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GRUPO AEROPORTUARIO DEL PACIFICO S.A. B
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Grupo Aeroportuario Del Pacifico Announces Results for the Fourth Quarter of 2024

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GUADALAJARA, Mexico, Feb. 24, 2025 (GLOBE NEWSWIRE) -- Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (NYSE: PAC; BMV: GAP) (“the Company” or “GAP”) reports its consolidated results for the fourth quarter ended December 31, 2024 (4Q24). Figures are unaudited and prepared following International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”).

Summary of Results 4Q24 vs. 4Q23

  • The sum of aeronautical and non-aeronautical services revenues increased by Ps. 1,002.2 million, or 16.4%. Total revenues increased by Ps. 496.1 million, or 5.4%.
  • Cost of services increased by Ps.346.6 million, or 29.0%.
  • Income from operations increased by Ps. 378.6 million, or 11.0%.
  • EBITDA increased by Ps. 615.4 million, or 14.9%, from Ps. 4,141.6 million in 4Q23 to Ps. 4,757.0 million in 4Q24. EBITDA margin (excluding the effects of IFRIC-12) went from 67.8% in 4Q23 to 66.9% in 4Q24.
  • Comprehensive income increased by Ps. 317.7 million, or 16.2%, from Ps. 1,956.7 million in 4Q23 to Ps. 2,274.3 million in 4Q24.

Company’s Financial Position:

During 4Q24, aeronautical revenues increased compared to 4Q23, mainly driven by the recovery in passenger traffic due to the opening of new routes. Additionally, part of Volaris and Viva’s aircraft fleet, which had been under inspection due to preventive measures on Pratt & Whitney’s A320neo and A321neo engines, has resumed operations, contributing to passenger growth. Similarly, non-aeronautical revenues increased by 32.7%, driven by the consolidation of the cargo and free trade zone business at Guadalajara Airport starting in July 2024, as well as the 14.1% depreciation of the peso against the dollar, which resulted in higher revenues from the consolidation of Jamaica’s airports.
As of December 31, 2024, the Company reported a cash and cash equivalents position of Ps. 13,466.0 million. During 4Q24, it also refinanced its credit line with Santander for a total of Ps. 1,500.0 million.

Passenger Traffic
During 4Q24, total passengers at the Company’s 14 airports increased by 223.4 thousand passengers, an increase of 1.4%, compared to 4Q23.

During 4Q24, the following new routes were opened:

Domestic:

AirlineDepartureArrivalOpening dateFrequencies
VivaGuanajuatoFelipe ÁngelesOctober 2, 20241 daily
VolarisHermosilloMonterreyNovember 3, 20242 daily
VolarisMoreliaMonterreyNovember 3, 20244 weekly
VolarisMexicaliMonterreyNovember 3, 20244 weekly
VolarisLos MochisMonterreyNovember 4, 20243 daily
VivaGuadalajaraMexicaliDecember 2, 20241 daily
VivaMexicaliGuadalajaraDecember 2, 20241 daily
VivaGuadalajaraCiudad ObregónDecember 2, 20243 daily
VivaGuadalajaraTorreónDecember 3, 20243 weekly
VivaGuadalajaraPuerto EscondidoDecember 3, 20243 weekly
VivaGuadalajaraTulumDecember 5, 20241 daily

Note: Frequencies can vary without prior notice.

International:

AirlineDepartureArrivalOpening dateFrequencies
World2FlyPuerto VallartaPragaOctober 22, 20241 weekly
ArajetKingstonPunta CanaOctober 27, 20242 weekly
VolarisGuadalajaraSan JoséOctober 29, 20242 weekly
VolarisTijuanaLas VegasOctober 29, 20243 weekly
AeroméxicoManzanilloAtlantaNovember 2, 20241 weekly
CondorLos CabosFrankfurtNovember 3, 20242 weekly
WestJetLos CabosWinnipegNovember 9, 20241 weekly
AveloMontego BayHartfordNovember 16, 20243 weekly
BahamasairMontego BayNassauNovember 17, 20242 weekly
AlaskaLa PazLos ÁngelesNovember 20, 20242 weekly
LATAMMontego BayLimaDecember 1, 20242 weekly
VivaGuadalajaraOaklandDecember 2, 20241 daily
VivaGuadalajaraLas VegasDecember 2, 20244 weekly
VivaGuadalajaraSan AntonioDecember 2, 20244 weekly
AlaskaGuadalajaraFresnoDecember 3, 20241 daily
VivaGuadalajaraDallas-Fort WorthDecember 3, 20244 weekly
Caribbean Airlines KingstonFort LauderdaleDecember 17, 20243 weekly
AeroméxicoGuadalajaraLas VegasDecember 19, 20246 weekly
AeroméxicoGuadalajaraMiamiDecember 19, 20241 daily
AeroméxicoGuadalajaraOrlandoDecember 19, 20241 daily
AeroméxicoGuadalajaraDenverDecember 21, 20241 weekly
AeroméxicoManzanilloLos ÁngelesDecember 21, 20241 weekly

Note: Frequencies can vary without prior notice.

Domestic Terminal Passengers – 14 airports (in thousands):

Airport4Q234Q24Change20232024Change
Guadalajara3,107.83,160.11.7%12,502.911,939.5(4.5%)
Tijuana *2,118.82,143.41.2%8,870.48,431.6(4.9%)
Los Cabos721.5710.7(1.5%)2,965.72,830.4(4.6%)
Puerto Vallarta663.0720.38.7%2,860.12,841.9(0.6%)
Montego Bay0.00.00.0%0.00.00.0%
Guanajuato616.1571.3(7.3%)2,345.62,116.6(9.8%)
Hermosillo561.9561.7(0.0%)2,114.32,074.4(1.9%)
Kingston0.50.56.7%1.82.960.9%
Mexicali421.9261.8(38.0%)1,596.71,026.9(35.7%)
Morelia186.7181.3(2.9%)795.8645.9(18.8%)
La Paz287.8312.08.4%1,102.01,191.98.2%
Aguascalientes161.1169.14.9%639.7636.1(0.6%)
Los Mochis127.5165.429.7%463.8577.424.5%
Manzanillo32.733.93.5%112.8128.313.7%
Total9,007.58,991.5(0.2%)36,371.534,443.8(5.3%)

*Cross Border Xpress (CBX) users are classified as international passengers.

International Terminal Passengers – 14 airports (in thousands):

Airport4Q234Q24Change20232024Change
Guadalajara1,358.51,556.014.5%5,207.45,909.113.5%
Tijuana *1,070.01,112.23.9%4,324.54,114.1(4.9%)
Los Cabos1,146.81,168.81.9%4,749.94,657.8(1.9%)
Puerto Vallarta1,063.8991.1(6.8%)3,927.63,961.60.9%
Montego Bay1,248.51,159.8(7.1%)5,211.75,057.0(3.0%)
Guanajuato229.7279.021.4%875.21,052.420.2%
Hermosillo20.519.9(3.0%)75.582.59.2%
Kingston407.3449.410.3%1,746.31,774.31.6%
Mexicali1.61.72.9%6.97.34.4%
Morelia144.4174.921.1%588.5658.812.0%
La Paz3.55.453.9%13.914.11.8%
Aguascalientes74.083.613.0%288.3325.713.0%
Los Mochis1.61.78.6%6.97.813.0%
Manzanillo18.624.431.6%67.790.133.1%
Total6,788.87,027.93.5%27,090.227,712.62.3%

*CBX users are classified as international passengers.

Total Terminal Passengers – 14 airports (in thousands):

Airport4Q234Q24Change20232024Change
Guadalajara4,466.34,716.25.6%17,710.217,848.70.8%
Tijuana *3,188.83,255.62.1%13,194.912,545.8(4.9%)
Los Cabos1,868.31,879.50.6%7,715.57,488.2(2.9%)
Puerto Vallarta1,726.81,711.4(0.9%)6,787.76,803.50.2%
Montego Bay1,248.51,159.8(7.1%)5,211.95,057.1(3.0%)
Guanajuato845.8850.30.5%3,220.83,169.0(1.6%)
Hermosillo582.4581.6(0.1%)2,189.92,156.9(1.5%)
Kingston407.8449.910.3%1,748.11,777.11.7%
Mexicali423.5263.5(37.8%)1,603.61,034.1(35.5%)
Morelia331.1356.27.6%1,384.31,304.6(5.8%)
La Paz291.3317.49.0%1,115.81,206.08.1%
Aguascalientes235.1252.77.5%928.0961.83.6%
Los Mochis129.1167.129.4%470.7585.224.3%
Manzanillo51.358.313.7%180.5218.421.0%
Total15,796.016,019.41.4%63,461.862,156.5(2.1%)

*CBX users are classified as international passengers.

CBX Users (in thousands):

Airport4Q234Q24Change20232024Change
Tijuana1,061.21,092.32.9%4,288.04,048.6(5.6%)

Consolidated Results for the Fourth Quarter of 2024 (in thousands of pesos):

 4Q234Q24Change
Revenues   
Aeronautical services4,486,7524,959,40510.5%
Non-aeronautical services1,621,1812,150,74832.7%
Improvements to concession assets (IFRIC-12)3,023,6962,517,564(16.7%)
Total revenues9,131,6299,627,7175.4%
    
Operating costs   
Costs of services:1,195,6351,542,26929.0%
Employee costs451,452602,96433.6%
Maintenance250,557292,93316.9%
Safety, security & insurance188,135228,90321.7%
Utilities121,268145,67120.1%
Business operated directly by us70,25480,52214.6%
Other operating expenses113,969191,27667.8%
    
Technical assistance fees199,494218,0619.3%
Concession taxes594,877675,45013.5%
Depreciation and amortization686,722923,44434.5%
Cost of improvements to concession assets (IFRIC-12)3,023,6962,517,564(16.7%)
Other (income)(23,713)(82,602)248.3%
Total operating costs5,676,7115,794,1862.1%
Income from operations3,454,9183,833,53111.0%
Financial Result(650,398)(618,028)(5.0%)
Income before income taxes2,804,5203,215,50314.7%
Income taxes(547,436)(1,046,324)91.1%
Net income2,257,0842,169,179(3.9%)
Currency translation effect(237,991)112,921(147.4%)
Cash flow hedges, net of income tax(45,552)(17,775)(61.0%)
Remeasurements of employee benefit – net income tax(16,849)10,024(159.5%)
Comprehensive income1,956,6922,274,34916.2%
Non-controlling interest(8,301)(117,440)1314.8%
Comprehensive income attributable to controlling interest1,948,3912,156,90810.7%
    
    
 4Q234Q24Change
EBITDA4,141,6404,756,97514.9%
Comprehensive income1,956,6922,274,34916.2%
Comprehensive income per share (pesos)3.87254.501216.2%
Comprehensive income per ADS (US dollars)2.29152.1552(5.9%)
    
Operating income margin37.8%39.8%5.2%
Operating income margin (excluding IFRIC-12)56.6%53.9%(4.7%)
EBITDA margin45.4%49.4%8.9%
EBITDA margin (excluding IFRIC-12)67.8%66.9%(1.3%)
Costs of services and improvements / total revenues46.2%42.2%(8.7%)
Cost of services / total revenues  (excluding IFRIC-12)19.6%21.7%10.8%
    

- Net income and comprehensive income per share for 4Q24 and 4Q23 were calculated based on 505,277,464 shares outstanding as of December 31, 2024, and December 31, 2023, respectively. U.S. dollar figures presented were converted from pesos to U.S. dollars at a rate of Ps. 20.8857 per U.S. dollar (the noon buying rate on December 31, 2024, as published by the U.S. Federal Reserve Board).

For purposes of consolidating our Jamaican airports, the average three-month exchange rate of Ps. 20.0691 per U.S. dollar for the three months ended December 31, 2024, was used. 

Revenues (4Q24 vs. 4Q23)

  • Aeronautical services revenues increased by Ps. 472.7 million, or 10.5%.
  • Non-aeronautical services revenues increased by Ps. 529.6 million, or 32.7%.
  • Revenues from improvements to concession assets decreased by Ps. 506.1 million, or 16.7%.
  • Total revenues increased by Ps. 496.1 million, or 5.4%.
  • The change in aeronautical services revenues was primarily due to the following factors:

    1. Revenues at our Mexican airports increased by Ps. 354.3 million or 9.2% compared to 4Q23, mainly due to a 1.9% increase in passenger traffic.
    2. Revenues at our Jamaican airports increased by Ps. 118.4 million, or 18.9%, compared to 4Q23. This growth was primarily driven by the depreciation of the peso against the dollar, which went from an average exchange rate of Ps. 17.5814 in 4Q23 to Ps. 20.0691 in 4Q24, representing a 14.1% variation. Revenues in U.S. dollars increased by USD$2.2 million or 5.4%. In contrast, passenger traffic decreased by 2.8%.
  • The change in non-aeronautical services revenues was primarily driven by the following factors:

    1. Revenues at our Mexican airports increased by Ps. 507.5 million or 37.1% compared to 4Q23. Revenues from businesses operated directly by us grew by Ps. 442.5 million or 90.8%, mainly driven by the consolidation of cargo and free trade zone business revenues starting in July, which contributed Ps. 345.6 million during the quarter. Additionally, recovery of costs increased by Ps. 3.3 million or 7.3%. Meanwhile, revenues from businesses operated by third parties increased by Ps. 61.6 million or 7.4%, due to the opening of new commercial spaces and contract renegotiations. The fastest-growing business lines included food and beverage, car rentals, retail, and duty-free stores, which together increased by Ps. 55.2 million or 9.1%.
    2. Revenues from the Jamaican airports increased by Ps. 22.1 million or 8.8% compared to 4Q23, mainly driven by the 14.1% depreciation of the peso against the dollar compared to the same period last year. In U.S. dollar terms, revenue decreased by USD$0.7 million or 4.9%.
 4Q234Q24Change
Businesses operated by third parties:   
Food and beverage254,521281,07510.4%
Car rental182,423197,7658.4%
Duty-free177,656196,04310.3%
Retail166,464171,0812.8%
Leasing of space78,138100,03628.0%
Times shares59,73767,50213.0%
Ground transportation46,09348,8275.9%
Other commercial revenues62,18945,467(26.9%)
Communications and financial services28,27229,1423.1%
Total1,055,4921,136,9387.7%
    
Businesses operated directly by us:   
Cargo operation and free trade zone31,776383,6791107.5%
Car parking178,918178,729(0.1%)
VIP Lounges112,634151,71534.7%
Convenience stores137,042149,0578.8%
Advertising45,92350,67410.3%
Hotel operation-36,531100.0%
Total506,292950,38487.7%
Recovery of costs59,39763,4266.8%
Total Non-aeronautical Revenues1,621,1812,150,74832.7%
    

Figures are expressed in thousands of Mexican pesos.

- Revenues from improvements to concession assets 1

Revenues from improvements to concession assets (IFRIC-12) decreased by Ps. 506.1 million, or 16.7%, compared to 4Q23. The change was composed of:

  1. Improvements to concession assets at the Company’s Mexican airports decreased by Ps. 673.3 million, or 23.6%, following investments under the Master Development Program for the 2020-2024 period.
  2. Improvements to concession assets at the Company’s Jamaican airports increased by Ps. 167.2 million, or 100.1%.

Total operating costs increased by Ps. 117.5 million, or 2.1%, compared to 4Q23, mainly due to: i) an increase in the cost of services by Ps. 346.6 million, or 29.0%, driven by the consolidation of the cargo and free trade zone business, which contributed Ps. 151.1 million, and an increase in the depreciation and amortization of Ps. 236.7 million, or 34.4%, resulting from the recognition of fair values of the cargo and free trade zone business, ii) this effect was partially offset by a decrease in the cost of improvements to concession assets (IFRIC12) by Ps. 506.1 million, or 16.7%. Excluding the cost of improvements to concession assets (IFRIC-12), operating costs increased by Ps. 623.6 million, or 23.5%.

This increase in total operating costs was primarily due to the following factors:

Mexican airports:

  • Operating costs decreased by Ps. 152.9 million, or 3.2%, compared to 4Q23, primarily due to a decrease in the cost of improvements to the concession assets (IFRIC-12) by Ps. 673.3 million, or 23.6%. This effect was offset by an increase in the cost of services by Ps. 292.3 million, or 29.5%, an increase in depreciation and amortization by Ps. 213.4 million, or 37.8%, and a combined increase in technical assistance fees and concession taxes by Ps. 74.1 million, or 16.8%. Excluding the cost of improvements to the concession assets (IFRIC-12), operating costs increased by Ps. 520.4 million or 26.4%.

The change in the cost of services at our Mexican airports during 4Q24 was mainly due to:

  • Employee costs increased by Ps. 138.6 million or 34.9% compared to 4Q23, mainly due to the consolidation of the cargo and free trade zone business, which contributed Ps. 92.1 million, as well as the hiring of 143 employees in 2024 and salary adjustments resulting from changes in the Labor Law.
  • Maintenance expenses increased by Ps. 39.4 million or 19.5% compared to 4Q23, primarily due to the opening of additional operational areas and the consolidation of the cargo and free trade zone business, which contributed Ps. 4.1 million.
  • Safety, security, and insurance increased by Ps. 27.8 million or 19.9% compared to 4Q23, mainly due to the expansion of the security workforce, increase in minimum wages changes in the Labor Law, the opening of additional operational areas, and the consolidation of the cargo and free trade zone business, which contributed Ps. 5.1 million.
  • Other operating expenses increased by Ps. 67.0 million or 34.4% compared to 4Q23, mainly due to higher service and consulting fees, as well as travel expenses, which increased by Ps. 18.4 million, and the consolidation of the cargo and free trade zone business, which contributed Ps. 31.5 million. These effects were partially offset by a decrease in the allowance for expected credit losses by Ps. 3.6 million.

Jamaican Airport:

  • Operating costs increased by Ps. 270.4 million, or 31.8%, compared to 4Q23, mainly due to a Ps. 167.2 million, or 100.1%, increase in the cost of improvements to concession assets (IFRIC-12), an increase in the cost of services by Ps. 54.3 million, or 26.3%, and an increase in the concession taxes by Ps. 25.1 million, or 7.1%.

Operating income margin went from 37.8% in 4Q23 to 39.8% in 4Q24. Excluding the effects of IFRIC-12, the operating income margin went from 56.6% in 4Q23 to 53.9% in 4Q24. Income from operations increased by Ps. 378.6 million, or 11.0%, compared to 4Q23.

EBITDA margin went from 45.4% in 4Q23 to 49.4% in 4Q24. Excluding the effects of IFRIC-12, EBITDA margin went from 67.8% in 4Q23 to 66.9% in 4Q24. The nominal value of EBITDA increased by Ps. 615.4 million, or 14.9%, compared to 4Q23.

Financial results decreased by Ps. 32.4 million, or 5.0%, from a net expense of Ps. 650.4 million in 4Q23 to a net expense of Ps. 618.0 million in 4Q24. This change was mainly the result of:

  • Foreign exchange rate fluctuations, which went from an expense of Ps. 154.5 million in 4Q23 to an income of Ps. 83.8 million in 4Q24. This generated a foreign exchange gain of Ps. 238.3 million. This was mainly due to the depreciation of the peso. The currency translation effect increased by Ps. 350.9 million, compared to 4Q23.
  • Interest expenses increased by Ps. 295.7 million, or 36.7%, compared to 4Q23, mainly due to higher debt as a result of the issuance of long-term debt securities and the drawdown of credit lines, offset by a decrease in the interest rates.
  • Interest income increased by Ps. 89.8 million, or 31.7%, compared to 4Q23, mainly due to a decrease in the cash and cash equivalents average balance and reference rates.

In 4Q24, net and comprehensive income increased by Ps. 317.7 million, or 16.2%, compared to 4Q23, mainly due to the increase in the foreign currency translation effect by Ps. 350.9 million. Income before income taxes increased by Ps. 411.0 million, mainly due to the recovery in passenger traffic and revenues generated by the commercial strategy, including the consolidation of the cargo and free trade zone business. This increase led to a Ps. 272.2 million rise in income taxes.

During 4Q24, net income decreased by Ps. 87.9 million, or 3.9%, compared to 4Q23. Taxes for the period increased by Ps. 498.9 million, income taxes increased by Ps. 272.2 million and the benefit for deferred taxes decreased by Ps. 226.8 million, mainly due to the application of other deferred taxes of Ps. 189.8 million, a decrease in inflation, that went from an inflation rate of 1.7% in 4Q23 to 1.4% in 4Q24. This effect was offset by the application of fiscal losses of Ps. 115.2 million.

Consolidated Results for the Twelve Months of 2024 (in thousands of pesos):

 20232024Change
Revenues   
Aeronautical services19,267,39519,110,068(0.8%)
Non-aeronautical services6,165,4297,671,76624.4%
Improvements to concession assets (IFRIC-12)7,791,3206,832,541(12.3%)
Total revenues33,224,14433,614,3751.2%
    
Operating costs   
Costs of services:4,380,0695,263,24120.2%
Employee costs1,724,4612,125,95823.3%
Maintenance728,618848,57516.5%
Safety, security & insurance691,155831,41120.3%
Utilities485,265542,48211.8%
Business operated directly by us245,496299,53922.0%
Other operating expenses505,074615,27621.8%
    
Technical assistance fees851,320845,233(0.7%)
Concession taxes2,532,8962,666,7515.3%
Depreciation and amortization2,545,7023,061,03920.2%
Cost of improvements to concession assets (IFRIC-12)7,791,3206,832,541(12.3%)
Other (income)(15,875)(105,076)561.9%
Total operating costs18,085,43118,563,7292.6%
Income from operations15,138,71315,050,645(0.6%)
Financial Result(2,377,022)(2,934,903)23.5%
Income before income taxes12,761,69112,115,742(5.1%)
Income taxes(3,072,090)(3,240,302)5.5%
Net income9,689,6008,875,441(8.4%)
Currency translation effect(893,709)1,132,600(226.7%)
Cash flow hedges, net of income tax(69,905)(65,302)(6.6%)
Remeasurements of employee benefit – net income tax(15,932)10,201(164.0%)
Comprehensive income8,710,0549,952,93914.3%
Non-controlling interest(68,820)(385,774)460.6%
Comprehensive income attributable to controlling interest8,641,2359,567,16710.7%
    


 20232024Change
EBITDA17,684,41518,111,6852.4%
Comprehensive income8,710,0549,952,93914.3%
Comprehensive income per share (pesos)17.238219.698014.3%
Comprehensive income per ADS (US dollars)10.20029.4313(7.5%)
    
Operating income margin45.6%44.8%(1.7%)
Operating income margin (excluding IFRIC-12)59.5%56.2%(5.6%)
EBITDA margin53.2%53.9%1.2%
EBITDA margin (excluding IFRIC-12)69.5%67.6%(2.7%)
Costs of services and improvements / total revenues36.6%36.0%(1.8%)
Cost of services / total revenues  (excluding IFRIC-12)17.2%19.7%14.1%
    

- Net income and comprehensive income per share as of December 31, 2024 and December 31 2023, were calculated based on 505,277,464. U.S. dollar figures presented were converted from pesos to U.S. dollars at a rate of Ps. 20.8857 per U.S. dollar (the noon buying rate on December 31, 2024, as published by the U.S. Federal Reserve Board).
- For purposes of the consolidation of the airports in Jamaica, the average twelve-month exchange rate of Ps. 18.3001 per U.S. dollar for the twelve months ended December 31, 2024, was used.

Revenues (2024 vs 2023)

  • Aeronautical services revenues decreased by Ps. 157.3 million, or 0.8%.
  • Non-aeronautical services revenues increased by Ps. 1,506.3 million, or 24.4%.
  • Revenues from improvements to concession assets decreased by Ps. 958.8 million, or 12.3%.
  • Total revenues increased by Ps. 390.2 million, or 1.2%.

-   The change in aeronautical services revenues comprised primarily of the following factors:

  1. Revenues at our Mexican airports decreased by Ps. 346.1 million, or 2.1%, compared to 2023, mainly due to a 1.0% decrease in passenger traffic, as well as 92.5% compliance with the maximum tariffs.
  2. Revenues from Jamaican airports increased by Ps. 188.8 million, or 6.8%, compared to 2023. This was mainly due to the increase in revenues in U.S. dollars by US$5.8 million, or 5.1%, as well as the depreciation of the peso against the dollar compared to 2023 of 3.0%, which went from an average exchange rate of Ps. 17.7665 in 2023 to Ps. 18.3001 in 2024. Nevertheless, passenger traffic decreased by 1.8%.

-   The change in non-aeronautical services revenues was composed primarily of the following factors:

  1. Revenues at our Mexican airports increased by Ps. 1,475.8 million or 28.7% in the period from January to December 2024, compared to the same period in 2023. Revenue from businesses operated directly by us grew by Ps. 1,055.4 million or 60.3%, mainly driven by the consolidation of the cargo and free trade zone business starting in July 2024, which contributed Ps. 699.7 million. Additionally, recovery of costs increased by Ps. 7.8 million or 4.5%. Revenue from businesses operated by third parties increased by Ps. 412.6 million or 12.8%, primarily due to the opening of new commercial spaces and contract renegotiations. The business lines with the highest growth were car rentals, food and beverage, retail, and other income, which together increased by Ps. 397.8 million or 19.1%.
  2. Revenues from the Jamaican airports increased by Ps. 30.5 million or 3.0% in the same period, mainly due to an increase in revenue in U.S. dollars by USD$0.5 million or 1.6%, as well as the effect of the depreciation of the peso against the dollar, which was 3.0%.

 20232024Change
Businesses operated by third parties:   
Food and beverage1,002,8821,160,21515.7%
Car rentals610,226810,81232.9%
Duty-free761,479749,011(1.6%)
Retail698,167687,677(1.5%)
Leasing of space348,650418,52120.0%
Time share226,322241,8576.9%
Other commercial revenues174,377189,5608.7%
Ground transportation178,400183,6492.9%
Communications and financial services116,512109,675(5.9%)
Total4,117,0154,550,97810.5%
    
Businesses operated directly by us:   
Cargo operation and free trade zone31,776837,0572534.3%
Car parking706,923696,958(1.4%)
Convenience stores496,943569,55614.6%
VIP Lounges432,481513,65518.8%
Advertising151,737181,45919.6%
Hotel operation-83,335100.0%
Total1,819,8602,882,02058.4%
Recovery of costs228,555238,7674.5%
Total Non-aeronautical Revenues6,165,4297,671,76624.4%
    

Figures are expressed in thousands of Mexican pesos.

- Revenues from improvements to concession assets2

Revenues from improvements to concession assets (IFRIC-12) decreased by Ps. 958.8 million, or 12.3%, compared to 2023. The change was composed of:

  1. The Company’s Mexican airports decreased by Ps. 1,345.6 million, or 17.8%, following the investments under the Master Development Program for the 2020-2024 period.
  2. Improvements to concession assets at the Company’s Jamaican airports increased by Ps. 386.9 million, or 153.6%.

Total operating costs increased by Ps. 478.3 million, or 2.6%, compared to 2023, mainly due to an increase in the cost of services by Ps. 883.2 million, or 20.2%, an increase in the depreciation and amortization of Ps. 515.3 million, or 20.2%, and a combined increase in concession taxes and technical assistance fees by Ps. 127.8 million, or 3.7%. This effect was partially offset by a decrease in the cost of improvements to concession assets (IFRIC-12) by Ps. 958.8 million, or 12.3%. Excluding the cost of improvements to concession assets (IFRIC-12), operating costs increased Ps. 1,437.1 million, or 14.0%.

This increase in total operating costs was composed primarily of the following factors:

Mexican Airports:

  • Operating costs decreased by Ps. 50.0 million, or 0.3%, compared to 2023, primarily due to a decrease in the cost of improvements to the concession assets (IFRIC-12) by                                  Ps. 1,345.6 million or 17.8%. This was offset by an increase in the cost of services by Ps. 746.8 million or 20.6%, increase in depreciation and amortization by Ps. 493.2 million or 24.1%, and a combined Ps. 142.7 million, or 7.6%, increase in technical assistance fees and concession taxes (mainly due to the change in the concession fee which increase from 5% to 9% in 2024, generating an increase of Ps. 148.8 million in 2024 compared to 2023). Excluding the cost of improvements to the concession assets, operating costs increased by Ps. 1,295.7 million or 17.2%.

The change in the cost of services during 2024 was mainly due to:

  • Employee costs increased by Ps. 376.3 million or 24.8% compared to 2023, mainly due to salary adjustments, changes in the Labor Law, and the consolidation of the cargo and free trade zone business, which contributed Ps. 178.7 million.
  • Other operating expenses increased by Ps. 89.1 million, or 19.8%, compared to 2023, mainly due to a combined increase in services, professional fees, and travel expenses of Ps. 18.5 million, and the consolidation of the cargo and free trade zone business with other operating expenses of Ps. 75.6 million.
  • Maintenance increased by Ps. 100.4 million, or 17.3%, compared to 2023, primarily due to the opening of additional operational areas.
  • Safety, security, and insurance costs increased by Ps. 88.2 million, or 16.8%, compared to 2023, mainly due to an increase in the number of security staff, an increase in minimum wages, changes in Labor Law, the opening of additional operational areas and the consolidation of the cargo and free trade zone business by Ps. 9.9 million.

Jamaican Airports:

  • Operating costs increased by Ps. 528.3 million, or 17.5%, compared to 2023, mainly due to a Ps. 386.9 million, or 153.6%, increase in the cost of improvements to concession assets (IFRIC-12), a Ps. 136.4 million, or 18.2% increase in the cost of services, a Ps. 22.2 million or 4.5% increase in depreciation and amortization. This was offset by the decrease in concession taxes of Ps. 14.9 million, or 1.0%.

Operating margin went from 45.6% in 2023 to 44.8% in 2024. Excluding the effects of IFRIC-12, the operating margin went from 59.5% in 2023 to 56.2% in 2024. Operating income decreased Ps. 88.1 million, or 0.6%, compared to 2023.

EBITDA margin went from 53.2% in 2023 to 53.9% in 2024. Excluding the effects of IFRIC-12, EBITDA margin went from 69.5% in 2023 to 67.6% in 2024. The nominal value of EBITDA increased Ps. 427.3 million, or 2.4%, compared to 2023.

Financial costs increased by Ps. 557.9 million, or 23.5%, from a net expense of Ps. 2,377.0 million in 2023 to a net expense of Ps. 2,934.9 million in 2024. This change was mainly the result of:

  • Foreign exchange rate fluctuations, which went from a loss of Ps. 340.7 million in 2023 to a loss of Ps. 119.8 million in 2024. This generated a decrease in the loss of Ps. 220.9 million, due to the peso depreciation. Currency translation effect increased Ps. 2,026.3 million, compared to 2023.
  • Interest expense increased by Ps. 665.1 million, or 19.3%, compared to 2023, mainly due to the increase in debt due to the issuance of bond certificates and the contracting of bank loans, as well as the increase in the interest rates.
  • Interest income decreased by Ps. 113.7 million, or 8.1%, compared to 2023, mainly due to a decrease in the cash and cash equivalent average balance and the decrease in the interest rates.

In 2024, net comprehensive income increased by Ps. 1,242.9 million, or 14.3%, compared to 2023, mainly due to an increase of the effect of foreign currency translation in Ps. 2,026.3 million. Income before taxes decreased by Ps. 645.9 million, mainly due to the decrease in passenger traffic and increase in operating costs, offset by the increase in non-aeronautical revenues resulting from the commercial strategy and the consolidation of the cargo and free trade zone business. Income taxes increased by Ps. 372.8 million.

During 2024, net income decreased by Ps. 814.2 million, or 8.4%, compared to 2023. Taxes for the period increased by Ps. 168.2 million, mainly due to the increase in current tax of Ps. 372.8 million. This increase was partially offset by a rise in the benefit for deferred taxes by Ps. 204.6 million, driven mainly by the application of fiscal losses by Ps. 525.7 million and the application of other deferred taxes of Ps. 189.8 million. This effect was offset by the decrease in inflation, that went from 4.7% in 2023 to 4.2% in 2024.

Statement of Financial Position

As of December 31, 2024, total assets increased by Ps. 14,208.2 million compared to the same period in 2023, mainly due to: i) Improvements to concession assets of Ps. 7,615.1 million, ii) Cash and cash equivalents of Ps. 3,410.8 million, iii) Other acquired rights of Ps. 2,074.8 million, iv) Deferred income taxes of Ps. 790.9 million, v) Airport concessions of Ps. 843.2 million, and vi) Accounts receivables of Ps. 445.6 million.

As of December 31, 2024, total liabilities increased by Ps. 10,531.1 million compared to the same period in 2023. This increase was mainly due to i) Long-term bond certificates of Ps. 5,648.1 million, ii) Bank loans of Ps. 1,774.0 million, iii) Accounts payable of Ps. 1,234.2 million, iv) Deferred liabilities of Ps. 748.6 million, and v) Income taxes of Ps. 582.3 million.

Recent events

The Company announces its growth guidance for the full year 2025 compared to 2024:

  2025 vs 2024 
 Traffic4% - 6% 
 Aeronautical revenues23% - 25% 
 Non-aeronautical revenues24% - 26% 
 Total revenues23% - 25% 
 EBITDA21% - 23% 
 EBITDA Margin66% + - 1% 
 CAPEXPs. 13.0 billion 
 
  • Passenger traffic projection is based on the consolidation of routes developed to date, estimated load factors, increased frequencies and seat capacity, and the recovery of aircraft grounded due to the preventive inspection of GTF engines.
  • The increase in aeronautical revenues is based on the implementation of new tariffs approved by the Authority for airports in Mexico, traffic performance, inflation and expected exchange rates.
  • The increase in non-aeronautical revenues is based on the improvement in contract conditions, full-year operation of the cargo and free trade zone business, the hotel, and corporate offices, as well as the development of other business lines operated directly by the Company.
  • EBITDA Margin decreased in comparison to previous years, mainly due to a change in the concession fee, which increased from 5% to 9% for the airports in Mexico.
  • CAPEX includes: i) committed investments at airports in Mexico under the Master Development Programs totaling Ps. 8,800 million, ii) the continuation of the construction of a new terminal at Puerto Vallarta amounting to Ps. 1,700 million, iii) committed investments at airports in Jamaica for Ps. 1,500 million, and iv) commercial investments of Ps. 1,000 million.

These figures are based on the Company’s current expectations for the growth of the domestic and international aviation industry for 2025, as supported by GAP’s strategy of focusing on medium- and long-term business fundamentals.

These figures are estimates based on current assumptions that management believes are reasonable. Many of the factors affecting these current assumptions and the estimates on which they are based are outside of the Company’s control. They are subject to change over the year based on various external factors including, but not limited to, airline performance, domestic and international economic conditions, and government regulations. For a more extensive list of risk factors that could affect our business, please refer to GAP’s annual report on Form 20-F for the year ended December 31, 2023, published in April 2024.

Company Description

Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (GAP) operates 12 airports throughout Mexico’s Pacific region, including the major cities of Guadalajara and Tijuana, the four tourist destinations of Puerto Vallarta, Los Cabos, La Paz and Manzanillo, and six other mid-sized cities: Hermosillo, Guanajuato, Morelia, Aguascalientes, Mexicali and Los Mochis. In February 2006, GAP’s shares were listed on the New York Stock Exchange under the ticker symbol “PAC” and on the Mexican Stock Exchange under the ticker symbol “GAP”. In April 2015, GAP acquired 100% of Desarrollo de Concesiones Aeroportuarias, S.L., which owns a majority stake in MBJ Airports Limited, a company operating Sangster International Airport in Montego Bay, Jamaica. In October 2018, GAP entered into a concession agreement for the operation of Norman Manley International Airport in Kingston, Jamaica, and took control of the operation in October 2019.

This press release contains references to EBITDA, a financial performance measure not recognized under IFRS and which does not purport to be an alternative to IFRS measures of operating performance or liquidity. We caution investors not to place undue reliance on non-GAAP financial measures such as EBITDA, as these have limitations as analytical tools and should be considered as a supplement to, not a substitute for, the corresponding measures calculated in accordance with IFRS.

This press release may contain forward-looking statements. These statements are statements that are not historical facts and are based on management’s current view and estimates of future economic circumstances, industry conditions, company performance, and financial results. The words “anticipates”, “believes”, “estimates”, “expects”, “plans” and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations, and the factors or trends affecting financial condition, liquidity, or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to several risks and uncertainties. There is no guarantee that the expected events, trends, or results will occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.

In accordance with Section 806 of the Sarbanes-Oxley Act of 2002 and Article 42 of the “Ley del Mercado de Valores”, GAP has implemented a “whistleblower” program, which allows complainants to anonymously and confidentially report suspected activities that involve criminal conduct or violations. The telephone number in Mexico, facilitated by a third party responsible for collecting these complaints, is 800 04 ETICA (38422) or WhatsApp +52 55 6538 5504. The website is www.lineadedenunciagap.com or by email at [email protected]. GAP’s Audit Committee will be notified of all complaints for immediate investigation.

Exhibit A: Operating results by airport (in thousands of pesos):

Airport4Q234Q24Change20232024Change
Guadalajara      
Aeronautical services1,221,3271,390,10513.8%5,266,0365,372,2852.0%
Non-aeronautical services281,553336,66419.6%1,041,9131,317,33126.4%
Improvements to concession assets (IFRIC 12)2,571,4111,167,683(54.6%)4,271,8682,978,055(30.3%)
Total Revenues4,074,2902,894,452(29.0%)10,579,8179,667,672(8.6%)
Operating income1,116,5021,186,1056.2%4,619,8004,558,825(1.3%)
EBITDA1,234,9581,346,4079.0%5,079,3575,161,9541.6%
       
Tijuana      
Aeronautical services711,579750,6235.5%2,915,3782,787,018(4.4%)
Non-aeronautical services153,225115,150(24.8%)622,543521,856(16.2%)
Improvements to concession assets (IFRIC 12)28,416144,332407.9%450,925394,796(12.4%)
Total Revenues893,2221,010,10513.1%3,988,8473,703,670(7.1%)
Operating income575,789519,313(9.8%)2,294,5711,856,737(19.1%)
EBITDA699,102641,310(8.3%)2,716,3122,329,453(14.2%)
       
Los Cabos      
Aeronautical services644,341722,81412.2%2,932,1552,763,264(5.8%)
Non-aeronautical services301,161306,8101.9%1,169,0481,261,5197.9%
Improvements to concession assets (IFRIC 12)(372,652)132,414(135.5%)376,172580,25854.3%
Total Revenues572,8501,162,039102.9%4,477,3754,605,0412.9%
Operating income651,736696,8076.9%2,851,9852,577,743(9.6%)
EBITDA734,366790,1487.6%3,178,7532,942,270(7.4%)
       
Puerto Vallarta      
Aeronautical services570,984610,6927.0%2,492,1642,414,056(3.1%)
Non-aeronautical services129,906137,5935.9%561,976587,4074.5%
Improvements to concession assets (IFRIC 12)505,153414,642(17.9%)1,715,8241,529,823(10.8%)
Total Revenues1,206,0431,162,926(3.6%)4,769,9644,531,286(5.0%)
Operating income485,763524,1407.9%2,137,3391,985,498(7.1%)
EBITDA551,644581,8795.5%2,367,5082,206,473(6.8%)
       
Montego Bay      
Aeronautical services414,279456,53010.2%1,804,9751,871,6793.7%
Non-aeronautical services202,326216,2946.9%800,061826,7103.3%
Improvements to concession assets (IFRIC 12)127,108100,811(20.7%)206,137228,55010.9%
Total Revenues743,715773,6354.0%2,811,1742,926,9384.1%
Operating income182,467234,14028.3%895,2961,016,66313.6%
EBITDA297,869319,0947.1%1,363,2651,321,738(3.0%)
       

Exhibit A: Operating results by airport (in thousands of pesos):

Airport4Q234Q24Change20232024Change
Guanajuato      
Aeronautical services216,583238,59410.2%923,323917,088(0.7%)
Non-aeronautical services47,03648,0862.2%182,829190,8544.4%
Improvements to concession assets (IFRIC 12)(27,098)144,954(634.9%)185,069311,56768.4%
Total Revenues236,521431,63482.5%1,291,2211,419,5099.9%
Operating income181,575190,0204.7%761,752717,979(5.7%)
EBITDA203,249213,2224.9%849,651806,835(5.0%)
       
Hermosillo      
Aeronautical services142,349137,815(3.2%)525,222515,477(1.9%)
Non-aeronautical services30,17529,107(3.5%)98,269116,00218.0%
Improvements to concession assets (IFRIC 12)(5,760)44,616(874.6%)37,55892,854147.2%
Total Revenues166,764211,53826.8%661,049724,3339.6%
Operating income107,26293,302(13.0%)337,981310,727(8.1%)
EBITDA132,466118,349(10.7%)437,251411,590(5.9%)
       
Others(1)      
Aeronautical services565,310651,91215.3%2,408,1412,469,2002.5%
Non-aeronautical services109,856108,282(1.4%)437,237426,315(2.5%)
Improvements to concession assets (IFRIC 12)197,118368,11386.7%547,766716,63930.8%
Total Revenues872,2841,128,30729.4%3,393,1463,612,1546.5%
Operating income173,103165,507(4.4%)785,604727,934(7.3%)
EBITDA267,169264,114(1.1%)1,125,7311,092,861(2.9%)
       
Total      
Aeronautical services4,486,7524,959,08510.5%19,267,39519,110,067(0.8%)
Non-aeronautical services1,255,2391,297,9873.4%4,913,8745,247,9936.8%
Improvements to concession assets (IFRIC 12)3,023,6962,517,564(16.7%)7,791,3206,832,541(12.3%)
Total Revenues8,765,6868,774,6360.1%31,972,58931,190,601(2.4%)
Operating income3,474,1963,609,3353.9%14,684,32713,752,107(6.3%)
EBITDA4,120,8244,274,5223.7%17,117,82916,273,174(4.9%)
       

(1)   Others include the operating results of the Aguascalientes, La Paz, Los Mochis, Manzanillo, Mexicali, Morelia, and Kingston airports.

Exhibit B: Consolidated statement of financial position as of December 31 (in thousands of pesos):

 20232024Change%
Assets    
Current assets    
Cash and cash equivalents10,055,21113,466,0273,410,81633.9%
Trade accounts receivable - Net2,251,2292,696,831445,60219.8%
Other current assets1,402,9591,294,654(108,305)(7.7%)
Total current assets13,709,39917,457,5123,748,11327.3%
     
Advanced payments to suppliers2,105,8331,158,227(947,606)(45.0%)
Machinery, equipment and improvements to leased buildings - Net4,552,2834,819,107266,8245.9%
Improvements to concession assets - Net28,997,24436,612,3167,615,07226.3%
Airport concessions - Net8,778,9889,622,181843,1939.6%
Rights to use airport facilities - Net1,461,100992,238(468,862)(32.1%)
Other acquired rights-2,074,7832,074,783100.0%
Deferred income taxes - Net7,337,8138,128,715790,90210.8%
Other non-current assets502,200787,996285,79656.9%
Total assets67,444,86081,653,07514,208,21521.1%
     
Liabilities    
Current liabilities12,085,57911,561,848(523,731)(4.3%)
Long-term liabilities34,414,63345,469,48811,054,85532.1%
Total liabilities46,500,21257,031,33610,531,12422.6%
     
Stockholders' Equity    
Common stock8,197,5361,194,390(7,003,146)(85.4%)
Legal reserve478,185920,187442,00292.4%
Retained earnings8,787,56816,957,7238,170,15593.0%
Reserve for share repurchase2,500,0002,500,000-0.0%
Foreign currency translation reserve(240,307)769,8001,010,107(420.3%)
Remeasurements of employee benefit – Net(1,919)8,28310,202(531.6%)
Cash flow hedges- Net60,720(4,584)(65,304)(107.5%)
Total controlling interest19,781,78322,345,7992,564,01613.0%
Non-controlling interest1,162,8642,275,9401,113,07595.7%
Total stockholder's equity20,944,64724,621,7393,677,09117.6%
     
Total liabilities and stockholders' equity67,444,86081,653,07514,208,21521.1%
     

The non-controlling interest corresponds to the 25.5% stake held in the Montego Bay airport by Vantage Airport Group Limited (“Vantage”).

Exhibit C: Consolidated statement of cash flows (in thousands of pesos):

 4Q234Q24Change20232024Change
Cash flows from operating activities:      
Consolidated net income2,257,0842,169,179(3.9%)9,689,6008,875,441(8.4%)
       
Postemployment benefit costs11,815(9,832)(183.2%)45,50132,846(27.8%)
Allowance expected credit loss1,030(6,378)(719.2%)29,39524,708(15.9%)
Depreciation and amortization686,722923,44434.5%2,545,7023,061,03920.2%
Loss on sale of machinery, equipment and improvements to leased assets(817)(3,707)353.7%(668)17,615(2735.8%)
Interest expense642,6421,162,34480.9%3,439,2764,206,71722.3%
Provisions4,908(312,441)(6466.0%)22,98677,867238.8%
Income tax expense547,4361,046,32491.1%3,072,0903,240,3025.5%
Unrealized exchange loss(28,229)(54,495)93.0%(311,969)519,672(266.6%)
 4,122,5914,914,43819.2%18,531,91420,056,2088.2%
Changes in working capital:      
(Increase) decrease in      
Trade accounts receivable(201,310)(229,298)13.9%50,837(432,955)(951.7%)
Recoverable tax on assets and other assets(257,260)(602,912)134.4%(469,839)173,461(136.9%)
Increase (decrease)      
Concession taxes payable207,078(364,254)(275.9%)374,872(540,643)(244.2%)
Accounts payable65,8301,295,8801868.5%(51,011)893,037(1850.7%)
Cash generated  by operating activities3,936,9295,013,85427.4%18,436,77320,149,1079.3%
Income taxes paid(882,708)(942,698)6.8%(4,501,917)(3,474,764)(22.8%)
Net cash flows provided by operating activities3,054,2214,071,15633.3%13,934,85516,674,34219.7%
       
Cash flows from investing activities:      
Machinery, equipment and improvements to concession assets(2,801,045)(2,618,548)(6.5%)(10,444,346)(7,844,983)(24.9%)
Cash flows from sales of machinery and equipment1,7421,676(3.8%)3,5356,57386.0%
Other investment activities(1,101)(96,830)8694.7%(36,552)(71,070)94.4%
Business acquisition--0.0%-(875,504)100.0%
Net cash used by investment activities(2,800,404)(2,713,702)(3.1%)(10,477,364)(8,784,984)(16.2%)
       
Cash flows from financing activities:      
Dividends declared and paid(3,749,158)-(100.0%)(7,498,317)-(100.0%)
Dividends declared and paid non-controlling interest(135,914)(4,511)(96.7%)(135,914)(139,996)(3.0%)
Capital Reduction-(3,501,573)100.0%-(7,003,146)(100.0%)
Bond certificates issued--0.0%5,400,0008,648,13460.2%
Bond certificates paid--0.0%(602,000)(3,000,000)398.3%
Bank loans paid(1,570,819)(4,859,039)209.3%(1,642,132)(4,929,881)200.2%
Banks loans1,494,3414,783,480220.1%3,715,4595,658,48052.3%
Interest capitalized on bank loans(342,554)(39,417)(88.5%)(342,554)(39,417)(88.5%)
Interest paid on bank loans(634,052)(1,071,852)69.0%(3,661,981)(4,177,241)14.1%
Interest paid on lease(1,148)(785)(31.6%)(4,805)(3,695)(23.1%)
Payments of obligations for leasing(4,454)(14,099)216.5%(17,518)(33,292)90.0%
Net cash flows used in financing activities(4,943,758)(4,707,796)(4.8%)(4,789,762)(5,020,054)4.8%
       
Effects of exchange rate changes on cash held291,081988,354239.5%(369,192)541,512(246.7%)
Net  increase (decrease) in cash and cash equivalents(4,398,860)(2,361,988)(46.3%)(2,316,253)3,410,815(247.3%)
Cash and cash equivalents at beginning of the period14,454,07215,828,0159.5%12,371,46410,055,211(18.7%)
Cash and cash equivalents at the end of the period10,055,21113,466,02733.9%10,055,21113,466,02733.9%
       

Exhibit D: Consolidated statements of profit or loss and other comprehensive income (in thousands of pesos):

 4Q234Q24Change20232024Change
Revenues      
Aeronautical services4,486,7524,959,40510.5%19,267,39519,110,068(0.8%)
Non-aeronautical services1,621,1812,150,74832.7%6,165,4297,671,76624.4%
Improvements to concession assets (IFRIC-12)3,023,6962,517,564(16.7%)7,791,3206,832,541(12.3%)
Total revenues9,131,6299,627,7175.4%33,224,14433,614,3751.2%
       
Operating costs      
Costs of services:1,195,6351,542,26929.0%4,380,0695,263,24120.2%
Employee costs451,452602,96433.6%1,724,4612,125,95823.3%
Maintenance250,557292,93316.9%728,618848,57516.5%
Safety, security & insurance188,135228,90321.7%691,155831,41120.3%
Utilities121,268145,67120.1%485,265542,48211.8%
Business operated directly by us70,25480,52214.6%245,496299,53922.0%
Other operating expenses113,969191,27667.8%505,074615,27621.8%
       
Technical assistance fees199,494218,0619.3%851,320845,233(0.7%)
Concession taxes594,877675,45013.5%2,532,8962,666,7515.3%
Depreciation and amortization686,722923,44434.5%2,545,7023,061,03920.2%
Cost of improvements to concession assets (IFRIC-12)3,023,6962,517,564(16.7%)7,791,3206,832,541(12.3%)
Other (income)(23,713)(82,602)248.3%(15,875)(105,076)561.9%
Total operating costs5,676,7115,794,1862.1%18,085,43118,563,7292.6%
Income from operations3,454,9183,833,53111.0%15,138,71315,050,645(0.6%)
Financial Result(650,398)(618,028)(5.0%)(2,377,022)(2,934,903)23.5%
Income before income taxes2,804,5203,215,50314.7%12,761,69112,115,742(5.1%)
Income taxes(547,436)(1,046,324)91.1%(3,072,090)(3,240,302)5.5%
Net income2,257,0842,169,179(3.9%)9,689,6008,875,441(8.4%)
Currency translation effect(237,991)112,921(147.4%)(893,709)1,132,600(226.7%)
Cash flow hedges, net of income tax(45,552)(17,775)(61.0%)(69,905)(65,302)(6.6%)
Remeasurements of employee benefit – net income tax(16,849)10,024(159.5%)(15,932)10,201(164.0%)
Comprehensive income1,956,6922,274,34916.2%8,710,0549,952,93914.3%
Non-controlling interest(8,301)(117,440)1314.8%(68,820)(385,774)460.6%
Comprehensive income attributable to controlling interest1,948,3912,156,90810.7%8,641,2359,567,16710.7%
       

The non-controlling interest corresponds to the 25.5% stake held in the Montego Bay airport by Vantage Airport Group Limited (“Vantage”).

Exhibit E: Consolidated stockholders’ equity (in thousands of pesos):

 Common StockLegal ReseveReserve for Share RepurchaseRepurchased SharesRetained EarningsOther comprehensive incomeTotal controlling interestNon-controlling interestTotal Stockholders' Equity
Balance as of January 1, 20238,197,53634,0762,499,473(1,999,986)9,187,597720,17118,638,8661,189,17919,828,045
Legal Reserve increase-444,109--(444,109)----
Dividends declared----(7,498,318)-(7,498,318)-(7,498,318)
Repurchased share cancellation--(1,999,986)1,999,986-----
Reserve for share purchase--2,000,514-(2,000,514)----
Comprehensive income:         
Net income----9,542,912-9,542,912146,6889,689,600
Foreign currency translation reserve-----(815,841)(815,841)(77,868)(893,709)
Remeasurements of employee benefit – Net-----(15,932)(15,932)-(15,932)
Reserve for cash flow hedges – Net of income tax-----(69,905)(69,905)-(69,905)
Balance as of December 31, 20238,197,536478,1852,500,000-8,787,568(181,508)19,781,7801,162,86420,944,646
Legal Reserve increase-442,002--(442,002)----
Capital reduction(7,003,146)-----(7,003,146)-(7,003,146)
Business acquisition non-controlling interest-------826,787.00826,787
Dividends declared non-controlling interest-------(99,485)(99,485)
Comprehensive income:         
Net income----8,612,157-8,612,157263,2828,875,439
Foreign currency translation reserve-----1,010,1071,010,107122,4921,132,599
Remeasurements of employee benefit – Net-----10,20110,201-10,201
Reserve for cash flow hedges – Net of income tax-----(65,301)(65,301)-(65,301)
Balance as of December 31, 20241,194,390920,1872,500,000-16,957,723773,49922,345,7992,275,94024,621,739
          

For presentation purposes, the 25.5% stake in Desarrollo de Concesiones Aeroportuarias, S.L. (“DCA”) held by Vantage and the 48.5% stake in Guadalajara World Trade Center, S.A. de C.V., appears in the Stockholders’ Equity of the Company as a non-controlling interest.

As a part of the adoption of IFRS, the effects of inflation on common stock recognized under Mexican Financial Reporting Standards (MFRS) through December 31, 2007, were reclassified as retained earnings because accumulated inflation recognized under MFRS is not considered hyperinflationary according to IFRS. For Mexican legal and tax purposes, Grupo Aeroportuario del Pacífico, S.A.B. de C.V., as an individual entity, will continue preparing separate financial information under MFRS. Therefore, for any transaction between the Company and its shareholders related to stockholders’ equity, the Company must take into consideration the accounting balances prepared under MFRS as an individual entity and determine the tax impact under tax laws applicable in Mexico, which requires the use of MFRS. For the purpose of reporting to stock exchanges, the consolidated financial statements will continue to be prepared following IFRS, as issued by the IASB.

Exhibit F: Other operating data:

 4Q234Q24Change20232024Change
Total passengers15,796.016,019.41.4%63,464.462,156.5(2.1%)
Total cargo volume (in WLUs)674.6709.25.1%2,543.62,773.39.0%
Total WLUs16,473.516,728.61.5%66,008.164,929.8(1.6%)
       
Aeronautical & non aeronautical services per passenger (pesos)386.6443.814.8%400.7430.97.5%
Aeronautical services per WLU (pesos)272.4296.58.8%291.9294.30.8%
Non aeronautical services per passenger (pesos)102.6134.330.8%97.1123.427.1%
Cost of services per WLU (pesos)72.692.227.0%66.481.122.2%
       

WLU = Workload units represent passenger traffic plus cargo units (1 cargo unit = 100 kilograms of cargo).

1 Revenues from improvements to concession assets are recognized in accordance with International Financial Reporting Interpretation Committee 12 “Service Concession Arrangements” (IFRIC 12). However, this recognition does not have a cash impact or impact on the Company’s operating results. Amounts included as a result of the recognition of IFRIC 12 are related to construction of infrastructure in each quarter to which the Company has committed. This is in accordance with the Company’s Master Development Programs in Mexico and Capital Development Programs in Jamaica. All margins and ratios calculated using “Total Revenues” include revenues from improvements to concession assets (IFRIC 12), and, consequently, such margins and ratios may not be comparable to other ratios and margins, such as EBITDA margin, operating margin or other similar ratios that are calculated based on those results of the Company that do have a cash impact.

[2] Revenues from improvements to concession assets are recognized in accordance with International Financial Reporting Interpretation Committee 12 “Service Concession Arrangements” (IFRIC 12), but this recognition does not have a cash impact or an impact on the Company’s operating results. Amounts included as a result of the recognition of IFRIC 12 are related to construction of infrastructure in each quarter to which the Company has committed in accordance with the Company’s Master Development Programs in Mexico and Capital Development Program in Jamaica. All margins and ratios calculated using “Total Revenues” include revenues from improvements to concession assets (IFRIC 12), and, consequently, such margins and ratios may not be comparable to other ratios and margins, such as EBITDA margin, operating margin or other similar ratios that are calculated based on those results of the Company that do have a cash impact.


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