Pacific Airport Group (GAP) - Q1 2025 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 first quarter ended March 31, 2025 (1Q25). The company operates 12 airports in Mexico and two in Jamaica. Financial figures are presented in Mexican Pesos (Ps.) and prepared under International Financial Reporting Standards (IFRS).
Key Financial Metrics
| Metric | 1Q25 | 1Q24 | Change |
|---|---|---|---|
| Total Revenues | Ps. 11,055.2 million | Ps. 8,495.0 million | +30.1% |
| EBITDA | Ps. 5,628.8 million | Ps. 4,649.0 million | +21.1% |
| Net Income | Ps. 2,858.1 million | Ps. 2,470.7 million | +15.7% |
| Comprehensive Income | Ps. 2,814.4 million | Ps. 2,164.2 million | +30.0% |
| Cash & Equivalents | Ps. 16,227.8 million | Ps. 11,541.6 million | +40.6% |
| EBITDA Margin (excl. IFRIC-12) | 67.1% | 69.8% | -270 bps |
Material Changes vs. Prior Period
- Revenue Growth: Total revenue increased by Ps. 2,560.2 million. Aeronautical services grew 20.9% and non-aeronautical services surged 41.3%. A significant portion of revenue (Ps. 2,662.2 million) relates to "Improvements to concession assets" (IFRIC-12), which increased 44.8% due to the start of the new 2025-2029 Master Development Program cycle.
- Passenger Traffic: Total passengers increased 4.2% to 16.27 million. Domestic traffic rose 9.1%, while international traffic declined 0.7%.
- Cost Structure: Total operating costs rose 41.0%. Costs of services increased 38.5%, driven by the consolidation of a new cargo and bonded warehouse business and higher concession taxes. Depreciation and amortization increased 40.7%.
- Financial Results: Net financial expenses increased 56.5% to Ps. 929.5 million, primarily due to higher interest expenses from new debt issuance and foreign exchange losses resulting from peso depreciation.
Guidance, Outlook, and Risks
Management Commentary: The company highlighted the successful launch of the new tariff cycle for Mexican airports in March 2025 and the consolidation of the cargo business as key drivers. New international routes were opened by Alaska, Avelo, Southwest, and Volaris.
Debt and Liquidity: In 1Q25, GAP issued long-term bonds (certificados bursátiles) for Ps. 6,000.0 million to refinance debt and fund capital investments. It also extended credit facilities with Banamex and The Bank of Nova Scotia.
Risks and Contingencies: The filing notes that forward-looking statements are subject to risks including general economic conditions, industry trends, and currency fluctuations. The depreciation of the peso against the dollar significantly impacted reported results for Jamaican operations and generated foreign exchange losses.
Investor Verification Checklist
- IFRIC-12 Impact: Verify the distinction between cash-generating revenue and non-cash revenue from "Improvements to concession assets," which inflates total revenue and operating costs but has no cash impact.
- Currency Sensitivity: Assess the exposure to USD/MXN exchange rate fluctuations, which drove Jamaican revenue growth but increased financial expenses and foreign exchange losses.
- Cargo Consolidation: Confirm the sustainability of the 1,266.7% revenue increase in "Cargo operation and bonded warehouse" following its consolidation in 1Q25.
- Debt Servicing: Review the impact of the new Ps. 6,000 million bond issuance on future interest coverage ratios.
- International Traffic: Monitor the decline in international passenger traffic (-0.7%) despite the opening of new routes, particularly in Jamaica (-8.1%).