Pacific Airport Group (GAP) - 3Q25 Financial Summary
Business Context and Reporting Period
This Form 6-K filing reports the unaudited consolidated results for Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (GAP) for the third quarter ended September 30, 2025. The company operates 12 airports in Mexico's Pacific region and two international airports in Jamaica (Montego Bay and Kingston). Financial figures are prepared in accordance with International Financial Reporting Standards (IFRS).
Key Financial Metrics (3Q25)
- Total Revenues: Ps. 9,576.6 million (up 16.3% vs. 3Q24).
- EBITDA: Ps. 5,085.6 million (up 12.8% vs. 3Q24).
- EBITDA Margin (excl. IFRIC-12): 64.3% (down from 67.0% in 3Q24).
- Net Income: Ps. 2,696.0 million (up 36.0% vs. 3Q24).
- Comprehensive Income: Ps. 2,457.8 million (down 6.2% vs. 3Q24).
- Cash and Cash Equivalents: Ps. 11,699.5 million as of September 30, 2025.
- Passenger Traffic: 15.66 million total passengers (up 2.5% vs. 3Q24).
Material Changes vs. Prior Period
Revenue Growth: Total revenue increased by Ps. 1,343.9 million. Aeronautical services rose 18.3% driven by new maximum tariffs effective March 2025 and a 2.1% increase in passenger traffic. Non-aeronautical services grew 15.6%, significantly boosted by the consolidation of the cargo and bonded warehouse business (up 43.2%).
Cost Structure: Total operating costs increased 20.3%. Notable increases included concession taxes (up 61.2%) and maintenance costs (up 44.2%). Excluding non-cash IFRIC-12 adjustments, operating costs rose 24.7%.
Profitability: While Net Income increased 36.0%, Comprehensive Income declined 6.2% primarily due to a Ps. 874.2 million increase in foreign currency translation losses compared to the prior year. Operating income margin (excl. IFRIC-12) decreased from 55.3% to 52.5%.
Debt and Liquidity: GAP issued Ps. 8,500.0 million in long-term bond certificates (GAP 25-2 and GAP 25-3). Proceeds were used to finance Ps. 7,000.0 million in capital investments and repay a Ps. 1,500.0 million bank loan. A USD$40.0 million credit line was refinanced with a maturity date extended to 2030.
Outlook, Risks, and Unusual Items
- IFRIC-12 Impact: Revenues and costs include Ps. 1,671.1 million related to improvements to concession assets (IFRIC-12). The filing explicitly states these amounts have no cash impact and may distort margin comparisons with other companies.
- Currency Fluctuations: The appreciation of the Mexican peso against the U.S. dollar in 3Q25 reduced reported revenue from Jamaican airports when converted to pesos, though it generated a foreign exchange gain in the financial results.
- Forward-Looking Statements: Management notes that future results depend on economic conditions, industry trends, and regulatory factors. There is no guarantee that expected events will occur.
- Operational Expansion: New routes were inaugurated in 3Q25, including international flights from Guadalajara to New York and Morelia to Dallas-Fort Worth, contributing to traffic growth.
Investor Verification Checklist
- Verify the impact of the new 2025–2029 regulatory tariffs on future aeronautical revenue stability.
- Assess the sustainability of the 43.2% growth in cargo and bonded warehouse revenues following consolidation.
- Monitor the foreign currency translation effects on Comprehensive Income given the volatility between the Mexican peso and U.S. dollar.
- Review the utilization of the Ps. 8.5 billion bond proceeds for capital investments and debt repayment.
- Confirm the exclusion of IFRIC-12 non-cash items when comparing EBITDA margins to industry peers.