Grupo Aeroportuario del Pacífico (GAPB) Q1 2025 earnings summary

Executive summary

• Total revenue for Q1 2025 rose 26.1% year-over-year to MXN 8.4 billion, driven by higher passenger traffic, new tariffs, peso depreciation, and expanded commercial activities.

• EBITDA increased 21.1% to MXN 5.6 billion, with margin contraction to 67.1% due to higher concession fees and lower-margin commercial businesses.

• Net income grew 15.7% to MXN 2.9 billion, with comprehensive income up 30.0%.

• Passenger traffic reached 16.3 million in Q1 2025, up 4.2% year-over-year, with 13 new routes added, including 10 international.

• Diversified revenue streams, with non-aeronautical revenues representing 29% of total in Q1 2025, and strong commercial expansion including hotel and cargo operations.

Financial highlights

• Aeronautical revenues grew 20.9% year-over-year; non-aeronautical revenues surged 41.3%.

• 2024 revenues reached MXN 26.8 billion, up 5.3% from 2023; net income was MXN 8.9 billion, up 8.4%; EBITDA was MXN 18.1 billion, up 2.4%.

• EBITDA margin for Q1 2025 was 67.1% (excluding IFRIC-12), and net income margin remained robust.

• Cash and cash equivalents reached MXN 16.2 billion as of March 31, 2025.

• Net cash from operating activities was MXN 4.48 billion, with significant bond issuance and refinancing activity.

Outlook and guidance

• 2025 guidance: passenger traffic growth of 4–6%, total revenue up 23–25%, EBITDA up 21–23%, and CAPEX of MXN 13 billion.

• Management remains comfortable with full-year traffic and revenue guidance, citing strong load factors and no significant seat reductions.

• No further tariff increases expected in 2025; next adjustment planned for early 2026, dependent on inflation and exchange rates.

• Non-aeronautical revenue expected to maintain double-digit growth in 2026 as new terminals and businesses reach full operation.