Grupo Aeroportuario del Pacífico (GAPB) Q3 2024 earnings summary

Executive summary

• Navigated a complex market with a focus on sustainable growth, diversification, and strategic investments, including ESG initiatives and recognition in multiple indices.

• Passenger traffic in 2024 reached 62.2 million, a 2.1% decrease year-over-year, with 46.1 million in 9M24, down 3.2%; Q3 saw a 5.7% drop due to engine inspections.

• Revenue for 9M24 was MXP 19.7 billion, up 1.8% year-over-year; Q3 revenue rose 11.4% to Ps. 8,232.7 million, driven by a 38.7% increase in non-aeronautical revenues.

• Net income for 9M24 was MXP 6.7 billion, down 9.8% year-over-year; Q3 net income fell 16.6% to Ps. 1,982.8 million.

• Approved a 5-year master development plan (MDP) for 12 Mexican airports, committing MXN 43.2 billion in CapEx, with major investments in terminal expansion and infrastructure.

Financial highlights

• Non-aeronautical revenues surged 39% in Q3 and 21.5% in 9M24, now 28% of total revenues, driven by commercial expansion and acquisitions.

• Overall revenue increased 6% year-over-year, despite a 3.8% decline in aeronautical revenue; Q3 total revenues rose 11.4%.

• Operational expenses rose 21% in Q3, mainly from cargo business consolidation and inflation; excluding cargo, service costs up 8.8%.

• EBITDA margin (excluding IFRIC 12) at 67% in Q3, slightly down from last year; 9M24 EBITDA margin at 67.9%.

• Net income for 9M24 was MXP 6.7 billion, down 9.8% year-over-year.

Outlook and guidance

• Gradual implementation of new maximum tariff methodology based on weighted average cost of capital, to be fully in place by January 2026.

• 2024 guidance: passenger traffic expected to decline 3–5% year-over-year; aeronautical revenues to decrease 2–4%; non-aeronautical revenues to grow 20–22%.

• Total revenue projected to increase 2–4% year-over-year; EBITDA margin expected at 67% ±1%.

• Passenger traffic projected to grow 5% in 2025, with recovery as grounded aircraft return and new deliveries arrive.

• CAPEX for 2024 guided at MXP 9.0 billion, reflecting Master Development Program commitments.