Grupo Aeroportuario del Pacífico (GAPB) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenues rose 26.1% to MXN 8.4 billion, with EBITDA up 21.1% to MXN 5.6 billion and net income up 15.7% to MXN 2.9 billion, driven by higher passenger traffic, new tariffs, peso depreciation, and commercial expansion.

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

• Non-aeronautical revenues represented 29% of total in Q1 2025, surging 41.3% year-over-year, supported by commercial expansion, hotel, and cargo operations.

• Maintained robust financial position with MXN 16.2 billion in cash and a net debt-to-EBITDA ratio of 1.4x–1.7x.

• Strategic investments and sustainability initiatives underpin long-term growth and ESG leadership.

Financial highlights

• Aeronautical revenues increased 20.9% and non-aeronautical revenues surged 41.3% year-over-year in Q1 2025.

• EBITDA margin for Q1 2025 was 67.1%, down from 69.8% year-over-year, reflecting higher concession fees and business mix.

• Dividend of MXN 16.84 per share approved for distribution in 2025, with a 2024 payout ratio of 72.3%.

• Debt as of March 2025 totaled MXN 49.5 billion, with 87% in MXN and 13% in USD.

• 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.

• EBITDA margin expected at 66%–67.5% due to increased concession fees.

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

• Non-aeronautical revenue growth expected to normalize to double digits in 2026 as new terminals reach full operation.

• Revenue growth driven by new tariffs, traffic performance, inflation, exchange rates, and new business lines.