Grupo Aeroportuario del Pacífico (GAPB) Q4 2025 earnings summary

Executive summary

• Passenger traffic reached 63.7 million in 2025, up 2.5% year-over-year, with a 0.9% Q4 decline due to Hurricane Melissa in Jamaica; 62 new routes were added.

• Total revenues for 2025 rose 23.2% to Ps. 41,408.5 million, with net income up 12.7% to Ps. 10,000.6 million and EBITDA up 17.8% to Ps. 21,332.1 million; EBITDA margin (ex-IFRIC/IFRS 12) was 65.6%.

• Combined aeronautical and non-aeronautical revenues grew strongly, with commercial revenues in Mexico particularly robust and recovery underway in Jamaica.

• Comprehensive income declined 9.6% due to foreign currency translation losses, despite net income growth.

• Diversified portfolio across Mexico and Jamaica, with ESG leadership and strong commercial performance.

Financial highlights

• Aeronautical revenues rose 19.4% to Ps. 22,821.8 million, accounting for 70% of total revenues; non-aeronautical revenues up 26.5% to Ps. 9,704.1 million, representing 30%.

• EBITDA margin (ex-IFRIC/IFRS 12) was 65.6% in 2025 and 63.8% in Q4; operating margin was 54.0% (ex-IFRIC-12).

• Cash and cash equivalents at year-end were Ps. 10,453.2 million.

• Net debt to EBITDA ratio improved to 0.6x; interest debt service ratio at 4.2x.

• Dividend yield reached 313.5% in 2025, with a payout policy distributing all excess cash above a minimum balance.

Outlook and guidance

• For 2026, passenger traffic is expected to grow 2–5%, aeronautical revenues 9–12%, non-aeronautical revenues 6–9%, total revenues 8–11%, and EBITDA 8–11%; CAPEX planned at Ps. 13.5 billion.

• Guidance excludes the CBX business combination, which is pending formalization.

• No further impact expected from recent disruptions in Jalisco; operations have normalized.