PAC

Pacific Airport Group (GAP) - 4Q25 & Full Year 2025 Financial Summary

Business Context and Reporting Period

This Form 6-K filing, dated February 23, 2026, reports the unaudited consolidated results for Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (GAP) for the fourth quarter ended December 31, 2025 (4Q25), and the full fiscal year 2025. The company operates 12 airports in Mexico and two in Jamaica (Montego Bay and Kingston). Results are prepared under International Financial Reporting Standards (IFRS).

Key Financial Metrics

Material Changes vs. Prior Period

• Revenue Drivers: Aeronautical revenues rose 12.6% in 4Q25, driven by new tariff implementations in Mexico (2025-2029 period) and a 2.9% increase in passenger traffic. Non-aeronautical revenues grew 13.3%, aided by the consolidation of cargo and bonded warehouse operations. Conversely, Jamaican airport revenues fell 35.7% due to Hurricane Melissa.
• Cost Structure: Cost of services increased 28.1% in 4Q25, primarily due to higher maintenance costs (48.5% increase) and employee costs (14.8% increase). Total operating costs decreased 0.9% year-over-year only because of a 25.6% reduction in non-cash "improvements to concession assets" (IFRIC-12) recognition.
• Profitability Impact: While EBITDA grew 7.5%, Net Income declined 17.4% in 4Q25. This divergence was caused by a significant increase in foreign currency translation losses (Ps. 351.6 million increase in expense) and higher interest expenses due to increased debt levels.
• Passenger Traffic: Total traffic decreased 0.9% in 4Q25 (15.88 million passengers) due to a 46.1% drop in international traffic at Montego Bay. Full-year 2025 traffic grew 2.5% to 63.69 million passengers.

Guidance, Outlook, and Risks

• 2026 Guidance: GAP projects 2026 growth compared to 2025 as follows: Passenger traffic (2-5%), Aeronautical revenues (9-12%), Non-aeronautical revenues (6-9%), Total revenues (8-11%), and EBITDA (8-11%). CAPEX is estimated at Ps. 13.5 billion.
• Exclusions: Guidance excludes the Cross Border Xpress (CBX) business combination, which is pending formalization. CBX generated USD 158.0 million in revenue in 2025 with a 68.7% EBITDA margin.
• Risks and Contingencies:
  • Hurricane Melissa: Caused significant damage to Montego Bay Airport, suspending operations for several days in October 2025. Recovery depends on Jamaica's tourism infrastructure restoration.
  • Jalisco Civil Unrest: Events on February 22, 2026, caused flight cancellations at Guadalajara and Puerto Vallarta airports. Operations resumed with security support, but full schedule restoration is expected to take days.
  • Tender Cancellation: The Turks and Caicos Islands government cancelled the Howard Hamilton International Airport redevelopment tender, ending GAP's participation.
  • Currency Risk: Significant volatility in the Mexican Peso vs. USD impacted comprehensive income through translation effects.

Investor Verification Checklist

• Hurricane Recovery: Verify the pace of passenger traffic recovery in Jamaica and the extent of capital expenditure required for Montego Bay repairs.
• IFRIC-12 Impact: Confirm understanding that "Total Revenues" and "Total Operating Costs" include non-cash IFRIC-12 adjustments; analyze cash-based margins (EBITDA ex-IFRIC-12) for true operational performance.
• Debt Levels: Review the increase in bond certificates (Ps. 7.5 billion increase in liabilities) and its impact on future interest expenses.
• CBX Transaction: Monitor the status of the Cross Border Xpress acquisition and the expected consolidation date for financial statements.
• Tariff Implementation: Validate the sustained impact of the 2025-2029 tariff increases on Mexican airport revenues against potential traffic elasticity.