Grupo Aeroportuario del Pacífico (GAPB) Q4 2024 earnings summary

Executive summary

• Total revenues for 4Q24 increased by 5.4% year-over-year, driven by a 16.4% rise in aeronautical and non-aeronautical services revenues.

• EBITDA rose 14.9% to Ps. 4,757.0 million, with a margin of 66.9% (excluding IFRIC-12 effects).

• Comprehensive income grew 16.2% to Ps. 2,274.3 million, while net income declined 3.9% due to higher taxes.

• Passenger traffic at 14 airports increased 1.4% year-over-year in 4Q24, with new domestic and international routes launched.

Financial highlights

• Aeronautical revenues up 10.5% and non-aeronautical revenues up 32.7% in 4Q24 versus 4Q23.

• Total revenues for 2024 rose 1.2% to Ps. 33,614.4 million; non-aeronautical revenues for the year up 24.4%.

• Operating costs increased 2.1% in 4Q24 and 2.6% for the year, mainly due to higher service costs and depreciation.

• EBITDA for 2024 increased 2.4% to Ps. 18,111.7 million; EBITDA margin (ex-IFRIC-12) at 67.6%.

• Cash and cash equivalents at year-end: Ps. 13,466.0 million.

Outlook and guidance

• 2025 guidance: passenger traffic growth of 4–6%, total revenues up 23–25%, EBITDA up 21–23%, and CAPEX of Ps. 13.0 billion.

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