tijuana, the four tourist destinations of Puerto Vallarta, Los Cabos, La Paz and Manzanillo, and six other mid-sized cities: Hermosillo, Guanajuato, Morelia, Aguascalientes, Mexicali, and Los Mochis. In February 2006, GAP’s shares were listed on the New York Stock Exchange under the ticker symbol “PAC” and on the Mexican Stock Exchange under the ticker symbol “GAP”. In April 2015, GAP acquired 100% of Desarrollo de Concessioner Aeroportuarias, S.L., which owns a majority stake in MBJ Airports Limited, a company operating Sangster International Airport in Montego Bay, Jamaica. In October 2018, GAP entered into a concession agreement for the Norman Manley International Airport operation in Kingston, Jamaica, and took control of the operation in October 2019.

 This press release contains references to EBITDA, a financial performance measure not recognized under IFRS and which does not purport to be an alternative to IFRS measures of operating performance or liquidity. We caution investors not to place undue reliance on non-GAAP financial measures such as EBITDA, as these have limitations as analytical tools and should be considered as a supplement to, not a substitute for, the corresponding measures calculated in accordance with IFRS. 
   
 This press release may contain forward-looking statements. These statements are statements that are not historical facts and are based on management’s current view and estimates of future economic circumstances, industry conditions, company performance, and financial results. The words “anticipates”, “believes”, “estimates”, “expects”, “plans” and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations, and the factors or trends affecting financial condition, liquidity, or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends, or results will occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations. 
   

In accordance with Section 806 of the Sarbanes-Oxley Act of 2002 and Article 42 of the “Ley del Mercado de Valores”, GAP has implemented a “whistleblower” program, which allows complainants to anonymously and confidentially report suspected activities that involve criminal conduct or violations. The telephone number in Mexico, facilitated by a third party responsible for collecting these complaints, is 800 04 ETICA (38422) or WhatsApp +52 55 6538 5504. The website is www.lineadedenunciagap.com or by email at denuncia@lineadedenunciagap.com. GAP’s Audit Committee will be notified of all complaints for immediate investigation.


Exhibit A: Operating results by airport (in thousands of pesos):

Airport2Q242Q25Change6M246M25Change
Guadalajara      
Aeronautical services1,268,040 1,562,43023.2%2,564,6493,151,51722.9%
Non-aeronautical services317,441 348,7959.9%627,732709,33113.0%
Improvements to concession assets (IFRIC 12)402,305 1,174,426191.9%1,206,9142,348,85294.6%
Total Revenues1,987,785 3,085,65155.2%4,399,2966,209,70041.2%
Operating income1,105,607 1,242,73412.4%2,357,4302,424,9652.9%
EBITDA1,238,723 1,450,41617.1%2,615,0852,844,5198.8%
       
Tijuana      
Aeronautical services691,854 855,11923.6%1,330,3421,587,93319.4%
Non-aeronautical services137,398 125,930(8.3%)290,551250,651(13.7%)
Improvements to concession assets (IFRIC 12)55,659 386,094593.7%166,976772,188362.5%
Total Revenues884,912 1,367,14454.5%1,787,8702,610,77246.0%
Operating income416,606 565,98535.9%910,293972,3886.8%
EBITDA532,909 691,45929.8%1,139,1241,224,3977.5%
       
Los Cabos      
Aeronautical services678,207 903,93833.3%1,460,9301,850,57026.7%
Non-aeronautical services333,646 349,3344.7%651,689712,0009.3%
Improvements to concession assets (IFRIC 12)99,521 205,863106.9%298,562411,72637.9%
Total Revenues1,111,374 1,459,13531.3%2,411,1812,974,29623.4%
Operating income592,449 806,79936.2%1,428,2131,645,61315.2%
EBITDA681,734 911,09833.6%1,607,2961,846,95014.9%
       
Puerto Vallarta      
Aeronautical services554,172 720,77830.1%1,386,1731,708,95023.3%
Non-aeronautical services156,084 183,46417.5%324,160371,04714.5%
Improvements to concession assets (IFRIC 12)247,818 503,536103.2%743,4551,007,07335.5%
Total Revenues958,074 1,407,77846.9%2,453,7873,087,07025.8%
Operating income382,540 584,27452.7%1,184,2061,365,43215.3%
EBITDA436,696 647,84448.4%1,293,0551,494,22115.6%
       
Montego Bay      
Aeronautical services451,015 518,43414.9%965,2701,103,79914.4%
Non-aeronautical services199,927 231,96316.0%398,845476,55019.5%
Improvements to concession assets (IFRIC 12)39,954 64,36861.1%80,681113,35440.5%
Total Revenues690,897 814,76517.9%1,444,7981,693,70317.2%
Operating income250,207 305,50122.1%541,105648,01619.8%
EBITDA321,002 391,47922.0%681,708823,81320.8%
       
       

Exhibit A: Operating results by airport (in thousands of pesos):

Airport2Q242Q25Change6M246M25Change
Guanajuato      
Aeronautical services209,686 280,23133.6%428,065548,63028.2%
Non-aeronautical services46,658 46,9030.5%92,60497,5405.3%
Improvements to concession assets (IFRIC 12)37,025 130,222251.7%111,075260,444134.5%
Total Revenues293,369 457,35655.9%631,745906,61443.5%
Operating income139,587 208,42449.3%339,761407,57520.0%
EBITDA161,425 233,88044.9%383,005458,95019.8%
       
Hermosillo      
Aeronautical services132,431 161,89722.3%250,143305,24622.0%
Non-aeronautical services28,985 30,1914.2%56,96756,762(0.4%)
Improvements to concession assets (IFRIC 12)10,720 17,22460.7%32,15934,4487.1%
Total Revenues172,136 209,31221.6%339,269396,45616.9%
Operating income65,385 97,86749.7%150,699176,22116.9%
EBITDA90,659 123,57936.3%201,279228,26213.4%
       
Others (1)      
Aeronautical services575,556 760,36132.1%1,137,4901,505,67532.4%
Non-aeronautical services102,998 115,53112.2%209,218234,07611.9%
Improvements to concession assets (IFRIC 12)82,326 194,416136.2%173,965390,239124.3%
Total Revenues760,880 1,070,30940.7%1,520,6732,129,99140.1%
Operating income(24,265)248,864(1125.6%)10,809481,0214350.3%
EBITDA125,786 351,893179.8%309,263689,098122.8%
       
Total       
Aeronautical services4,560,960 5,763,18826.4%9,523,06211,762,32023.5%
Non-aeronautical services1,323,136 1,432,1128.2%2,651,7672,907,9579.7%
Improvements to concession assets (IFRIC 12)975,327 2,676,149174.4%2,813,7895,338,32489.7%
Total Revenues6,859,423 9,871,44943.9%14,988,61820,008,60133.5%
Operating income2,928,112 4,060,44838.7%6,922,5158,121,23117.3%
EBITDA3,588,935 4,801,64733.8%8,229,8149,610,20916.8%
       
       

(1)        Others include the operating results of the Aguascalientes, La Paz, Los Mochis, Manzanillo, Mexicali, Morelia, and Kingston airports.


Exhibit B: Consolidated statement of financial position as of June 30 (in thousands of pesos):

 20242025Change %
Assets    
Current assets    
Cash and cash equivalents12,584,9009,697,343 (2,887,557)(22.9%)
Trade accounts receivable - Net2,337,5433,154,471 816,928 34.9%
Other current assets1,169,7811,152,861 (16,920)(1.4%)
Total current assets16,092,22414,004,675 (2,087,549)(13.0%)
     
Advanced payments to suppliers1,774,646869,569 (905,077)(51.0%)
Machinery, equipment and improvements to leased buildings - Net4,369,4704,623,910 254,440 5.8%
Improvements to concession assets - Net31,357,66137,232,836 5,875,175 18.7%
Airport concessions - Net9,167,0569,140,466 (26,590)(0.3%)
Rights to use airport facilities - Net1,024,916967,163 (57,753)(5.6%)
Other acquired rights-1,937,118 1,937,118 100.0%
Deferred income taxes - Net7,667,1508,480,777 813,627 10.6%
Other non-current assets1,864,594931,541 (933,052)(50.0%)
Total assets73,317,71778,188,055 4,870,338 6.6%
     
Liabilities     
Current liabilities16,313,31014,743,847 (1,569,463)(9.6%)
Long-term liabilities38,104,34742,411,926 4,307,579 11.3%
Total liabilities54,417,65757,155,773 2,738,116 5.0%
     
Stockholders' Equity    
Common stock1,194,3901,194,390 - 0.0%
Legal reserve920,187238,878 (681,309)(74.0%)
Net income4,648,6365,266,355 617,719 13.3%
Retained earnings8,345,5649,131,025 785,461 9.4%
Reserve for share repurchase2,500,0002,500,000 - 0.0%
Foreign currency translation reserve74,634312,241 237,607 318.4%
Remeasurements of employee benefit – Net31141,049 40,738 13099.0
Cash flow hedges- Net25,315(2,692)(28,007)(110.6
Total controlling interest17,709,03718,681,246 972,209 5.5%
Non-controlling interest1,191,0202,351,039 1,160,019 97.4%
Total stockholder's equity18,900,05721,032,285 2,132,228 11.3%
     
Total liabilities and stockholders' equity73,317,71778,188,055 4,870,338 6.6%
     
     

The non-controlling interest corresponds to the 25.5% stake held in the Montego Bay airport by Vantage Airport Group Limited (“Vantage”), as well as the 48.5% held by the shareholders of GWTC.


Exhibit C: Consolidated statement of cash flows (in thousands of pesos):

 2Q242Q25Change6M246M25Change
Cash flows from operating activities:      
Consolidated net income2,252,715 2,655,135 17.9%4,723,435 5,513,253 16.7%
       
Postemployment benefit costs13,776 15,459 12.2%27,552 29,621 7.5%
Allowance expected credit loss21,328 (13,123)(161.5%)18,527 12,269 (33.8%)
Depreciation and amortization687,351 924,959 34.6%1,350,300 1,857,534 37.6%
Loss on sale of machinery, equipment and improvements to leased assets11,215 (630)(105.6%)11,760 1,360 (88.4%)
Interest expense981,033 1,034,255 5.4%1,977,891 2,281,509 15.4%
Provisions9,970 9,022 (9.5%)16,250 (21,667)(233.3%)
Income tax expense594,903 1,189,674 100.0%1,516,453 2,098,280 38.4%
Unrealized exchange loss309,521 (54,076)(117.5%)225,863 56,804 (74.9%)
 4,881,812 5,760,675 18.0%9,868,031 11,828,961 19.9%
Changes in working capital:      
(Increase) decrease in      
Trade accounts receivable128,758 162,331 26.1%(83,124)(493,714)493.9%
Recoverable tax on assets and other assets394,674 25,725 (93.5%)791,223 107,364 (86.4%)
Increase (decrease)      
Concession taxes payable(258,431)(248,380)(3.9%)(109,032)(215,106)97.3%
Accounts payable(400,002)(117,942)(70.5%)(474,606)(46,488)(90.2%)
Cash generated by operating activities4,746,811 5,582,409 17.6%9,992,492 11,181,017 11.9%
Income taxes paid(875,615)(1,202,747)37.4%(1,586,948)(2,324,790)46.5%
Net cash flows provided by operating activities3,871,196 4,379,662 13.1%8,405,543 8,856,227 5.4%
       
Cash flows from investing activities:      
Machinery, equipment and improvements to concession assets(1,701,189)(678,121)(60.1%)(3,109,274)(2,384,763)(23.3%)
Cash flows from sales of machinery and equipment2,878 1,656 (42.5%)4,235 1,774 (58.1%)
Other investment activities199,053 (1,746,391)(977.3%)72,270 (1,732,569)(2497.4%)
Net cash used by investment activities(2,374,762)(2,422,856)2.0%(3,908,274)(4,115,559)5.3%
       
Cash flows from financing activities:      
Dividends declared- (4,254,436)100.0%- (4,254,436)100.0%
Dividends paid(65,424)(152,881)133.7%(65,424)(152,881)(133.7%)
Bond certificates issued- - 0.0%3,000,000 6,000,000 100.0%
Bond certificates paid- (2,500,000)100.0%(3,000,000)(7,000,000)133.3%
Bank loans875,000 3,249,098 271.3%875,000 3,249,098 271.3%
Interest paid on bank loans(1,314,322)(941,099)(28.4%)(2,384,483)(2,306,485)(3.3%)
Interest paid on lease(971)(592)(39.0%)(2,031)(1,282)(36.9%)
Payments of obligations for leasing(4,454)(2,566)(42.4%)(8,908)(18,899)112.1%
Net cash flows used in financing activities(578,588)(8,057,414)1292.6%(1,654,263)(7,939,822)380.0%
       
Effects of exchange rate changes on cash held125,431 (429,868)(442.7%)(313,317)(569,530)81.8%
Net increase (decrease) in cash and cash equivalents1,043,277 (6,530,476)(726.0%)2,529,691 (3,768,684)(249.0%)
Cash and cash equivalents at beginning of the period11,541,621 16,227,819 40.6%10,055,211 13,466,026 33.9%
Cash and cash equivalents at the end of the period12,584,900 9,697,343 (22.9%)12,584,900 9,697,343 (22.9%)
       
       


Exhibit D: Consolidated statements of profit or loss and other comprehensive income (in thousands of pesos):

 2Q242Q25Change6M246M25Change
Revenues      
Aeronautical services4,560,960 5,763,188 26.4%9,523,062 11,762,321 23.5%
Non-aeronautical services1,722,735 2,442,659 41.8%3,417,140 4,836,535 41.5%
Improvements to concession assets (IFRIC-12)975,327 2,676,149 174.4%2,813,789 5,338,324 89.7%
Total revenues7,259,022 10,881,996 49.9%15,753,991 21,937,180 39.2%
       
Operating costs      
Costs of services:1,213,842 1,522,382 25.4%2,285,769 3,007,237 31.6%
Employee costs490,716 638,722 30.2%949,877 1,252,084 31.8%
Maintenance180,485 256,830 42.3%342,282 513,733 50.1%
Safety, security & insurance199,802 232,516 16.4%382,022 447,723 17.2%
Utilities130,036 148,732 14.4%236,008 273,963 16.1%
Business operated directly by us72,549 86,632 19.4%146,160 173,968 19.0%
Other operating expenses140,254 158,950 13.3%229,420 345,766 50.7%
       
Technical assistance fees202,174 221,680 9.6%426,536 505,580 18.5%
Concession taxes678,595 968,933 42.8%1,393,211 1,990,083 42.8%
Depreciation and amortization687,351 924,959 34.6%1,350,300 1,857,534 37.6%
Cost of improvements to concession assets (IFRIC-12)975,327 2,676,149 174.4%2,813,789 5,338,324 89.7%
Other (income)(9,042)(10,461)15.7%(12,392)(36,145)191.7%
Total operating costs3,748,247 6,303,642 68.2%8,257,212 12,662,613 53.4%
Income from operations3,510,775 4,578,354 30.4%7,496,778 9,274,567 23.7%
Financial Result(663,157)(733,545)10.6%(1,256,892)(1,663,035)32.3%
Income before income taxes 2,847,618 3,844,809 35.0%6,239,887 7,611,532 22.0%
Income taxes(594,903)(1,189,674)100.0%(1,516,453)(2,098,280)38.4%
Net income 2,252,715 2,655,135 17.9%4,723,434 5,513,253 16.7%
Currency translation effect659,054 (423,527)(164.3%)367,782 (498,585)(235.6%)
Cash flow hedges, net of income tax(20,164)2,668 (113.2%)(35,403)1,892 (105.3%)
Remeasurements of employee benefit – net income tax2,276 667 (70.7%)2,229 32,766 1370.0%
Comprehensive income 2,893,881 2,234,943 (22.8%)5,058,042 5,049,325 (0.2%)
Non-controlling interest(95,925)(90,951)(5.2%)(127,642)(205,878)61.3%
Comprehensive income attributable to controlling interest2,797,956 2,143,992 (23.4%)4,930,400 4,843,449 (1.8%)
       
       

The non-controlling interest corresponds to the 25.5% stake held in the Montego Bay airport by Vantage Airport Group Limited (“Vantage”), as well as the 48.5% held by the shareholders of GWTC.


Exhibit E: Consolidated stockholders’ equity (in thousands of pesos):

 Common StockLegal ReseveReserve for Share RepurchaseRetained EarningsOther comprehensive incomeTotal controlling interestNon-controlling interestTotal Stockholders' Equity
Balance as of January 1, 20248,197,536 478,185 2,500,0008,787,568 (181,508)19,781,783 1,162,864 20,944,646 
Increase legal reserve- 442,002 -(442,002)- - - - 
Capital reduction(7,003,146)- -- - (7,003,146)- (7,003,146)
Dividends declared non-controlling interest- - -- - - (99,485)(99,485)
Comprehensive income:        
Net income- - -4,648,635 - 4,648,635 74,803 4,723,438 
Foreign currency translation reserve- - -- 314,940 314,940 52,839 367,779 
Remeasurements of employee benefit – Net- - -- 2,229 2,229 - 2,229 
Reserve for cash flow hedges – Net of income tax- - -- (35,403)(35,403)- (35,403)
Balance as of June 30, 20241,194,390 920,187 2,500,00012,994,201 100,259 17,709,037 1,191,021 18,900,058 
         
Balance as of January 1, 20251,194,390 920,187 2,500,00016,957,723 773,499 22,345,799 2,275,940 24,621,739 
Decrease legal reserve- (681,309)-681,309 - - - - 
Dividends declared- - -(8,508,000)- (8,508,000)(130,779)(8,638,779)
Comprehensive income:        
Net income- - -5,266,354 - 5,266,354 246,904 5,513,258 
Foreign currency translation reserve- - -- (457,559)(457,559)(41,026)(498,585)
Remeasurements of employee benefit – Net- - -- 32,766 32,766  32,766 
Reserve for cash flow hedges – Net of income tax- - -- 1,892 1,892 - 1,892 
Balance as of June 30, 20251,194,390 238,878 2,500,00014,397,387 350,598 18,681,250 2,351,039 21,032,291 
         
         

The non-controlling interest corresponds to the 25.5% stake held in the Montego Bay airport by Vantage Airport Group Limited (“Vantage”), as well as the 48.5% held by the shareholders of GWTC.


As a part of the adoption of IFRS, the effects of inflation on common stock recognized under Mexican Financial Reporting Standards (MFRS) through December 31, 2007, were reclassified as retained earnings because accumulated inflation recognized under MFRS is not considered hyperinflationary according to IFRS. For Mexican legal and tax purposes, Grupo Aeroportuario del Pacífico, S.A.B. de C.V., as an individual entity, will continue preparing separate financial information under MFRS. Therefore, for any transaction between the Company and its shareholders related to stockholders’ equity, the Company must take into consideration the accounting balances prepared under MFRS as an individual entity and determine the tax impact under tax laws applicable in Mexico, which requires the use of MFRS. For purposes of reporting to stock exchanges, the consolidated financial statements will continue to be prepared following IFRS, as issued by the IASB.


Exhibit F: Other operating data:

 2Q242Q25Change6M246M25Change
Total passengers15,254.715,879.44.1%30,864.232,148.74.2%
Total cargo volume (in WLUs)703.1686.6(2.3%)1,343.11,337.3(0.4%)
Total WLUs15,957.816,566.03.8%32,207.333,486.04.0%
       
Aeronautical & non aeronautical services per passenger (pesos)411.9516.825.5%419.3516.323.1%
Aeronautical services per WLU (pesos)285.8347.921.7%295.7351.318.8%
Non aeronautical services per passenger (pesos)112.9153.836.2%110.7150.435.9%
Cost of services per WLU (pesos)76.191.920.8%71.089.826.5%
       
       

WLU = Workload units represent passenger traffic plus cargo units (1 cargo unit = 100 kilograms of cargo).


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