Pacific Airport Group (GAP) - 2Q25 Financial Summary
Business Context and Reporting Period
This Form 6-K filing covers the unaudited consolidated results for the second quarter ended June 30, 2025 (2Q25), and the six months ended June 30, 2025 (6M25). Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (GAP) operates 12 airports in Mexico and two in Jamaica (Montego Bay and Kingston). Financial figures are prepared under International Financial Reporting Standards (IFRS).
Key Financial Metrics (2Q25)
- Revenue: Total revenues increased 49.9% to Ps. 10,882.0 million. Aeronautical services rose 26.4% to Ps. 5,763.2 million, while non-aeronautical services surged 41.8% to Ps. 2,442.7 million. Revenues from improvements to concession assets (IFRIC-12) increased 174.4% to Ps. 2,676.1 million.
- Profitability: EBITDA increased 31.1% to Ps. 5,503.3 million. Operating income rose 30.4% to Ps. 4,578.4 million. Net income increased 17.9% to Ps. 2,655.1 million.
- Comprehensive Income: Decreased 22.8% to Ps. 2,234.9 million, primarily due to foreign currency translation losses.
- Margins: EBITDA margin (excluding IFRIC-12) improved slightly to 67.1% from 66.8%. Operating income margin (excluding IFRIC-12) remained stable at 55.8%.
- Cash Flow & Liquidity: Cash and cash equivalents stood at Ps. 9,697.3 million as of June 30, 2025. Net cash provided by operating activities was Ps. 4,379.7 million.
- Debt & Financing: The company repaid the "GAP 21" bond certificate (Ps. 2,500.0 million) and drew down a Ps. 3,375.0 million credit facility from Banamex to refinance maturities.
Material Changes vs. Prior Period
- Passenger Traffic: Total passengers increased 4.1% to 15.88 million in 2Q25. Domestic traffic grew 6.2%, while international traffic grew 1.4%. Notable growth occurred at Mexicali (34.6%) and Los Mochis (26.1%).
- Revenue Drivers: Aeronautical revenue growth was driven by higher maximum tariffs effective March 2025 and a 4.5% increase in passenger traffic. Non-aeronautical revenue was boosted by the consolidation of cargo and bonded warehouse operations (Ps. 477.1 million contribution) and growth in food, beverage, and retail.
- Cost Structure: Total operating costs rose 68.2%, largely due to the non-cash IFRIC-12 accounting for infrastructure improvements (Ps. 1,700.8 million increase). Excluding IFRIC-12, operating costs increased 30.8%.
- Currency Impact: The depreciation of the Mexican peso against the U.S. dollar (average rate Ps. 19.5453 in 2Q25 vs. Ps. 17.2106 in 2Q24) increased peso-denominated revenues from Jamaican airports but resulted in significant foreign exchange translation losses affecting comprehensive income.
Guidance, Outlook, and Risks
- Capital Expenditures: Significant investments are ongoing under the Master Development Program for 2025–2029 in Mexico and Capital Development Programs in Jamaica, reflected in the sharp rise in IFRIC-12 revenue and cost recognition.
- Forward-Looking Statements: The filing includes standard disclaimers regarding future economic conditions, industry trends, and regulatory changes. Management notes that actual results may differ materially from expectations.
- Risks: Key risks include foreign exchange volatility (impacting Jamaican operations and comprehensive income), regulatory tariff adjustments, and execution risks related to large-scale infrastructure projects.
- Unusual Items: The filing highlights that IFRIC-12 recognition does not have a cash impact. Investors are cautioned that margins calculated including IFRIC-12 may not be comparable to traditional cash-based metrics.
Investor Verification Checklist
- Verify the sustainability of the 41.8% non-aeronautical revenue growth, specifically the contribution from the newly consolidated cargo and bonded warehouse business.
- Monitor the impact of the 2025–2029 regulatory tariff increases on future aeronautical revenue stability.
- Assess the company's liquidity position following the Ps. 2.5 billion bond repayment and the new Ps. 3.375 billion credit facility drawdown.
- Review the sensitivity of comprehensive income to Mexican peso fluctuations, given the significant translation losses in 2Q25.
- Confirm the progress and cost adherence of the Master Development Program investments driving the IFRIC-12 accounting entries.