“`html
Grupo Aeroportuario del Pacifico (NYSE: PAC) soared past expectations in Q2 2025, reporting a significant revenue jump. Total revenues surged 49.9% to Ps. 10.9 billion. This growth was fueled by a robust 26.4% increase in aeronautical services, and a significant 41.8% gain in non-aeronautical services.
The company’s network of 14 airports saw passenger traffic increase by 4.1%, reaching 15.9 million in the quarter. EBITDA jumped 31.1% to Ps. 5.5 billion, resulting in a healthy EBITDA margin of 67.1%. However, despite operational improvements, comprehensive income dipped 22.8% to Ps. 2.2 billion, primarily due to currency translation issues – a detail investors should watch carefully.
Adding to the financial intrigue, PAC engaged in key financial maneuvering, including repaying a Ps. 2.5 billion bond certificate and securing a new Ps. 3.4 billion credit facility from Banamex with a five-year term. This refinancing provides the company with greater financial flexibility moving forward.
Grupo Aeroportuario del Pacífico (NYSE: PAC) ha riportato solidi risultati nel secondo trimestre del 2025 con una significativa crescita dei ricavi. I ricavi totali sono aumentati del 49,9% raggiungendo i 10,9 miliardi di pesos, trainati da un incremento del 26,4% nei servizi aeronautici e del 41,8% nei servizi non aeronautici.
Il traffico passeggeri complessivo dei suoi 14 aeroporti è cresciuto del 4,1%, arrivando a 15,9 milioni di passeggeri nel secondo trimestre del 2025. L’EBITDA è aumentato del 31,1% a 5,5 miliardi di pesos, con un miglioramento del margine EBITDA al 67,1%. Nonostante i miglioramenti operativi, l’utile complessivo è diminuito del 22,8%, attestandosi a 2,2 miliardi di pesos, principalmente a causa degli effetti di traduzione valutaria.
Le principali attività finanziarie hanno incluso operazioni di rifinanziamento, con la società che ha rimborsato un certificato obbligazionario da 2,5 miliardi di pesos e ha ottenuto una linea di credito da 3,4 miliardi di pesos da Banamex con una durata di cinque anni.
Grupo Aeroportuario del Pacífico (NYSE: PAC) reportó sólidos resultados en el segundo trimestre de 2025 con un crecimiento significativo en ingresos. Los ingresos totales aumentaron un 49.9% hasta 10.9 mil millones de pesos, impulsados por un incremento del 26.4% en servicios aeronáuticos y un 41.8% en servicios no aeronáuticos.
El tráfico de pasajeros en sus 14 aeropuertos creció un 4.1% alcanzando 15.9 millones de pasajeros en el segundo trimestre de 2025. El EBITDA aumentó un 31.1% hasta 5.5 mil millones de pesos, con un margen EBITDA mejorado del 67.1%. A pesar de las mejoras operativas, el resultado integral disminuyó un 22.8% a 2.2 mil millones de pesos, principalmente afectado por efectos de traducción cambiaria.
Las principales actividades financieras incluyeron operaciones de refinanciamiento, con la compañía pagando un certificado de bono por 2.5 mil millones de pesos y asegurando una línea de crédito por 3.4 mil millones de pesos de Banamex con un plazo de cinco años.
Grupo Aeroportuario del Pacifico (NYSE: PAC)는 2025년 2분기에 강력한 실적을 보고하며 매출이 크게 성장했습니다. 총 매출은 49.9% 증가한 109억 페소로, 항공 서비스는 26.4%, 비항공 서비스는 41.8% 증가했습니다.
회사의 14개 공항을 통한 여객 수는 2025년 2분기에 4.1% 증가한 1,590만 명을 기록했습니다. EBITDA는 31.1% 증가한 55억 페소이며, EBITDA 마진은 67.1%로 개선되었습니다. 운영 개선에도 불구하고, 포괄손익은 환율 변동 영향으로 인해 22.8% 감소한 22억 페소를 기록했습니다.
주요 재무 활동으로는 재융자 작업이 포함되었으며, 회사는 25억 페소 규모의 채권을 상환하고, Banamex로부터 5년 만기 34억 페소 신용 시설을 확보했습니다.
Grupo Aeroportuario del Pacifico (NYSE : PAC) a annoncé de solides résultats au deuxième trimestre 2025 avec une croissance significative des revenus. Les revenus totaux ont augmenté de 49,9 % pour atteindre 10,9 milliards de pesos, soutenus par une hausse de 26,4 % des services aéronautiques et de 41,8 % des services non aéronautiques.
Le trafic passagers sur ses 14 aéroports a progressé de 4,1 % pour atteindre 15,9 millions de passagers au deuxième trimestre 2025. L’EBITDA a augmenté de 31,1 % pour s’établir à 5,5 milliards de pesos, avec une marge EBITDA améliorée de 67,1 %. Malgré des améliorations opérationnelles, le résultat global a diminué de 22,8 % à 2,2 milliards de pesos, principalement en raison des effets de conversion monétaire.
Les principales opérations financières comprenaient des refinancements, l’entreprise ayant remboursé un certificat obligataire de 2,5 milliards de pesos et obtenu une facilité de crédit de 3,4 milliards de pesos auprès de Banamex, d’une durée de cinq ans.
Grupo Aeroportuario del Pacifico (NYSE: PAC) meldete starke Ergebnisse für das zweite Quartal 2025 mit einem deutlichen Umsatzwachstum. Die Gesamteinnahmen stiegen um 49,9 % auf 10,9 Milliarden Pesos, getragen von einem 26,4 % Anstieg im Bereich der aeronautischen Dienstleistungen und einem 41,8 % Wachstum im Bereich der nicht-aeronautischen Dienstleistungen.
Der Passagierverkehr an den 14 Flughäfen des Unternehmens wuchs im zweiten Quartal 2025 um 4,1 % auf 15,9 Millionen Passagiere. Das EBITDA stieg um 31,1 % auf 5,5 Milliarden Pesos mit einer verbesserten EBITDA-Marge von 67,1 %. Trotz operativer Verbesserungen sank das Gesamtergebnis um 22,8 % auf 2,2 Milliarden Pesos, was hauptsächlich auf Währungstranslationseffekte zurückzuführen ist.
Zu den wichtigsten finanziellen Aktivitäten gehörten Refinanzierungsmaßnahmen, bei denen das Unternehmen eine Anleihe im Wert von 2,5 Milliarden Pesos zurückzahlte und eine Kreditfazilität über 3,4 Milliarden Pesos von Banamex mit einer Laufzeit von fünf Jahren sicherte.
Positive
- Total revenues surged 49.9% year-over-year to Ps. 10.9 billion
- EBITDA grew 31.1% to Ps. 5.5 billion with improved margin of 67.1%
- Passenger traffic increased 4.1% across 14 airports
- Non-aeronautical revenues jumped 41.8% to Ps. 2.4 billion
- Successfully refinanced debt with new Ps. 3.4 billion credit facility
Negative
- Comprehensive income decreased 22.8% to Ps. 2.2 billion
- Operating costs increased 68.2% to Ps. 6.3 billion
- Currency translation effect resulted in Ps. 423.5 million loss
- Operating income margin declined from 48.4% to 42.1%
GAP delivered robust Q2 growth with 30.6% higher core revenues despite modest 4.1% passenger increase, indicating strong pricing power.
Grupo Aeroportuario del Pacífico’s Q2 2025 results demonstrate exceptional revenue leverage from their airport assets. Despite a modest 4.1% passenger traffic growth, the company achieved a remarkable 30.6% increase in combined aeronautical and non-aeronautical revenues, showcasing their pricing power and commercial strategy effectiveness.
The standout driver was their aeronautical services revenue, up 26.4% year-over-year, primarily benefiting from higher maximum tariffs approved for the 2025-2029 regulatory period. This regulatory advantage provides GAP with a sustainable revenue catalyst beyond passenger volume growth.
Non-aeronautical revenue growth was even more impressive at 41.8%, with particularly strong performance in their direct operations. The strategic acquisition in cargo and bonded warehouse business added 477.1 million pesos to their revenue stream, demonstrating successful vertical integration.
Operationally, GAP’s EBITDA increased by 31.1% to 5.5 billion pesos, and their EBITDA margin (excluding IFRIC-12 effects) improved slightly to 67.1% from 66.8%, indicating disciplined cost management despite inflationary pressures. This margin strength is particularly notable given the 25.4% increase in service costs.
The company’s strategic financial management is evident in their refinancing activities, replacing the maturing GAP 21 bond with a new 5-year Banamex facility, effectively extending their debt maturity profile while maintaining ample liquidity with 9.7 billion pesos in cash.
One concerning area is the comprehensive income decrease of 22.8%, primarily due to currency translation effects and higher income taxes, which doubled compared to Q2 2024. This highlights GAP’s exposure to currency fluctuations as a peso-reporting company with significant USD revenue streams from Jamaican operations.
The route expansion, particularly Viva’s new domestic connections involving Tijuana, strategically strengthens GAP’s network effect across their airport portfolio, potentially driving future passenger growth beyond the current single-digit rates.
07/21/2025 – 09:13 PM
GUADALAJARA, Mexico, July 21, 2025 (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 second quarter ended June 30, 2025 (2Q25). Figures are unaudited and prepared following International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”).
Summary of Results 2Q25 vs. 2Q24
* The sum of aeronautical and non-aeronautical services revenues increased by Ps. 1,922.2 million, or 30.6%. Total revenues increased by Ps. 3,623.0 million, or 49.9%.
* Cost of services increased by Ps. 308.5 million, or 25.4%.
* Income from operations increased by Ps. 1,067.6 million, or 30.4%.
* EBITDA increased by Ps. 1,305.2 million, or 31.1%, an increase from Ps. 4,198.1 million in 2Q24 to Ps. 5,503.3 million in 2Q25. EBITDA margin (excluding the effects of IFRIC-12) went from 66.8% in 2Q24 to 67.1% in 2Q25.
* Comprehensive income decreased by Ps. 658.9 million, or 22.8%, from an income of Ps. 2,893.9 million in 2Q24 to an income of Ps. 2,234.9 million in 2Q25.
Company’s Financial Position:
As of June 30, 2025, the Company reported a cash and cash equivalents position of Ps. 9,697.3 million. During the second quarter of 2025, the Company repaid the maturing bond certificate “GAP 21” for Ps. 2,500.0 million. In addition, the Company drew down a Ps. 3,375.0 million credit facility from Banco Nacional de México, S.A. (“Banamex”) with a five-year term, and the proceeds were used to refinance maturities in June and July 2025 with Banamex for Ps. 2,500.0 million and BBVA for Ps. 875.0 million.
During 2Q25, the 14 airports operated by GAP recorded an increase of 624.7 thousand total passengers, representing a 4.1% increase compared to 2Q24.
During this period, the following new routes were launched:
Domestic:
Airline
Departure
Arrival
Opening date
Frequencies
Viva
Hermosillo
Tijuana
May 22, 2025
1 daily
Viva
Tijuana
Hermosillo
May 22, 2025
1 daily
Viva
La Paz
Santa Lucía
May 22, 2025
1 daily
Viva
La Paz
Tijuana
May 22, 2025
1 daily
Viva
Tijuana
La Paz
May 22, 2025
1 daily
Viva
Tijuana
Veracruz
May 22, 2025
3 weekly
Viva
Tijuana
Querétaro
May 23, 2025
4 weekly
Note: Frequencies can vary without prior notice.
International:
Airline
Departure
Arrival
Opening date
Frequencies
World2Fly
Montego Bay
Lisboa
June 11, 2025
1 weekly
Note: Frequencies can vary without prior notice.
Domestic Terminal Passengers – 14 airports (in thousands):
Airport
2Q24
2Q25
Change
6M24
6M25
Change
Guadalajara
2,994.8
3,090.9
3.2%
5,666.5
6,112.1
7.9%
Tijuana *
2,097.8
2,139.2
2.0%
4,083.4
4,196.7
2.8%
Los Cabos
690.6
739.7
7.1%
1,328.3
1,408.6
6.0%
Puerto Vallarta
742.6
830.4
11.8%
1,317.4
1,484.0
12.6%
Montego Bay
0.0
0.0
0.0%
0.0
0.0
0.0%
Guanajuato
514.3
576.8
12.2%
998.2
1,092.3
9.4%
Hermosillo
531.0
545.5
2.7%
988.5
1,054.2
6.6%
Kingston
0.5
0.1
(84.2%)
1.1
0.2
(85.8%)
Morelia
153.3
173.1
12.9%
299.5
359.2
19.9%
Mexicali
226.3
305.7
35.1%
514.6
598.8
16.4%
La Paz
288.1
328.1
13.9%
559.4
608.7
8.8%
Aguascalientes
166.2
167.4
0.7%
308.6
319.2
3.4%
Los Mochis
141.8
179.4
26.5%
268.0
344.4
28.5%
Manzanillo
30.3
31.4
3.5%
66.2
66.1
(0.1%)
Total
8,577.6
9,107.6
6.2%
16,399.8
17,644.5
7.6%
*Cross Border Xpress (CBX) users are classified as international passengers.
International Terminal Passengers – 14 airports (in thousands):
Airport
2Q24
2Q25
Change
6M24
6M25
Change
Guadalajara
1,369.9
1,387.2
1.3%
2,860.0
2,894.2
1.2%
Tijuana *
981.7
1,051.8
7.1%
1,934.0
2,066.7
6.9%
Los Cabos
1,199.9
1,224.4
2.0%
2,607.8
2,607.3
(0.0%)
Puerto Vallarta
897.7
849.1
(5.4%)
2,441.5
2,321.6
(4.9%)
Montego Bay
1,285.1
1,264.7
(1.6%)
2,742.4
2,603.7
(5.1%)
Guanajuato
242.2
252.7
4.3%
489.3
515.7
5.4%
Hermosillo
20.3
19.2
(5.2%)
43.6
40.1
(7.9%)
Kingston
419.2
453.5
8.2%
810.6
881.5
8.7%
Morelia
156.8
155.9
(0.6%)
313.9
330.1
5.1%
Mexicali
2.1
1.8
(14.1%)
3.8
3.6
(4.0%)
La Paz
2.9
8.9
202.1%
6.1
17.6
186.1%
Aguascalientes
81.7
82.5
0.9%
151.2
156.2
3.3%
Los Mochis
2.0
2.0
(0.2%)
4.0
3.9
(3.2%)
Manzanillo
15.9
18.3
15.2%
56.1
62.2
10.8%
Total
6,677.3
6,771.8
1.4%
14,464.4
14,504.2
0.3%
*CBX users are classified as international passengers.
Total Terminal Passengers – 14 airports (in thousands):
Airport
2Q24
2Q25
Change
6M24
6M25
Change
Guadalajara
4,364.6
4,478.1
2.6%
8,526.5
9,006.3
5.6%
Tijuana *
3,079.5
3,191.0
3.6%
6,017.4
6,263.3
4.1%
Los Cabos
1,890.5
1,964.0
3.9%
3,936.2
4,015.9
2.0%
Puerto Vallarta
1,640.3
1,679.5
2.4%
3,758.9
3,805.6
1.2%
Montego Bay
1,285.1
1,264.7
(1.6%)
2,742.4
2,603.7
(5.1%)
Guanajuato
756.5
829.4
9.6%
1,487.5
1,608.1
8.1%
Hermosillo
551.2
564.7
2.4%
1,032.0
1,094.3
6.0%
Kingston
419.8
453.5
8.0%
811.8
881.7
8.6%
Morelia
310.1
329.0
6.1%
613.4
689.3
12.4%
Mexicali
228.5
307.5
34.6%
518.4
602.4
16.2%
La Paz
291.0
337.0
15.8%
565.6
626.3
10.7%
Aguascalientes
247.9
249.8
0.8%
459.8
475.3
3.4%
Los Mochis
143.8
181.4
26.1%
272.0
348.3
28.0%
Manzanillo
46.2
49.7
7.5%
122.4
128.3
4.9%
Total
15,254.7
15,879.4
4.1%
30,864.2
32,148.7
4.2%
*CBX users are classified as international passengers.
CBX Users (in thousands):
Airport
2Q24
2Q25
Change
6M24
6M25
Change
Tijuana
965.7
1,031.4
6.8%
1,907.6
2,029.6
6.4%
Consolidated Results for the Second Quarter of 2025 (in thousands of pesos):
2Q24
2Q25
Change
Revenues
Aeronautical services
4,560,960
5,763,188
26.4%
Non-aeronautical services
1,722,735
2,442,659
41.8%
Improvements to concession assets (IFRIC-12)
975,327
2,676,149
174.4%
Total revenues
7,259,022
10,881,996
49.9%
6,283,695
8,205,847
30.6%
Operating costs
Costs of services:
1,213,842
1,522,382
25.4%
Employee costs
490,716
638,722
30.2%
Maintenance
180,485
256,830
42.3%
Safety, security & insurance
199,802
232,516
16.4%
Utilities
130,036
148,732
14.4%
Business operated directly by us
72,549
86,632
19.4%
Other operating expenses
140,254
158,950
13.3%
Technical assistance fees
202,174
221,680
9.6%
Concession taxes
678,595
968,933
42.8%
Depreciation and amortization
687,351
924,959
34.6%
Cost of improvements to concession assets (IFRIC-12)
975,327
2,676,149
174.4%
Other (income)
(9,042)
(10,461)
15.7%
Total operating costs
3,748,247
6,303,642
68.2%
Income from operations
3,510,775
4,578,354
30.4%
Financial Result
(663,157)
(733,545)
10.6%
Income before income taxes
2,847,618
3,844,809
35.0%
Income taxes
(594,903)
(1,189,674)
100.0%
Net income
2,252,715
2,655,135
17.9%
Currency translation effect
659,054
(423,527)
(164.3%)
Cash flow hedges, net of income tax
(20,164)
2,668
(113.2%)
Remeasurements of employee benefit – net income tax
2,276
667
(70.7%)
Comprehensive income
2,893,881
2,234,943
(22.8%)
Non-controlling interest
(95,925)
(90,951)
(5.2%)
Comprehensive income attributable to controlling interest
2,797,956
2,143,992
(23.4%)
2Q24
2Q25
Change
EBITDA
4,198,126
5,503,313
31.1%
Comprehensive income
2,893,881
2,234,943
(22.8%)
Comprehensive income per share (pesos)
5.7273
4.4232
(22.8%)
Comprehensive income per ADS (US dollars)
3.4591
2.1621
(37.5%)
Operating income margin
48.4%
42.1%
(13.0%)
Operating income margin (excluding IFRIC-12)
55.9%
55.8%
(0.1%)
EBITDA margin
57.8%
50.6%
(12.6%)
EBITDA margin (excluding IFRIC-12)
66.8%
67.1%
0.4%
Costs of services and improvements / total revenues
30.2%
38.6%
27.9%
Cost of services / total revenues (excluding IFRIC-12)
19.3%
18.6%
(4.0%)
– Net income and comprehensive income per share for 2Q25 and 2Q24 were calculated based on 505,277,464 shares outstanding as of June 30, 2025, and June 30, 2024, respectively. Figures in U.S. dollar were converted from pesos using an exchange rate of Ps. 18.2610 per U.S. dollar, as published by the U.S. Federal Reserve Board (noon buying rate) on June 30, 2025.
– For consolidating the Jamaican airports, an average exchange rate of Ps. 19.5453 per U.S. dollar was used, corresponding to the three-month period ended June 30, 2025.
Revenues (2Q25 vs. 2Q24)
* Aeronautical services revenues increased by Ps. 1,202.2 million, or 26.4%.
* Non-aeronautical services revenues increased by Ps. 719.9 million, or 41.8%.
* Revenues from improvements to concession assets increased by Ps. 1,700.8 million, or 174.4%.
* Total revenues increased by Ps. 3,623.0 million, or 49.9%.
The change in aeronautical services revenues was primarily due to the following factors:
* Revenues from Mexican airports increased by Ps. 1,067.3 million, or 27.6%, compared to 2Q24, mainly due to a Ps. 951.6 million or 22.5% increase in the passenger fee revenue, driven by the higher airport maximum tariffs approved for the new 2025–2029 regulatory period, effective as of March 2025, and by a 4.5% increase in passenger traffic during the quarter.
* Revenues from Jamaican airports increased by Ps. 134.9 million, or 19.3%, compared to 2Q24, mainly due to the depreciation of the Mexican peso against the U.S. dollar, which moved from an average exchange rate of Ps. 17.2106 in 2Q24 to Ps. 19.5453 in 2Q25, resulting in higher revenues in pesos. Additionally, there was a 0.8% increase in passenger traffic during the quarter.
Grupo Aeroportuario del Pacifico (PAC) Q2 Earnings: Key Takeaways and Analysis
Grupo Aeroportuario del Pacifico (PAC) just landed a blockbuster Q2 2025, sending ripples of excitement through the markets. Here’s a closer look at what fueled this performance, and what investors need to keep a close eye on:
The Change
AirlineDepartureArrivalOpening dateFrequenciesWorld2FlyMontego BayLisboaJune 11, 2025 1 weekly
Total The change in non-aeronautical services revenues was primarily driven by the following factors:
Airport
2Q24
2Q25
Change
Guadalajara
1,369.9
1,387.2
1.3%
Tijuana *
981.7
1,051.8
7.1%
Los Cabos
1,199.9
1,224.4
2.0%
Puerto Vallarta
897.7
849.1
(5.4%)
Montego Bay
1,285.1
1,264.7
(1.6%)
Guanajuato
242.2
252.7
4.3%
Hermosillo
20.3
19.2
(5.2%)
Kingston
419.2
453.5
8.2%
Morelia
156.8
155.9
(0.6%)
Mexicali
2.1
1.8
(14.1%)
La Paz
2.9
8.9
202.1%
Aguascalientes
81.7
82.5
0.9%
Los Mochis
2.0
2.0
(0.2%)
Manzanillo
15.9
18.3
15.2%
Total
Original article, Author: Jam. If you wish to reprint this article, please indicate the source:https://aicnbc.com/5317.html
