Grupo Aeroportuario del Pacífico (GAPB) Q3 2025 earnings summary

Executive summary

• Operates 14 airports (12 in Mexico, 2 in Jamaica) with 62.1M passengers in 2024, up 2.1% vs 2023.

• Achieved solid revenue growth and profitability in Q3 2025 despite a slowdown in international passenger traffic, driven by immigration challenges and airline capacity constraints.

• 9M25 saw 47.8M passengers (+13.6% vs 9M24) and 42 new routes (21 international, 21 domestic).

• Largest airport operator in Mexico in 9M25 with 31.1% market share, operating 5 of the top 10 busiest airports.

• Strategic focus remains on expanding connectivity, launching new international routes, and strengthening regional hub status.

Financial highlights

• 2024 revenues: MXP 26.8B (+5.3% vs 2023); 9M25 revenues: MXP 24.5B (+24.6% vs 9M24); Q3 2025 revenues up 17.4% year-over-year.

• EBITDA grew 12.8% to MXN 5.1 billion in Q3 2025; 9M25 EBITDA: MXP 16.2B (+21.4%); EBITDA margin: 64.3% in Q3 2025, 66.2% in 9M25.

• Net income for 3Q25 increased 36.0% year-over-year; 9M25 net income: MXP 8.2B (+22.4%).

• Non-aeronautical revenues grew 31.6% in 9M25, now 30% of total revenues.

• CAPEX in 2024: MXP 7.9B; 9M25: MXP 6.6B.

Outlook and guidance

• 2025 guidance: passenger traffic +4–6%, total revenues +23–25%, EBITDA +21–23%, EBITDA margin ~66%.

• Expect continued growth in directly operated businesses and commercial areas, with new terminal expansions planned through 2029.

• Tariff increases planned for early 2026, aiming for 93%-97% fulfillment of maximum tariff by end of 2026.

• CAPEX for 2025: Ps. 13.0B, including major terminal expansions and commercial investments.

• Macroeconomic uncertainty and exchange rate volatility present short-term challenges, but domestic market resilience and diversified portfolio support long-term optimism.