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, and 47.8M passengers in 9M25 (+13.6% vs 9M24), supported by 42 new routes.

• Q3 2025 saw continued revenue and EBITDA growth, despite a slowdown in international passenger traffic due to U.S. immigration challenges and aircraft engine issues.

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

• Strategic focus on expanding connectivity, with new international routes to Canada and Panama, and major terminal expansions at key hubs.

• Diversified revenue streams, strong commercial base, and robust ESG initiatives.

Financial highlights

• 2024 revenues: MXP 26.8B (+5.3% vs 2023); 9M25 revenues: MXP 24.5B (+24.6% vs 9M24); Q3 2025 revenues up 16.3% year-over-year.

• EBITDA: MXP 18.1B in 2024 (+2.4%); MXP 16.2B in 9M25 (+21.4%); Q3 2025 EBITDA up 12.8% year-over-year.

• EBITDA margin: 67.6% in 2024, 66.2% in 9M25, and 64.3% in Q3 2025.

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

• Major cost increases from higher concession fees and regulatory changes, with cost of services up 14.1% in Q3 2025.

Outlook and guidance

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

• Management remains cautiously optimistic, citing macroeconomic uncertainty and exchange rate volatility as short-term challenges.

• New maximum tariffs for Mexican airports effective March 2025, with fulfillment of maximum tariff expected to reach 93%-97% by end of 2026.

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

• Recovery in VFR international traffic is expected in the coming years, with optimism for seat capacity growth.