GUADALAJARA, Mexico, Feb. 23, 2026 (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 fourth quarter ended December 31, 2025 (4Q25). Figures are unaudited and prepared following International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB").
Summary of Results 4Q25 vs. 4Q24
-- The sum of aeronautical and non-aeronautical services revenues increased
by Ps. 911.4 million, or 12.8%. Total revenues increased by Ps. 267.1
million, or 2.8%.
-- Cost of services increased by Ps. 426.8 million, or 28.1%.
-- Income from operations increased by Ps. 322.1 million, or 8.4%.
-- EBITDA increased by Ps. 357.3 million, or 7.5%, an increase from Ps.
4,757.0 million in 4Q24 to Ps. 5,114.3 million in 4Q25. EBITDA margin
(excluding the effects of IFRIC-12) went from 66.9% in 4Q24 to 63.8% in
4Q25.
-- Comprehensive income decreased by Ps. 781.1 million, or 34.3%, from an
income of Ps. 2,274.3 million in 4Q24 to an income of Ps. 1,493.3 million
in 4Q25.
Company's Financial Position:
During the 4Q25, total aeronautical revenues increased compared to 4Q24, primarily driven by the implementation in Mexico of the airport tariffs approved for the 2025--2029 period, as well as the opening of new routes. This effect was partially offset by the decrease in passenger traffic in Jamaica, resulting from the impact of Hurricane Melissa on the island in October 2025. Montego Bay Airport was affected, sustaining damage to the terminal building, equipment, and operational areas. As a precautionary measure, the airport suspended operations on October 26, 2025, resuming them on November 1. Kingston Airport experienced minor impacts and only required the preventive closure of its facilities on October 25, resuming regular operations on October 29. The recovery of passenger traffic in Jamaica will largely depend on the pace of restoration of the country's hotel and tourism infrastructure.
As of December 31, 2025, the Company reported a financial position of Ps. 10,453.2 million in cash and cash equivalents.
Passenger Traffic
During 4Q25, the 14 airports operated by GAP recorded a decrease of 139.6 thousand total passengers, representing a 0.9% decrease compared to 4Q24.
During this period, the following new routes were inaugurated:
Domestic:
Airline Departure Arrival Opening date Frequencies Volaris Guadalajara Zihuatanejo November 2, 2025 4 weekly ------- ----------- ------------ ---------------- ----------- Volaris Guadalajara Puebla November 2, 2025 2 daily ------- ----------- ------------ ---------------- ----------- Volaris Guadalajara Villahermosa November 2, 2025 1 daily ------- ----------- ------------ ---------------- ----------- Volaris Guadalajara Durango November 3, 2025 3 weekly ------- ----------- ------------ ---------------- -----------
(Note: Frequencies can vary without prior notice.)
International:
Airline Departure Arrival Opening date Frequencies
Volaris Guadalajara Bogota November 4, 2025 2 weekly
--------------- --------------- ----------- ----------------- -----------
Air Canada Guadalajara Toronto November 4, 2025 3 weekly
--------------- --------------- ----------- ----------------- -----------
Porter Puerto Vallarta Toronto November 14, 2025 3 weekly
--------------- --------------- ----------- ----------------- -----------
Copa Los Cabos Panama City December 4, 2025 3 weekly
--------------- --------------- ----------- ----------------- -----------
WestJet Montego Bay Quebec December 6, 2025 1 weekly
--------------- --------------- ----------- ----------------- -----------
WestJet Guadalajara Calgary December 7, 2025 2 weekly
--------------- --------------- ----------- ----------------- -----------
Air Transat Guadalajara Montreal December 13, 2025 2 weekly
--------------- --------------- ----------- ----------------- -----------
Porter Puerto Vallarta Ottawa December 13, 2025 2 weekly
--------------- --------------- ----------- ----------------- -----------
Flair Montego Bay Toronto December 14, 2025 2 weekly
--------------- --------------- ----------- ----------------- -----------
Aeroméxico Guadalajara Seattle December 18, 2025 1 daily
--------------- --------------- ----------- ----------------- -----------
Porter Puerto Vallarta Hamilton December 18, 2025 2 weekly
--------------- --------------- ----------- ----------------- -----------
Wingo Montego Bay Bogota December 18, 2025 2 weekly
--------------- --------------- ----------- ----------------- -----------
Delta Los Cabos Austin December 20, 2025 1 daily
--------------- --------------- ----------- ----------------- -----------
Frontier Puerto Vallarta Atlanta December 20, 2025 1 weekly
--------------- --------------- ----------- ----------------- -----------
Frontier Los Cabos Atlanta December 20, 2025 1 weekly
--------------- --------------- ----------- ----------------- -----------
Frontier Los Cabos Las Vegas December 20, 2025 1 weekly
--------------- --------------- ----------- ----------------- -----------
(Note: Frequencies can vary without prior notice.)
Domestic Terminal Passengers -- 14 airports (in thousands):
Airport 4Q24 4Q25 Change 2024 2025 Change
Guadalajara 3,159.8 3,432.8 8.6% 11,939.5 12,727.9 6.6%
------- ------- ------ -------- -------- -----
Tijuana* 2,143.4 2,121.8 (1.0%) 8,431.6 8,556.0 1.5%
------- ------- ------ -------- -------- -----
Los Cabos 710.7 670.9 (5.6%) 2,830.4 2,841.6 0.4%
------- ------- ------ -------- -------- -----
Puerto Vallarta 720.3 768.7 6.7% 2,841.9 3,123.4 9.9%
------- ------- ------ -------- -------- -----
Montego Bay 0.1 0.0 (100.0%) 0.1 0.0 (61.3%)
------- ------- ------ -------- -------- -----
Guanajuato 571.3 573.3 0.3% 2,116.6 2,241.5 5.9%
------- ------- ------ -------- -------- -----
Hermosillo 561.6 529.9 (5.6%) 2,074.3 2,121.2 2.3%
------- ------- ------ -------- -------- -----
Kingston 0.5 0.2 (52.8%) 2.9 1.2 (57.7%)
------- ------- ------ -------- -------- -----
Morelia 181.3 209.8 15.7% 645.9 777.3 20.4%
------- ------- ------ -------- -------- -----
La Paz 312.0 344.1 10.3% 1,191.9 1,300.0 9.1%
------- ------- ------ -------- -------- -----
Mexicali 261.8 335.3 28.1% 1,026.9 1,264.5 23.1%
------- ------- ------ -------- -------- -----
Aguascalientes 169.1 166.4 (1.6%) 636.1 649.6 2.1%
------- ------- ------ -------- -------- -----
Los Mochis 165.4 182.8 10.5% 577.4 705.7 22.2%
------- ------- ------ -------- -------- -----
Manzanillo 33.9 37.1 9.5% 128.3 134.7 5.0%
------- ------- ------ -------- -------- -----
Total 8,991.2 9,373.2 4.2% 34,443.8 36,444.7 5.8%
---------------- ------- ------- ------ -------- -------- -----
International Terminal Passengers -- 14 airports (in thousands):
Airport 4Q24 4Q25 Change 2024 2025 Change
Guadalajara 1,556.0 1,572.5 1.1% 5,909.1 5,968.7 1.0%
------- ------- ----- -------- -------- -----
Tijuana* 1,112.2 1,052.8 (5.3%) 4,114.1 4,094.0 (0.5%)
------- ------- ----- -------- -------- -----
Los Cabos 1,168.7 1,187.8 1.6% 4,657.7 4,688.3 0.7%
------- ------- ----- -------- -------- -----
Puerto Vallarta 991.1 1,004.5 1.3% 3,961.6 3,824.3 (3.5%)
------- ------- ----- -------- -------- -----
Montego Bay 1,159.9 624.7 (46.1%) 5,057.0 4,469.0 (11.6%)
------- ------- ----- -------- -------- -----
Guanajuato 278.9 277.8 (0.4%) 1,052.4 1,059.9 0.7%
------- ------- ----- -------- -------- -----
Hermosillo 19.9 22.6 13.6% 82.5 81.9 (0.8%)
------- ------- ----- -------- -------- -----
Kingston 449.4 429.6 (4.4%) 1,774.3 1,840.0 3.7%
------- ------- ----- -------- -------- -----
Morelia 174.9 205.0 17.2% 658.8 730.7 10.9%
------- ------- ----- -------- -------- -----
La Paz 5.4 12.1 123.6% 14.1 37.6 166.5%
------- ------- ----- -------- -------- -----
Mexicali 1.7 2.1 22.2% 7.3 7.6 4.6%
------- ------- ----- -------- -------- -----
Aguascalientes 83.6 88.8 6.2% 325.7 334.5 2.7%
------- ------- ----- -------- -------- -----
Los Mochis 1.7 1.8 5.1% 7.8 7.9 0.0%
------- ------- ----- -------- -------- -----
Manzanillo 24.4 24.2 (1.1%) 90.1 96.5 7.1%
------- ------- ----- -------- -------- -----
Total 7,027.8 6,506.2 (7.4%) 27,712.5 27,241.0 (1.7%)
---------------- ------- ------- ----- -------- -------- -----
(*CBX users are classified as international passengers.)
Total Terminal Passengers -- 14 airports (in thousands):
Airport 4Q24 4Q25 Change 2024 2025 Change
---------
Guadalajara 4,715.9 5,005.2 6.1% 17,848.7 18,696.6 4.8%
-------- -------- ----- -------- -------- -----
Tijuana* 3,255.6 3,174.7 (2.5%) 12,545.8 12,650.0 0.8%
-------- -------- ----- -------- -------- -----
Los Cabos 1,879.4 1,858.7 (1.1%) 7,488.1 7,529.9 0.6%
-------- -------- ----- -------- -------- -----
Puerto Vallarta 1,711.4 1,773.2 3.6% 6,803.5 6,947.7 2.1%
-------- -------- ----- -------- -------- -----
Montego Bay 1,160.0 624.7 (46.1%) 5,057.1 4,469.1 (11.6%)
-------- -------- ----- -------- -------- -----
Guanajuato 850.2 851.1 0.1% 3,169.0 3,301.5 4.2%
-------- -------- ----- -------- -------- -----
Hermosillo 581.4 552.5 (5.0%) 2,156.7 2,203.1 2.1%
-------- -------- ----- -------- -------- -----
Kingston 449.9 429.8 (4.5%) 1,777.2 1,841.2 3.6%
-------- -------- ----- -------- -------- -----
Morelia 356.2 414.8 16.4% 1,304.6 1,508.1 15.6%
-------- -------- ----- -------- -------- -----
La Paz 317.4 356.2 12.2% 1,206.0 1,337.6 10.9%
-------- -------- ----- -------- -------- -----
Mexicali 263.5 337.3 28.0% 1,034.1 1,272.1 23.0%
-------- -------- ----- -------- -------- -----
Aguascalientes 252.7 255.2 1.0% 961.8 984.1 2.3%
-------- -------- ----- -------- -------- -----
Los Mochis 167.1 184.6 10.5% 585.2 713.6 21.9%
-------- -------- ----- -------- -------- -----
Manzanillo 58.3 61.3 5.0% 218.4 231.2 5.9%
-------- -------- ----- -------- -------- -----
Total 16,019.0 15,879.4 (0.9%) 62,156.3 63,685.7 2.5%
---------------- -------- -------- ----- -------- -------- -----
(*CBX users are classified as international passengers.)
CBX Users (in thousands):
Airport 4Q24 4Q25 Change 2024 2025 Change Tijuana 1,092.3 1,034.1 (5.3%) 4,048.6 4,018.1 (0.8%) -------- ------- ------- ---- ------- ------- ----
Consolidated Results for the Fourth Quarter of 2025 (in thousands of pesos):
4Q24 4Q25 Change
Revenues
-------------- -------------- ----------
Aeronautical services 4,959,405 5,585,454 12.6%
---------- ---------- ------
Non-aeronautical services 2,150,748 2,436,075 13.3%
---------- ---------- ------
Improvements to concession
assets (IFRIC-12) 2,517,564 1,873,248 (25.6%)
---------- ---------- ------
Total revenues 9,627,717 9,894,778 2.8%
---------- ---------- ------
Operating costs
-------------- -------------- ----------
Costs of services: 1,518,017 1,944,858 28.1%
---------- ---------- ------
Employee costs 602,964 692,238 14.8%
---------- ---------- ------
Maintenance 292,933 435,029 48.5%
---------- ---------- ------
Safety, security & insurance 228,903 235,619 2.9%
---------- ---------- ------
Utilities 145,671 157,109 7.9%
---------- ---------- ------
Business operated directly by
us 80,522 94,431 17.3%
---------- ---------- ------
Other operating expenses 167,024 330,432 97.8%
---------- ---------- ------
Technical assistance fees 218,061 239,849 10.0%
---------- ---------- ------
Concession taxes 699,702 765,371 9.4%
---------- ---------- ------
Depreciation and amortization 923,444 958,732 3.8%
---------- ---------- ------
Cost of improvements to
concession assets (IFRIC-12) 2,517,564 1,873,248 (25.6%)
---------- ---------- ------
Other (income) (82,602) (42,862) (48.1%)
---------- ---------- ------
Total operating costs 5,794,186 5,739,196 (0.9%)
---------- ---------- ------
Income from operations 3,833,531 4,155,582 8.4%
---------- ---------- ------
Financial Result (618,028) (1,141,415) 84.7%
---------- ---------- ------
Income before income taxes 3,215,503 3,014,167 (6.3%)
---------- ---------- ------
Income taxes (1,046,324) (1,222,790) 16.9%
---------- ---------- ------
Net income 2,169,179 1,791,377 (17.4%)
---------- ---------- ------
Currency translation effect 112,921 (283,884) (351.4%)
---------- ---------- ------
Cash flow hedges, net of income
tax (17,775) - (100.0%)
---------- ---------- ------
Remeasurements of employee
benefit -- net income tax 10,024 (14,237) (242.0%)
---------- ---------- ------
Comprehensive income 2,274,349 1,493,256 (34.3%)
---------- ---------- ------
Non-controlling interest (117,440) (63,992) (45.5%)
---------- ---------- ------
Comprehensive income attributable
to controlling interest 2,156,908 1,429,264 (33.7%)
---------- ---------- ------
4Q24 4Q25 Change
EBITDA 4,756,975 5,114,314 7.5%
---------- ---------- ------
Comprehensive income 2,274,349 1,493,256 (34.3%)
---------- ---------- ------
Comprehensive income per share
(pesos) 4.5012 2.9553 (34.3%)
---------- ---------- ------
Comprehensive income per ADS (US
dollars) 2.4999 1.6413 (34.3%)
---------- ---------- ------
Operating income margin 39.8% 42.0% 5.5%
---------- ---------- ------
Operating income margin (excluding
IFRIC-12) 53.9% 51.8% (3.9%)
---------- ---------- ------
EBITDA margin 49.4% 51.7% 4.6%
---------- ---------- ------
EBITDA margin (excluding IFRIC-12) 66.9% 63.8% (4.7%)
---------- ---------- ------
Costs of services and improvements
/ total revenues 42.2% 37.6% (10.8%)
---------- ---------- ------
Cost of services / total revenues
(excluding IFRIC-12) 21.7% 23.0% 6.1%
---------- ---------- ------
- Net income and comprehensive income per share for 4Q25 and 4Q24 were calculated based on 505,277,464 shares outstanding as of December 31, 2025, and December 31, 2024, respectively. Figures in U.S. dollar were converted from pesos using an exchange rate of Ps. 18.0057 per U.S. dollar, as published by the U.S. Federal Reserve Board (noon buying rate) on December 31, 2025.
- For consolidating the Jamaican airports, an average exchange rate of Ps. 18.3151 per U.S. dollar was used, corresponding to the three-month period ended December 31, 2025.
Revenues (4Q25 vs. 4Q24)
-- Aeronautical services revenues increased by Ps. 626.0 million, or 12.6%.
-- Non-aeronautical services revenues increased by Ps. 285.3 million, or 13.3%.
-- Revenues from improvements to concession assets decreased by Ps. 644.3 million, or 25.6%.
-- Total revenues increased by Ps. 267.1 million, or 2.8%.
The change in aeronautical services revenues was primarily due to the following factors:
1. Revenues at the Mexican airports increased by Ps. 892.5 million, or 21.2%,
compared to 4Q24. This increase was mainly driven by higher passenger
revenues, which rose by Ps. 621.7 million, or 17.1%, reflecting the
implementation of the new airport maximum tariffs approved for the
2025--2029 regulatory period, effective as of March 2025, as well as a
2.9% increase in passenger traffic during the quarter.
2. Revenues at the Jamaican airports decreased by Ps. 266.4 million, or
35.7%, compared to 4Q24, mainly due to a 34.5% decrease in passenger
traffic during the quarter, resulting from the impact of the Hurricane
Melissa, as previously described. Additionally, the appreciation of the
Mexican peso against the U.S. dollar negatively affected revenue
translation, as the average exchange rate moved from Ps. 20.0691 in 4Q24
to Ps. 18.3151 in 4Q25, representing a peso appreciation of 8.7%.
The change in non-aeronautical services revenues was primarily driven by the following factors:
1. Revenues at Mexican airports increased by Ps. 366.5 million, or 19.5%,
compared to 4Q24. Revenues from businesses operated directly by us
increased by Ps. 262.9 million, or 28.3%, mainly driven by the
consolidation of revenues from the cargo and bonded warehouse business,
which contributed Ps. 129.2 million, or 37.4%, to this growth. Revenues
from businesses operated by third parties increased Ps. 102.8 million, or
11.5%, 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, ground transportation, and leasing
of space, which together increased by Ps. 92.3 million, or 13.8%. This
increase was partially offset by a decrease in timeshares, which declined
Ps. 3.9 million, or 5.7%.
2. Revenues at the Jamaican airports decreased by Ps. 81.2 million, or 29.5%,
compared to 4Q24, primarily due to the decline in passenger traffic
resulting from the impact of Hurricane Melissa and the peso appreciation
in the 4Q25.
4Q24 4Q25 Change
Businesses operated by third parties:
--------- --------- ---------
Food and beverage 281,075 311,589 10.9%
--------- --------- -----
Car rental 197,765 223,813 13.2%
--------- --------- -----
Retail 171,081 171,425 0.2%
--------- --------- -----
Duty-free 196,043 156,057 (20.4%)
--------- --------- -----
Leasing of space 100,036 97,617 (2.4%)
--------- --------- -----
Timeshares 67,502 63,633 (5.7%)
--------- --------- -----
Other commercial revenues 45,467 56,688 24.7%
--------- --------- -----
Ground transportation 48,827 53,919 10.4%
--------- --------- -----
Communications and financial services 29,143 27,922 (4.2%)
--------- --------- -----
Total 1,136,938 1,162,662 2.3%
--------- --------- -----
Businesses operated directly by us:
--------- --------- ---------
Cargo operation and bonded warehouse 383,679 509,613 32.8%
--------- --------- -----
Car parking 178,729 206,898 15.8%
--------- --------- -----
Convenience stores 149,057 171,256 14.9%
--------- --------- -----
VIP Lounges 151,715 168,162 10.8%
--------- --------- -----
Advertising 50,674 75,453 48.9%
--------- --------- -----
Hotel operation 36,531 53,812 47.3%
--------- --------- -----
Access control services - 25,640 100.0%
--------- --------- -----
Total 950,384 1,210,835 27.4%
--------- --------- -----
Recovery of costs 63,426 62,578 (1.3%)
--------- --------- -----
Total Non-aeronautical Revenues 2,150,748 2,436,075 13.3%
--------- --------- -----
(Figures expressed in thousands of Mexican pesos.)
-- Revenues from improvements to concession assets (1)
Revenues from improvements to concession assets (IFRIC-12) decreased by Ps. 644.3 million, or 25.6%, compared to 4Q24. The change was composed of:
1. Improvements to concession assets at the Company's Mexican airports,
decreased by Ps. 651.9 million, or 29.9%, in line with the investments
committed under the Master Development Program for the 2025--2029 period.
2. Improvements to concession assets at the Company's Jamaican airports,
which increased by Ps.7.6 million, or 2.3%.
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 decreased by Ps. 55.0 million, or 0.9%, compared to 4Q24, mainly due to a Ps. 644.3 million, or 25.6%, decrease in the cost of improvements to concession assets (IFRIC-12). This effect was partially offset by higher technical assistance and concession fees, which together increased by Ps. 87.5 million, or 9.6%; a Ps. 426.8 million, or 28.1%, increase in the cost of services; and a Ps. 35.3 million, or 3.8%, increase in depreciation and amortization. Excluding the cost of improvements to concession assets (IFRIC-12), operating costs increased by Ps. 589.3 million, or 18.0%, compared to 4Q24.
This increase in total operating costs was primarily due to the following factors:
Mexican airports:
-- Operating costs increased by Ps. 162.7 million, or 3.5%, compared to
4Q24, mainly due to higher technical assistance and concession fees,
which together increased by Ps. 293.1 million, or 41.6%; a Ps. 439.6
million, or 32.6%, increase in the cost of services; a Ps. 41.5 million,
or 5.3%, increase in depreciation and amortization. This effect was
partially offset by a Ps. 651.9 million, or 29.9%, decrease in the cost
of improvements to the concession assets (IFRIC-12). Excluding the cost
of improvements to concession assets (IFRIC-12), operating costs
increased by Ps. 814.6 million, or 32.7%.
The change in the cost of services at our Mexican airports during 4Q25 was mainly due to:
-- Maintenance increased by Ps. 131.8 million, or 54.6%, compared to 4Q24,
mainly due to the opening of new operational areas, airfield maintenance,
and the operation of jet bridges by Ps. 42.0 million in the quarter.
-- Other operating expenses increased by Ps. 108.1 million, or 56.0%,
compared to 4Q24, mainly due to higher consulting services for business
acquisition projects totaling Ps. 121.4 million, partially offset by a
decrease of Ps. 14.2 million in the allowance for doubtful accounts.
-- Employee costs increased by Ps. 92.0 million, or 17.2%, compared to 4Q24
mainly due to an increase in personnel, salary adjustments, and
amendments to the Federal Labor Law.
-- Utilities increased by Ps. 19.7 million, or 20.4%, compared to 4Q24,
mainly due to an increase in the cost of energy in Mexico.
Jamaican Airports:
-- Operating expenses decreased by Ps. 217.7 million, or 19.4%, compared to
4Q24, mainly due to a reduction in concession fees of Ps. 205.5 million,
or 54.4%; cost of services of Ps. 12.8 million, or 4.9%; and depreciation
and amortization of Ps. 6.2 million, or 4.2%. This effect was partially
offset by an increase in the cost of improvements to concession assets
(IFRIC 12) of Ps. 7.6 million, or 2.3%.
Operating income margin increased from 39.8% in 4Q24 to 42.0% in 4Q25. Excluding the effects of IFRIC-12, the operating income margin declined from 53.9% in 4Q24 to 51.8% in 4Q25. Income from operations increased by Ps. 322.1 million, or 8.4%, compared to 4Q24.
EBITDA margin went from 49.4% in 4Q24 to 51.7% in 4Q25. Excluding the effects of IFRIC-12, EBITDA margin went from 66.9% in 4Q24 to 63.8% in 4Q25. The nominal value of EBITDA increased by Ps. 357.3 million, or 7.5%, compared to 4Q24.
Financial results increased in expenses by Ps. 523.4 million, or 84.7%, going from a net expense of Ps. 618.0 million in 4Q24 to a net expense of Ps. 1,141.4 million in 4Q25. This change was mainly the result of:
-- Foreign exchange rate fluctuations, which changed from an income of Ps.
83.8 million in 4Q24 to an income of Ps. 70.1 million in 4Q25, resulting
in a foreign exchange decrease of Ps. 13.7 million due to the
appreciation of the peso. In addition, the foreign currency translation
effect contributed to a Ps. 351.6 million increase in expense compared to
4Q24.
-- Interest expense increased by Ps. 368.9 million, or 33.6%, compared to
4Q24, mainly due to an increase in the level of debt.
-- Interest income decreased by Ps. 140.7 million, or 35.6%, compared to
4Q24, mainly due to a decrease in the cash and cash equivalents average
balance and decrease in the reference rates.
In 4Q25, net and comprehensive income decreased by Ps. 735.9 million, or 32.4%, compared to 4Q24, mainly due to a Ps. 351.6 million increase in foreign currency translation losses versus the same period of last year.
During 4Q25, net income decreased by Ps. 377.8 million, or 17.4%, compared to 4Q24. Income tax for the period increased by Ps. 176.5 million, composed of a Ps. 108.3 million increase in current income tax and a Ps. 68.2 million decrease in deferred tax benefit. This was mainly due to a decrease in the application of tax loss carryforwards for Ps. 80.1 million, compared to 4Q24, and a lower inflation effect, which decreased from 1.5% in 4Q24 to 1.3% in 4Q25.
Consolidated Results for the Twelve Months of 2025 (in thousands of pesos):
2024 2025 Change
Revenues
-------------- -------------- ----------
Aeronautical services 19,110,068 22,821,818 19.4%
---------- ---------- ------
Non-aeronautical services 7,671,766 9,704,090 26.5%
---------- ---------- ------
Improvements to concession
assets (IFRIC-12) 6,832,541 8,882,633 30.0%
---------- ---------- ------
Total revenues 33,614,375 41,408,540 23.2%
---------- ---------- ------
Operating costs
-------------- -------------- ----------
Costs of services: 5,214,923 6,490,747 24.5%
---------- ---------- ------
Employee costs 2,125,958 2,577,441 21.2%
---------- ---------- ------
Maintenance 848,575 1,256,387 48.1%
---------- ---------- ------
Safety, security & insurance 831,411 927,048 11.5%
---------- ---------- ------
Utilities 542,482 605,959 11.7%
---------- ---------- ------
Business operated directly by
us 299,539 353,097 17.9%
---------- ---------- ------
Other operating expenses 566,958 770,816 36.0%
---------- ---------- ------
Technical assistance fees 845,233 971,750 15.0%
---------- ---------- ------
Concession taxes 2,715,069 3,817,751 40.6%
---------- ---------- ------
Depreciation and amortization 3,061,039 3,751,949 22.6%
---------- ---------- ------
Cost of improvements to
concession assets (IFRIC-12) 6,832,541 8,882,633 30.0%
---------- ---------- ------
Other (income) (105,076) (86,404) (17.8%)
---------- ---------- ------
Total operating costs 18,563,729 23,828,426 28.4%
---------- ---------- ------
Income from operations 15,050,645 17,580,114 16.8%
---------- ---------- ------
Financial Result (2,934,903) (3,466,278) 18.1%
---------- ---------- ------
Income before income taxes 12,115,742 14,113,837 16.5%
---------- ---------- ------
Income taxes (3,240,302) (4,113,228) 26.9%
---------- ---------- ------
Net income 8,875,441 10,000,609 12.7%
---------- ---------- ------
Currency translation effect 1,132,600 (1,014,424) (189.6%)
---------- ---------- ------
Cash flow hedges, net of income
tax (65,302) 4,584 (107.0%)
---------- ---------- ------
Remeasurements of employee
benefit -- net income tax 10,201 9,600 (5.9%)
---------- ---------- ------
Comprehensive income 9,952,939 9,000,369 (9.6%)
---------- ---------- ------
Non-controlling interest (385,774) (366,845) (4.9%)
---------- ---------- ------
Comprehensive income attributable
to controlling interest 9,567,167 8,633,524 (9.8%)
---------- ---------- ------
2024 2025 Change
EBITDA 18,111,685 21,332,064 17.8%
---------- ---------- ------
Comprehensive income 9,952,939 9,000,369 (9.6%)
---------- ---------- ------
Comprehensive income per share
(pesos) 19.6980 17.8127 (9.6%)
---------- ---------- ------
Comprehensive income per ADS (US
dollars) 10.9399 9.8928 (9.6%)
---------- ---------- ------
Operating income margin 44.8% 42.5% (5.2%)
---------- ---------- ------
Operating income margin (excluding
IFRIC-12) 56.2% 54.0% (3.8%)
---------- ---------- ------
EBITDA margin 53.9% 51.5% (4.4%)
---------- ---------- ------
EBITDA margin (excluding IFRIC-12) 67.6% 65.6% (3.0%)
---------- ---------- ------
Costs of services and improvements
/ total revenues 36.0% 37.1% 3.2%
---------- ---------- ------
Cost of services / total revenues
(excluding IFRIC-12) 19.7% 20.0% 1.5%
---------- ---------- ------
- Net income and comprehensive income per share for 2025 and 2024 were calculated based on 505,277,464 shares outstanding. U.S. dollar figures were converted from pesos using an exchange rate of Ps. 18.0057 per U.S. dollar, as published by the U.S. Federal Reserve Board (noon buying rate) on December 31, 2025.
- For the purpose of consolidating Jamaican airports, an average exchange rate of Ps. 19.2324 per U.S. dollar was used, corresponding to the twelve months ended December 31, 2025.
Revenues (2025 vs. 2024)
-- Aeronautical services revenues increased by Ps. 3,711.8 million, or
19.4%.
-- Non-aeronautical services revenues increased by Ps. 2,032.3 million, or
26.5%.
-- Revenues from improvements to concession assets increased by Ps. 2,050.1
million, or 30.0%.
-- Total revenues increased by Ps. 7,794.2 million, or 23.2%.
The change in aeronautical services revenues comprised primarily of the following factors:
1. Revenues at our Mexican airports increased by Ps. 3,624.3 million, or
22.5%, compared to 2024. This increase was mainly driven by the phased
implementation, beginning in March 2025, of the new airport tariffs
approved for the 2025--2029 regulatory period, as well as a 3.7% increase
in passenger traffic during the period. Additionally, the 5.1%
depreciation of the peso against the U.S. dollar, on average in 2025
compared to the 2024 average, positively impacted the translation of
tariffs denominated in foreign currency.
2. Revenues at our Jamaican airports increased by Ps. 87.4 million, or 2.9%,
compared to 2024. However, revenues in U.S. dollars decreased by USD$3.3
million, or 2.0%, mainly due to the impact of the hurricane and the
resulting reduction in operations. This effect was offset by the
depreciation of the Mexican peso against the U.S. dollar, as the average
exchange rate moved from Ps. 18.3001 in the January to December 2024
period to Ps. 19.2324 in the same period of 2025, representing a 5.1%
depreciation and increasing revenues reported in pesos in 2025.
The change in non-aeronautical services revenues comprised primarily of the following factors:
1. Revenues at our Mexican airports in 2025 increased by Ps. 1,981.3 million,
or 29.9%, compared to 2024. Revenues from businesses operated directly by
us rose by Ps. 1,630.0 million, or 58.1%, primarily driven by the
consolidation of the cargo and bonded warehouse business, which increased
by Ps. 1,170.1 million, or 167.2%, reflecting six months of contribution
since July 2024 and a full year of operations in 2025. Revenues from
businesses operated by third parties increased by Ps. 341.7 million, or
9.4%. 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, retail, duty-free, timeshares,
and ground transportation, which together increased by Ps. 302.1 million,
or 21.0%. Recovery of costs increased by Ps. 9.6 million, or 5.3%.
2. Revenues from the Jamaican airports increased by Ps. 51.0 million, or
4.9%, compared to 2024. Revenues in U.S. dollars decreased by USD$0.2
million, or 0.2%. This effect was offset by the 5.1% depreciation of the
Mexican peso against the U.S. dollar.
2024 2025 Change
Businesses operated by third parties:
--------- --------- ---------
Food and beverage 1,160,215 1,317,959 13.6%
--------- --------- -----
Car rental 810,812 856,622 5.6%
--------- --------- -----
Duty-free 749,011 774,832 3.4%
--------- --------- -----
Retail 687,677 736,854 7.2%
--------- --------- -----
Leasing of space
--------- --------- ---------
Timeshares
--------- --------- ---------
Other commercial revenues 189,560 224,808 18.6%
--------- --------- -----
Ground transportation 183,649 205,071 11.7%
--------- --------- -----
Communications and financial services 109,675 117,955 7.5%
--------- --------- -----
Total 4,550,978 4,926,551 8.3%
--------- --------- -----
Businesses operated directly by us:
--------- --------- ---------
Cargo operation and bonded warehouse 837,057 2,016,936 141.0%
--------- --------- -----
Car parking 696,958 757,557 8.7%
--------- --------- -----
Convenience stores 569,556 660,503 16.0%
--------- --------- -----
VIP Lounges 513,655 656,526 27.8%
--------- --------- -----
Advertising 181,459 225,104 24.1%
--------- --------- -----
Hotel operation 83,335 177,027 143.2%
--------- --------- -----
Access control services - 25,640 100.0%
--------- --------- -----
Total 2,882,020 4,519,294 56.8%
--------- --------- -----
Recovery of costs 238,767 258,245 8.2%
--------- --------- -----
Total Non-aeronautical Revenues 7,671,766 9,704,090 26.5%
--------- --------- -----
(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. 2,050.1 million, or 30.0%, compared to 2024. The change was composed of:
1. Improvements to concession assets at the Company's Mexican airports,
which increased by Ps. 1,978.4 million, or 31.9%, following investments
committed under the Master Development Program for the 2025-2029 period.
2. Improvements to concession assets at the Company's Jamaican airports,
which increased by Ps. 71.7 million, or 11.2%.
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. 5,264.7 million, or 28.4%, compared to 2024, primarily due to a Ps. 2,050.1 million, or 30.0%, increase in the cost of improvements to concession assets (IFRIC-12); a combined Ps. 1,229.2 million, or 34.5%, increase in concession fees and technical assistance fees; a Ps. 1,275.8million, or 24.5%, increase in the cost of services; and a Ps. 690.9 million, or 22.6%, increase in depreciation and amortization. Excluding the cost of improvements to concession assets (IFRIC-12), operating costs increased by Ps. 3,214.6 million, or 27.4%.
This increase in total operating costs was primarily due to the following factors:
Mexican airports:
-- Operating costs increased by Ps. 5,047.1 million, or 33.6%, compared to
2024, mainly due to a Ps. 1,978.4 million, or 31.9%, increase in the cost
of improvements to the concession assets (IFRIC-12); a combined Ps.
1,224.3 million, or 56.0%, increase in technical assistance fees and
concession fees; a Ps. 1,198.5 million, or 27.7%, increase in the cost of
services; and a Ps. 628.6 million, or 24.7%, increase in depreciation and
amortization. Excluding the cost of improvements to concession assets
(IFRIC-12), operating expenses increased by Ps. 3,068.7 million, or
34.8%.
The change in the cost of services at our Mexican airports during 2025 was mainly due to:
-- Employee costs increased by Ps. 425.1 million, or 22.5%, mainly due to
increase in personnel, salary adjustments and changes to the Federal
Labor Law, as well as the consolidation of the cargo and bonded warehouse
business, which contributed Ps. 148.7 million, comparing six months of
operations in 2024 with a full year of operations in 2025.
-- Maintenance rose by Ps. 374.9 million, or 55.1%, due to the opening of
new operational areas, the operation of jet bridges for Ps. 168.0 million,
and the consolidation of the cargo and bonded warehouse business, which
contributed Ps. 24.2 million.
-- Other operating expenses increased by Ps. 260.6 million, or 33.9%,
primarily due to higher consulting services and professional fees related
to the development of new projects and, to a lesser extent, travel
expenses amounting to Ps. 225.5 million, as well as the consolidation of
the cargo and bonded warehouse business, which contributed Ps. 37.5
million.
-- Safety, security, and insurance rose by Ps. 69.8 million, or 11.4%,
driven by an increase in security personnel, minimum wage significant
increases, amendments to the Federal Labor Law, the opening of additional
operational areas, and the consolidation of the cargo and bonded
warehouse business.
Jamaican Airports:
Operating costs increased by Ps. 217.6 million, or 6.1%, compared to 2024, mainly due to an increase in the cost of services by Ps. 77.3 million, or 8.7%; a Ps. 71.7 million, or 11.2%, increase in the cost of improvements to concession assets (IFRIC-12); an increase in depreciation and amortization by Ps. 62.3 million, or 12.0%; and an increase in concession fees by Ps. 4.9 million, or 0.3%.
Operating income margin went from 44.8% in 2024 to 42.5% in 2025. Excluding the effects of IFRIC-12, the operating income margin went from 56.2% in 2024 to 54.0% in 2025. Income from operations increased by Ps. 2,529.5 million, or 16.8%, compared to 2024.
EBITDA margin went from 53.9% in 2024 to 51.5% in 2025. Excluding the effects of IFRIC-12, EBITDA margin went from 67.6% in 2024 to 65.6% in 2025. The nominal value of EBITDA increased by Ps. 3,220.4 million, or 17.8%, compared to 2024.
Financial results increased expenses by Ps. 531.4 million, or 18.1%, from a net expense of Ps. 2,934.9 million in 2024 to a net expense of Ps. 3,466.3 million in 2025. This change was mainly the result of:
-- Foreign exchange fluctuations, which went from an expense of Ps. 119.8
million in 2024 to an expense of Ps. 33.3 million in 2025, resulting in a
foreign exchange gain of Ps. 86.5 million due to the depreciation of the
Mexican peso. Additionally, the foreign currency translation effect
contributed to a Ps. 2,147.0 million increase in expense compared to
2024, due to a 13.8% appreciation of the peso, when comparing the
exchange rate of Ps. 20.8857 as of December 31, 2024, with Ps. 18.0057 as
of December 31, 2025.
-- Interest expense increased by Ps. 355.0 million, or 8.7%, compared to
2024, mainly due to the increase in bond certificates and higher
borrowings of bank loans.
-- Interest income decreased by Ps. 264.3 million, or 20.5%, compared to
2024, mainly due to a decrease in the cash and cash equivalents average
balance and the decrease in the reference rates in 2025.
In 2025, net and comprehensive income decreased by Ps. 952.6 million, or 9.6%, compared to 2024, mainly due to a foreign currency translation effect of Ps. 2,147.0 million, moving from income of Ps. 1,132.6 million to an expense of Ps. 1,014.4 million, partially offset by the increase in EBITDA described above.
During 2025, net income increased by Ps. 1,125.2 million, or 12.7%, compared to 2024, mainly due to the increase in EBITDA, partially offset by higher depreciation and amortization expenses. Income tax expense for the period increased by Ps. 872.9 million, composed of a Ps. 823.2 million increase in current income tax, partially offset by a Ps. 49.7 million decrease in deferred tax benefit.
Statement of Financial Position
As of December 31, 2025, total assets increased by Ps. 6,487.2 million compared to the same period in 2024, mainly due to: (i) an increase in improvements to concession assets of Ps. 7,668.0 million; (ii) an increase in advanced payments to suppliers of Ps. 2,035.5 million; (iii) an increase in trade accounts receivable of Ps. 794.8 million; and (iv) an increase in deferred income taxes of Ps. 627.6 million. This effect was partially offset by decreases in (i) cash and cash equivalents of Ps. 3,012.8 million and (ii) airport concessions of Ps. 882.1 million, among others.
As of December 31, 2025, total liabilities increased by Ps. 6,273.0 million compared to the same period in 2024. This increase was mainly attributable to: (i) an increase in bond certificates of Ps. 7,500.0 million; (ii) accounts payable of Ps. 1,186.9 million; (iii) security deposits received of Ps. 99.3 million; (iv) taxes payable of Ps. 98.3 million; and (v) retirement employee benefit obligations of Ps. 75.5 million. This effect was partially offset by decreases in (i) bank loans of Ps. 2,492.7 million, (ii) income taxes payable of Ps. 149.5 million, and (iii) concession fees of Ps. 103.2 million, among others.
Recent events
Cancellation of the Howard Hamilton International Airport Tender
At the beginning of this year, the Government of the Turks and Caicos Islands announced through its official communication channels the cancellation of the redevelopment project for Howard Hamilton International Airport. The Government indicated that the airport's long-term objectives will be achieved through an alternative execution model, different from the originally proposed scheme. With this decision, the bidding process in which the Company was participating has concluded.
Information on airport operations in Jalisco
As a result of the events that took place in various locations of the State of Jalisco on February 22, 2026, and in light of the different alerts issued yesterday and today by the various levels of government, Guadalajara and Puerto Vallarta International Airports have remained operational and have been providing services to airlines and passengers.
The situations reported in different areas of the state have not impacted the internal operations of the terminals or security within the airport facilities. The terminals remain under the protection of personnel from the National Guard (GN) and the Ministry of National Defense (SEDENA), as part of ongoing coordination efforts with federal authorities. It is important to clarify that no incidents have been recorded within the facilities, nor have there been any situations posing a risk to passengers, employees, or visitors.
Yesterday, February 22, 120 cancellations were recorded at Guadalajara Airport, 87 at Puerto Vallarta Airport, and two at Manzanillo Airport. Today, February 23, 71 cancellations have been announced in Guadalajara, 47 in Puerto Vallarta, and two in Manzanillo. It is expected that the full flight schedule will be gradually restored in the coming days.
It is important to highlight that the rest of our airports continue to operate normally and have not been affected by flight cancellations.
Guidance growth for 2026
The Company hereby provides its growth outlook for the period from January 1 to December 31, 2026, compared to fiscal year 2025.
This guidance does not include the business combination related to Cross Border Xpress (CBX) and the provision of technical assistance and technology transfer services approved by the Shareholders' Meeting on December 11, 2025, as the transaction is currently in the process of formalization. Upon completion of the business combination, the Company will inform the market accordingly, including the expected consolidation date in the Company's financial statements. (For reference, January to December 2025 revenues for CBX totaled USD 158.0 million, with an EBITDA margin of 68.7%. For 2026, revenue growth is expected to range from 9% to11%.)
2026 vs 2025
Passenger traffic 2% - 5%
----------------
Aeronautical revenues 9% - 12%
----------------
Non-aeronautical revenues 6% - 9%
----------------
Total revenues 8% - 11%
----------------
EBITDA 8% - 11%
----------------
EBITDA Margin 65% + - 1%
----------------
CAPEX Ps. 13.5 billion
-------------------------- ----------------
-- Passenger traffic projection is based on the consolidation of routes
developed to date, estimated load factors, and the potential increase in
frequencies and seat capacity.
-- The growth in aeronautical revenues is based on the implementation of
current tariffs for airports in Mexico and Jamaica, as well as expected
traffic performance, inflation, and expected exchange rates.
-- The growth in non-aeronautical revenues is based on the improvement in
contract conditions with third parties and the expansion of business
lines operated directly by us, both fundamentally linked to traffic
growth and inflation.
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):
Airport 4Q24 4Q25 Change 2024 2025 Change
Guadalajara
--------- ---------- ---------- --------- ---------- ---------
Aeronautical
services 1,390,105 1,702,950 22.5% 5,372,285 6,529,859 21.5%
--------- --------- ------ --------- ---------- -----
Non-aeronautical
services 336,664 394,671 17.2% 1,317,331 1,470,764 11.6%
--------- --------- ------ --------- ---------- -----
Improvements to
concession
assets (IFRIC
12) 1,167,683 1,247,257 6.8% 2,978,055 3,628,505 21.8%
--------- --------- ------ --------- ---------- -----
Total Revenues 2,894,452 3,344,877 15.6% 9,667,672 11,629,128 20.3%
--------- --------- ------ --------- ---------- -----
Operating income 1,186,105 1,350,361 13.8% 4,558,825 5,055,168 10.9%
--------- --------- ------ --------- ---------- -----
EBITDA 1,346,407 1,587,421 17.9% 5,161,955 5,932,415 14.9%
--------- --------- ------ --------- ---------- -----
Tijuana
--------- ---------- ---------- --------- ---------- ---------
Aeronautical
services 750,623 929,806 23.9% 2,787,018 3,372,198 21.0%
--------- --------- ------ --------- ---------- -----
Non-aeronautical
services 115,150 138,148 20.0% 521,856 519,130 (0.5%)
--------- --------- ------ --------- ---------- -----
Improvements to
concession
assets (IFRIC
12) 144,332 (26,383) (118.3%) 394,796 1,131,899 186.7%
--------- --------- ------ --------- ---------- -----
Total Revenues 1,010,106 1,041,571 3.1% 3,703,670 5,023,227 35.6%
--------- --------- ------ --------- ---------- -----
Operating income 519,313 600,391 15.6% 1,856,737 2,112,738 13.8%
--------- --------- ------ --------- ---------- -----
EBITDA 641,310 730,192 13.9% 2,329,453 2,623,556 12.6%
--------- --------- ------ --------- ---------- -----
Los Cabos
--------- ---------- ---------- --------- ---------- ---------
Aeronautical
services 722,814 816,531 13.0% 2,763,264 3,349,711 21.2%
--------- --------- ------ --------- ---------- -----
Non-aeronautical
services 306,810 319,952 4.3% 1,261,519 1,331,007 5.5%
--------- --------- ------ --------- ---------- -----
Improvements to
concession
assets (IFRIC
12) 132,414 (194,105) (246.6%) 580,258 423,484 (27.0%)
--------- --------- ------ --------- ---------- -----
Total Revenues 1,162,039 942,378 (18.9%) 4,605,041 5,104,203 10.8%
--------- --------- ------ --------- ---------- -----
Operating income 696,807 690,523 (0.9%) 2,577,743 2,864,861 11.1%
--------- --------- ------ --------- ---------- -----
EBITDA 790,148 794,078 0.5% 2,942,270 3,274,321 11.3%
--------- --------- ------ --------- ---------- -----
Puerto Vallarta
--------- ---------- ---------- --------- ---------- ---------
Aeronautical
services 610,692 728,581 19.3% 2,414,056 2,927,339 21.3%
--------- --------- ------ --------- ---------- -----
Non-aeronautical
services 137,593 151,261 9.9% 587,407 653,345 11.2%
--------- --------- ------ --------- ---------- -----
Improvements to
concession
assets (IFRIC
12) 414,642 480,008 15.8% 1,529,823 1,990,617 30.1%
--------- --------- ------ --------- ---------- -----
Total Revenues 1,162,926 1,359,850 16.9% 4,531,286 5,571,301 23.0%
--------- --------- ------ --------- ---------- -----
Operating income 524,141 548,342 4.6% 1,985,498 2,236,152 12.6%
--------- --------- ------ --------- ---------- -----
EBITDA 581,879 609,637 4.8% 2,206,473 2,488,532 12.8%
--------- --------- ------ --------- ---------- -----
Montego Bay
--------- ---------- ---------- --------- ---------- ---------
Aeronautical
services 456,530 216,478 (52.6%) 1,871,679 1,809,739 (3.3%)
--------- --------- ------ --------- ---------- -----
Non-aeronautical
services 216,294 139,163 (35.7%) 826,710 848,880 2.7%
--------- --------- ------ --------- ---------- -----
Improvements to
concession
assets (IFRIC
12) 100,811 94,626 (6.1%) 228,550 258,407 13.1%
--------- --------- ------ --------- ---------- -----
Total Revenues 773,636 450,267 (41.8%) 2,926,938 2,917,027 (0.3%)
--------- --------- ------ --------- ---------- -----
Operating income 234,140 123,463 (47.3%) 1,016,663 1,017,005 0.0%
--------- --------- ------ --------- ---------- -----
EBITDA 319,094 204,207 (36.0%) 1,321,738 1,356,919 2.7%
--------- --------- ------ --------- ---------- -----
Exhibit A: Operating results by airport (in thousands of pesos):
Airport 4Q24 4Q25 Change 2024 2025 Change
Guanajuato
--------- ---------- ---------- ---------- ---------- ---------
Aeronautical
services 238,594 279,386 17.1% 917,088 1,120,758 22.2%
--------- --------- ------ ---------- ---------- -----
Non-aeronautical
services 48,086 49,756 3.5% 190,854 196,562 3.0%
--------- --------- ------ ---------- ---------- -----
Improvements to
concession
assets (IFRIC
12) 144,954 (32,299) (122.3%) 311,567 358,366 15.0%
--------- --------- ------ ---------- ---------- -----
Total Revenues 431,634 296,843 (31.2%) 1,419,509 1,675,687 18.0%
--------- --------- ------ ---------- ---------- -----
Operating income 190,020 186,734 (1.7%) 717,979 813,994 13.4%
--------- --------- ------ ---------- ---------- -----
EBITDA 213,222 215,752 1.2% 806,835 919,418 14.0%
--------- --------- ------ ---------- ---------- -----
Hermosillo
--------- ---------- ---------- ---------- ---------- ---------
Aeronautical
services 137,815 160,491 16.5% 515,477 625,765 21.4%
--------- --------- ------ ---------- ---------- -----
Non-aeronautical
services 29,107 27,701 (4.8%) 116,002 111,025 (4.3%)
--------- --------- ------ ---------- ---------- -----
Improvements to
concession
assets (IFRIC
12) 44,616 9,779 (78.1%) 92,854 61,451 (33.8%)
--------- --------- ------ ---------- ---------- -----
Total Revenues 211,538 197,971 (6.4%) 724,333 798,241 10.2%
--------- --------- ------ ---------- ---------- -----
Operating income 93,302 92,223 (1.2%) 310,727 355,900 14.5%
--------- --------- ------ ---------- ---------- -----
EBITDA 118,349 117,698 (0.5%) 411,590 459,013 11.5%
--------- --------- ------ ---------- ---------- -----
Others(1)
--------- ---------- ---------- ---------- ---------- ---------
Aeronautical
services 651,912 751,231 15.2% 2,469,200 3,086,447 25.0%
--------- --------- ------ ---------- ---------- -----
Non-aeronautical
services 108,282 111,570 3.0% 426,315 462,260 8.4%
--------- --------- ------ ---------- ---------- -----
Improvements to
concession
assets (IFRIC
12) 368,113 294,365 (20.0%) 716,638 1,029,903 43.7%
--------- --------- ------ ---------- ---------- -----
Total Revenues 1,128,307 1,157,167 2.6% 3,612,154 4,578,610 26.8%
--------- --------- ------ ---------- ---------- -----
Operating income 165,507 205,851 24.4% 727,934 973,703 33.8%
--------- --------- ------ ---------- ---------- -----
EBITDA 264,113 307,776 16.5% 1,092,860 1,386,170 26.8%
--------- --------- ------ ---------- ---------- -----
Total
--------- ---------- ---------- ---------- ---------- ---------
Aeronautical
services 4,959,085 5,585,454 12.6% 19,110,067 22,821,817 19.4%
--------- --------- ------ ---------- ---------- -----
Non-aeronautical
services 1,297,987 1,332,221 2.6% 5,247,993 5,592,973 6.6%
--------- --------- ------ ---------- ---------- -----
Improvements to
concession
assets (IFRIC
12) 2,517,564 1,873,248 (25.6%) 6,832,541 8,882,633 30.0%
--------- --------- ------ ---------- ---------- -----
Total Revenues 8,774,635 8,790,923 0.2% 31,190,601 37,297,423 19.6%
--------- --------- ------ ---------- ---------- -----
Operating income 3,609,334 3,797,888 5.2% 13,752,107 15,429,520 12.2%
--------- --------- ------ ---------- ---------- -----
EBITDA 4,274,522 4,566,762 6.8% 16,273,174 18,440,344 13.3%
--------- --------- ------ ---------- ---------- -----
(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 December 31 (in thousands of pesos):
2024 2025 Change %
Assets
----------- ----------- ----------- ----------
Current assets
----------- ----------- ----------- ----------
Cash and cash
equivalents 13,466,027 10,453,198 (3,012,829) (22.4%)
---------- ---------- ---------- ------
Trade accounts
receivable - Net 2,696,831 3,491,621 794,790 29.5%
---------- ---------- ---------- ------
Other current
assets 1,294,654 1,279,104 (15,550) (1.2%)
---------- ---------- ---------- ------
Total current
assets 17,457,512 15,223,923 (2,233,589) (12.8%)
---------- ---------- ---------- ------
Advanced payments
to suppliers 1,158,227 3,193,702 2,035,475 175.7%
---------- ---------- ---------- ------
Machinery,
equipment and
improvements to
leased buildings -
Net 4,819,107 4,523,041 (296,066) (6.1%)
---------- ---------- ---------- ------
Improvements to
concession assets
- Net 36,612,316 44,280,273 7,667,957 20.9%
---------- ---------- ---------- ------
Airport concessions
- Net 9,622,181 8,740,044 (882,137) (9.2%)
---------- ---------- ---------- ------
Rights to use
airport facilities
- Net 992,238 942,087 (50,151) (5.1%)
---------- ---------- ---------- ------
Other acquired
rights 2,074,783 1,799,452 (275,331) (13.3%)
---------- ---------- ---------- ------
Deferred income
taxes - Net 8,128,715 8,756,266 627,551 7.7%
---------- ---------- ---------- ------
Other non-current
assets 787,996 681,487 (106,509) (13.5%)
---------- ---------- ---------- ------
Total assets 81,653,075 88,140,275 6,487,200 7.9%
---------- ---------- ---------- ------
Liabilities
----------- ----------- ----------- ----------
Current liabilities 11,561,848 16,644,339 5,082,491 44.0%
---------- ---------- ---------- ------
Long-term
liabilities 45,469,488 46,660,005 1,190,517 2.6%
---------- ---------- ---------- ------
Total
liabilities 57,031,336 63,304,344 6,273,008 11.0%
---------- ---------- ---------- ------
Stockholders' Equity
----------- ----------- ----------- ----------
Common stock 1,194,390 1,194,390 - 0.0%
---------- ---------- ---------- ------
Legal reserve 920,187 238,878 (681,309) (74.0%)
---------- ---------- ---------- ------
Retained earnings 16,957,723 18,695,331 1,737,608 10.2%
---------- ---------- ---------- ------
Reserve for share
repurchase 2,500,000 2,500,000 - 0.0%
---------- ---------- ---------- ------
Foreign currency
translation
reserve 769,800 (176,030) (945,830) (122.9%)
---------- ---------- ---------- ------
Remeasurements of
employee benefit
-- Net 8,283 17,882.00 9,599 115.9%
---------- ---------- ---------- ------
Cash flow hedges-
Net (4,584) - 4,584 (100.0%)
---------- ---------- ---------- ------
Total
controlling
interest 22,345,799 22,470,451 124,652 0.6%
---------- ---------- ---------- ------
Non-controlling
interest 2,275,940 2,365,480 89,540 3.9%
---------- ---------- ---------- ------
Total
stockholder's
equity 24,621,739 24,835,931 214,192 0.9%
---------- ---------- ---------- ------
Total
liabilities and
stockholders'
equity 81,653,075 88,140,275 6,487,200 7.9%
---------- ---------- ---------- ------
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):
4Q24 4Q25 Change 2024 2025 Change
Cash flows from
operating
activities:
----------- ----------- ---------- ----------- ------------ ----------
Consolidated net
income 2,169,179 1,791,377 (17.4%) 8,875,441 10,000,609 12.7%
---------- ---------- ------ ---------- ----------- ------
Postemployment
benefit costs (9,832) 18,288 (286.0%) 32,846 65,971 100.8%
---------- ---------- ------ ---------- ----------- ------
Allowance
expected credit
loss (6,378) (11,263) 76.6% 24,708 12,136 (50.9%)
---------- ---------- ------ ---------- ----------- ------
Depreciation and
amortization 923,444 958,732 3.8% 3,061,039 3,751,949 22.6%
---------- ---------- ------ ---------- ----------- ------
Loss (gain) on
sale of
machinery,
equipment and
improvements to
leased assets (3,707) (4,737) 27.8% 17,615 (3,813) (121.6%)
---------- ---------- ------ ---------- ----------- ------
Interest expense 1,162,344 1,153,099 (0.8%) 4,206,717 4,462,988 6.1%
---------- ---------- ------ ---------- ----------- ------
Provisions (312,441) 189,361 (160.6%) 77,867 177,720 128.2%
---------- ---------- ------ ---------- ----------- ------
Income tax
expense 1,046,324 1,222,790 16.9% 3,240,302 4,113,228 26.9%
---------- ---------- ------ ---------- ----------- ------
Unrealized
exchange loss (54,495) (64,037) 17.5% 519,672 (94,639) (118.2%)
---------- ---------- ------ ---------- ----------- ------
4,914,438 5,253,610 6.9% 20,056,208 22,486,148 12.1%
---------- ---------- ------ ---------- ----------- ------
Changes in working
capital:
----------- ----------- ---------- ----------- ------------ ----------
(Increase)
decrease in
----------- ----------- ---------- ----------- ------------ ----------
Trade accounts
receivable (229,298) (391,149) 70.6% (432,955) (841,835) 94.4%
---------- ---------- ------ ---------- ----------- ------
Recoverable tax
on assets and
other assets (602,912) 79,070 (113.1%) 173,461 32,267 (81.4%)
---------- ---------- ------ ---------- ----------- ------
Increase
(decrease)
----------- ----------- ---------- ----------- ------------ ----------
Concession taxes
payable (364,254) 211,811 (158.1%) (540,643) (42,884) (92.1%)
---------- ---------- ------ ---------- ----------- ------
Accounts payable 1,295,880 (80,802) (106.2%) 893,037 1,360,790 52.4%
---------- ---------- ------ ---------- ----------- ------
Cash generated
by operating
activities 5,013,854 5,072,540 1.2% 20,149,107 22,994,486 14.1%
---------- ---------- ------ ---------- ----------- ------
Income taxes
paid (942,698) 57,340 (106.1%) (3,474,764) (4,744,746) 36.5%
---------- ---------- ------ ---------- ----------- ------
Net cash flows
provided by
operating
activities 4,071,156 5,129,880 26.0% 16,674,342 18,249,739 9.4%
---------- ---------- ------ ---------- ----------- ------
Cash flows from
investing
activities:
----------- ----------- ---------- ----------- ------------ ----------
Machinery,
equipment and
improvements to
concession
assets (2,618,548) (5,793,649) 121.3% (7,844,983) (12,396,949) 58.0%
---------- ---------- ------ ---------- ----------- ------
Cash flows from
sales of
machinery and
equipment 1,676 4,566 172.4% 6,573 7,175 9.2%
---------- ---------- ------ ---------- ----------- ------
Other investment
activities (96,830) 791,104 (917.0%) (71,070) 137,918 (294.1%)
---------- ---------- ------ ---------- ----------- ------
Business
acquisition - (19,262) 100.0% (875,504) (19,262) (97.8%)
---------- ---------- ------ ---------- ----------- ------
Net cash used by
investment
activities (2,713,702) (5,017,241) 84.9% (8,784,984) (12,271,117) 39.7%
---------- ---------- ------ ---------- ----------- ------
Cash flows from
financing
activities:
----------- ----------- ---------- ----------- ------------ ----------
Dividends
declared and
paid - - 0.0% - (8,508,872) 100.0%
---------- ---------- ------ ---------- ----------- ------
Dividends paid
non-controlling
interest (4,511) 4,677 (203.7%) (139,996) (559,551) 299.7%
---------- ---------- ------ ---------- ----------- ------
Capital
reduction (3,501,573) - (100.0%) (7,003,146) - (100.0%)
---------- ---------- ------ ---------- ----------- ------
Bond
certificates
issued - - 0.0% 8,648,134 14,500,000 67.7%
---------- ---------- ------ ---------- ----------- ------
Bond
certificates
paid - - 0.0% (3,000,000) (7,000,000) 133.3%
---------- ---------- ------ ---------- ----------- ------
Bank loans paid (4,859,039) (1,294,450) (73.4%) (4,929,881) (6,982,903) 41.6%
---------- ---------- ------ ---------- ----------- ------
Bank loans 4,783,480 166,626 (96.5%) 5,658,480 4,109,540 (27.4%)
---------- ---------- ------ ---------- ----------- ------
Interest paid on
bank loans (1,071,852) (1,503,083) 40.2% (4,177,241) (4,941,049) 18.3%
---------- ---------- ------ ---------- ----------- ------
Interest paid on
lease (785) (3,766) 379.7% (3,695) (5,540) 49.9%
---------- ---------- ------ ---------- ----------- ------
Payments of
obligations for
leasing (14,099) (13,832) (1.9%) (33,292) (42,180) 26.7%
---------- ---------- ------ ---------- ----------- ------
Net cash flows
used in
financing
activities (4,707,796) (2,643,828) (43.8%) (5,020,054) (9,430,555) 87.9%
---------- ---------- ------ ---------- ----------- ------
Effects of
exchange rate
changes on cash
held 988,354 1,314,891 33.0% 541,512 439,105 (18.9%)
---------- ---------- ------ ---------- ----------- ------
Net increase
(decrease) in
cash and cash
equivalents (2,361,988) (1,216,298) (48.5%) 3,410,815 (3,012,829) (188.3%)
---------- ---------- ------ ---------- ----------- ------
Cash and cash
equivalents at
beginning of
the period 15,828,015 11,669,498 (26.3%) 10,055,211 13,466,026 33.9%
---------- ---------- ------ ---------- ----------- ------
Cash and cash
equivalents at
the end of the
period 13,466,027 10,453,198 (22.4%) 13,466,027 10,453,198 (22.4%)
---------- ---------- ------ ---------- ----------- ------
Exhibit D: Consolidated statements of profit or loss and other comprehensive income (in thousands of pesos):
4Q24 4Q25 Change 2024 2025 Change
Revenues
----------- ----------- ---------- ----------- ----------- ----------
Aeronautical
services 4,959,405 5,585,454 12.6% 19,110,068 22,821,818 19.4%
---------- ---------- ------ ---------- ---------- ------
Non-aeronautical
services 2,150,748 2,436,075 13.3% 7,671,766 9,704,090 26.5%
---------- ---------- ------ ---------- ---------- ------
Improvements to
concession
assets
(IFRIC-12) 2,517,564 1,873,248 (25.6%) 6,832,541 8,882,633 30.0%
---------- ---------- ------ ---------- ---------- ------
Total revenues 9,627,717 9,894,778 2.8% 33,614,375 41,408,540 23.2%
---------- ---------- ------ ---------- ---------- ------
Operating costs
----------- ----------- ---------- ----------- ----------- ----------
Costs of
services: 1,518,017 1,944,858 28.1% 5,214,923 6,490,747 24.5%
---------- ---------- ------ ---------- ---------- ------
Employee costs 602,964 692,238 14.8% 2,125,958 2,577,441 21.2%
---------- ---------- ------ ---------- ---------- ------
Maintenance 292,933 435,029 48.5% 848,575 1,256,387 48.1%
---------- ---------- ------ ---------- ---------- ------
Safety,
security &
insurance 228,903 235,619 2.9% 831,411 927,048 11.5%
---------- ---------- ------ ---------- ---------- ------
Utilities 145,671 157,109 7.9% 542,482 605,959 11.7%
---------- ---------- ------ ---------- ---------- ------
Business
operated
directly by
us 80,522 94,431 17.3% 299,539 353,097 17.9%
---------- ---------- ------ ---------- ---------- ------
Other
operating
expenses 167,024 330,432 97.8% 566,958 770,816 36.0%
---------- ---------- ------ ---------- ---------- ------
Technical
assistance fees 218,061 239,849 10.0% 845,233 971,750 15.0%
---------- ---------- ------ ---------- ---------- ------
Concession taxes 699,702 765,371 9.4% 2,715,069 3,817,751 40.6%
---------- ---------- ------ ---------- ---------- ------
Depreciation and
amortization 923,444 958,732 3.8% 3,061,039 3,751,949 22.6%
---------- ---------- ------ ---------- ---------- ------
Cost of
improvements to
concession
assets
(IFRIC-12) 2,517,564 1,873,248 (25.6%) 6,832,541 8,882,633 30.0%
---------- ---------- ------ ---------- ---------- ------
Other (income) (82,602) (42,862) (48.1%) (105,076) (86,404) (17.8%)
---------- ---------- ------ ---------- ---------- ------
Total operating
costs 5,794,186 5,739,196 (0.9%) 18,563,729 23,828,426 28.4%
---------- ---------- ------ ---------- ---------- ------
Income from
operations 3,833,531 4,155,582 8.4% 15,050,645 17,580,114 16.8%
---------- ---------- ------ ---------- ---------- ------
Financial Result (618,028) (1,141,415) 84.7% (2,934,903) (3,466,278) 18.1%
---------- ---------- ------ ---------- ---------- ------
Income before
income taxes 3,215,503 3,014,167 (6.3%) 12,115,742 14,113,837 16.5%
---------- ---------- ------ ---------- ---------- ------
Income taxes (1,046,324) (1,222,790) 16.9% (3,240,302) (4,113,228) 26.9%
---------- ---------- ------ ---------- ---------- ------
Net income 2,169,179 1,791,377 (17.4%) 8,875,441 10,000,609 12.7%
---------- ---------- ------ ---------- ---------- ------
Currency
translation
effect 112,921 (283,884) (351.4%) 1,132,600 (1,014,424) (189.6%)
---------- ---------- ------ ---------- ---------- ------
Cash flow hedges,
net of income
tax (17,775) - (100.0%) (65,302) 4,584 (107.0%)
---------- ---------- ------ ---------- ---------- ------
Remeasurements of
employee benefit
-- net income
tax 10,024 (14,237) (242.0%) 10,201 9,600 (5.9%)
---------- ---------- ------ ---------- ---------- ------
Comprehensive
income 2,274,349 1,493,256 (34.3%) 9,952,939 9,000,369 (9.6%)
---------- ---------- ------ ---------- ---------- ------
Non-controlling
interest (117,440) (63,992) (45.5%) (385,774) (366,845) (4.9%)
---------- ---------- ------ ---------- ---------- ------
Comprehensive
income
attributable to
controlling
interest 2,156,908 1,429,264 (33.7%) 9,567,167 8,633,524 (9.8%)
---------- ---------- ------ ---------- ---------- ------
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):
Reserve Other Total Total
Common Legal for Share Retained comprehensive controlling Non-controlling Stockholders'
Stock Reseve Repurchase Earnings income interest interest Equity
Balance as of
January 1, 2024 8,197,536 478,185 2,500,000 8,787,568 (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)
---------- -------- ---------- ---------- ---------- --- ---------- ----------- ---- -----------
Business
acquisition --
non-controlling
interest - - - - - - 826,787 826,787
---------- -------- ---------- ---------- ---------- --- ---------- ----------- ---- -----------
Dividends
declared
non-controlling
interest - - - - - - (99,485) (99,485)
---------- -------- ---------- ---------- ---------- --- ---------- ----------- --- -----------
Comprehensive
income:
----------- --------- ---------- ----------- --------------- -------------- ----------------- ---------------
Net income - - - 8,612,157 - 8,612,157 263,282 8,875,439
---------- -------- ---------- ---------- ---------- --- ---------- ----------- ---- -----------
Foreign currency
translation
reserve - - - - 1,010,107 1,010,107 122,492 1,132,599
---------- -------- ---------- ---------- ---------- --- ---------- ----------- ---- -----------
Remeasurements
of employee
benefit -- Net - - - - 10,201 10,201 - 10,201
---------- -------- ---------- ---------- ---------- --- ---------- ----------- ---- -----------
Reserve for cash
flow hedges --
Net of income
tax - - - - (65,301) (65,301) - (65,301)
---------- -------- ---------- ---------- ---------- ---------- ----------- ---- -----------
Balance as of
December 31,
2024 1,194,390 920,187 2,499,999 16,957,723 773,499 22,345,799 2,275,940 24,621,739
---------- -------- ---------- ---------- ---------- --- ---------- ----------- ---- -----------
Balance as of
January 1, 2025 1,194,390 920,187 2,500,000 16,957,723 773,499 22,345,799 2,275,940 24,621,739
---------- -------- ---------- ---------- ---------- --- ---------- ----------- ---- -----------
Decrease legal
reserve - (681,309) - 681,309 - - - -
---------- -------- ---------- ---------- ---------- --- ---------- ----------- ---- -----------
Dividends
declared - - - (8,508,872) - (8,508,872) (277,305) (8,786,177)
---------- -------- ---------- ---------- ---------- --- ---------- ----------- --- -----------
Comprehensive
income:
----------- --------- ---------- ----------- --------------- -------------- ----------------- ---------------
Net income - - - 9,565,171 - 9,565,171 435,438 10,000,609
---------- -------- ---------- ---------- ---------- --- ---------- ----------- ---- -----------
Foreign currency
translation
reserve - - - - (945,830) (945,830) (68,593) (1,014,423)
---------- -------- ---------- ---------- ---------- ---------- ----------- --- -----------
Remeasurements
of employee
benefit -- Net - - - - 9,600 9,600 - 9,600
---------- -------- ---------- ---------- ---------- --- ---------- ----------- ---- -----------
Reserve for cash
flow hedges --
Net of income
tax - - - - 4,584 4,584 - 4,584
---------- -------- ---------- ---------- ---------- --- ---------- ----------- ---- -----------
Balance as of
December 31,
2025 1,194,390 238,878 2,500,000 18,695,331 (158,147) 22,470,451 2,365,480 24,835,931
---------- -------- ---------- ---------- ---------- ---------- ----------- ---- -----------
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:
4Q24 4Q25 Change 2024 2025 Change
Total passengers 16,019.7 15,877.1 (0.9%) 62,156.8 63,685.6 2.5%
-------- -------- ---- -------- -------- ----
Total cargo volume
(in WLUs) 709.2 764.5 7.8% 2,773.3 2,819.3 1.7%
-------- -------- ---- -------- -------- ----
Total WLUs 16,728.8 16,641.5 (0.5%) 64,930.1 66,504.9 2.4%
-------- -------- ---- -------- -------- ----
Aeronautical & non
aeronautical
services per
passenger
(pesos) 443.8 505.2 13.8% 430.9 510.7 18.5%
-------- -------- ---- -------- -------- ----
Aeronautical
services per WLU
(pesos) 296.5 335.6 13.2% 294.3 343.2 16.6%
-------- -------- ---- -------- -------- ----
Non aeronautical
services per
passenger
(pesos) 134.3 153.4 14.3% 123.4 152.4 23.5%
-------- -------- ---- -------- -------- ----
Cost of services
per WLU (pesos) 92.2 116.9 26.8% 81.1 97.6 20.4%
-------- -------- ---- -------- -------- ----
WLU = Workload units represent passenger traffic plus cargo units (1 cargo unit = 100 kilograms of cargo).
Alejandra Soto Investor Relations and Social asoto@aeropuertosgap.com.mx
Responsibility Officer
Gisela Murillo, Investor Relations gmurillo@aeropuertosgap.com.mx
+52 33 3880 1100 ext. 20294
(END) Dow Jones Newswires
February 23, 2026 22:13 ET (03:13 GMT)
Comments