Grupo Aeroportuario del Pacífico (GAPB) Q2 2025 earnings summary

Executive summary

• Achieved strong revenue, EBITDA, and net income growth in Q2 and 6M25, with total passenger traffic reaching 15.8 million in Q2 (up 4.1% year-over-year) and 32.1 million in 6M25 (up 14.2%), supported by new domestic and international routes.

• Expanded international network, especially to Canada, and launched 21 new routes in 6M25, strengthening market position.

• Diversified portfolio across 14 airports, with a robust commercial revenue base and strong financial position.

• Comprehensive income declined 22.8% year-over-year in 2Q25 due to foreign currency translation losses.

• Maintained annual guidance, with cautious monitoring of U.S. migration policy and macroeconomic impacts on international traffic.

Financial highlights

• Revenue excluding IFRIC 12 grew 30.6% year-over-year to MXN 8.2 billion in Q2 2025; total 6M25 revenues reached MXN 16.6 billion (+28.3% vs 6M24).

• EBITDA rose 31.1% to MXN 5.5 billion in Q2 2025, with a margin of 67.1% (excluding IFRIC 12); 6M25 EBITDA was MXN 11.1 billion (+25.8%).

• Net income for Q2 2025 was MXN 2,655.1 million, up 17.9% year-over-year; 6M25 net income was MXN 5.5 billion (+16.7%).

• Non-aeronautical revenues grew 41.8% in Q2 2025 and 24.4% in 6M25, now 29% of total revenues.

• Cash and cash equivalents stood at MXN 9.7 billion as of June 30, 2025.

Outlook and guidance

• 2025 guidance: passenger traffic +4–6%, total revenues +23–25%, EBITDA +21–23%, margin ~66%; CAPEX projected at MXN 13.0 billion.

• Initial annual guidance maintained, with ongoing monitoring of U.S. migration, macroeconomic, and regulatory conditions.

• EBITDA margin expected to decline due to higher concession fees (from 5% to 9%).

• Expecting further tariff adjustments in January 2026, with potential for another in 2025 depending on market trends.

• New maximum tariffs for 2025-2029 regulatory period, effective March 2025, expected to support future revenue growth.