Grupo Aeroportuario del Pacífico, S.A.B. de C.V. Q2 FY2025 earnings call

• Passenger Traffic: Reached 15.8 million, a 4.1% y-o-y increase; 8 new routes added (7 domestic, 1 international) with more to be announced in H2 2025.
• Revenue: Excluding IFRIC-12, grew 30.6% to MXN 8.2B, driven by 26.4% aeronautical and 41.8% non-aeronautical growth.
• EBITDA: Up 31.1% to MXN 5.5B, margin 67.1%.
• Financial Position: Cash/Cash Equivalents MXN 9.7B; paid MXN 2.5B bond, secured MXN 3.4B credit facility; net debt-to-EBITDA 1.8x.
• CapEx: H1 2025 spent MXN 12.8B, on track with annual plan.
• Strategic Opportunities: Pursuing Turks and Caicos tender and CCR airports acquisition.

Total passenger traffic reached 15.8 million, a 4.1% increase year-over-year. Revenues excluding IFRIC-12 grew by 30.6% year-over-year to MXN 8.2 billion, driven by a 26.4% increase in aeronautical revenues and 41.8% increase in non-aeronautical revenues. EBITDA increased by 31.1% to MXN 5.5 billion with an EBITDA margin of 67.1% excluding IFRIC-12. Cash and cash equivalents stood at MXN 9.7 billion as of June 30. During the quarter, MXN 2.5 billion was paid on GAP's 21 bond, and an MXN 3.4 billion credit facility was secured. CapEx in the first half of 2025 was about MXN 12.8 billion, in line with the annual plan of MXN 13.3 billion.

Maintain initial annual guidance despite potential impacts from U.S. migration policies; expect to maintain traffic and financial performance.

• U.S. migration and enforcement policies impacting international traffic, particularly U.S.-Mexico routes.
• Peso volatility and macroeconomic conditions affecting discretionary travel.

Q: Stephen Trent asks about inorganic opportunities with Turks and Caicos and CCR, and hotel in Guadalajara.

A: Raul Revuelta mentions airport assets need potential future growth and profitability; hotel in Guadalajara is performing well with avg MXN 2,500 tariffs and 80% occupancy.

Q: Pablo Monsivais asks about tariff increases and airline pushback.

A: Saul Villarreal says first tariff adjustment in March 2025, second expected in Jan 2026; airlines remain vocal about tariff changes as usual.

Q: Fernanda Recchia asks about traffic trends and inorganic growth timeline.

A: Saul Villarreal notes seeing traffic trend stabilization; timeline for Turks and Caicos and CCR process not specified, and GAP is analyzing assets for potential return.

Q: Guilherme Mendes asks about CCR portfolio and airport fees unbundling.

A: Raul Revuelta says no immediate capital injection needed for CCR portfolio; airport fees unbundling not impacting traffic significantly as it's been a trend.

Q: Jens Spiess asks about tariff increase percentage and BFR demand.

A: Raul Revuelta says maximum tariff increase depends on airport, with potential double-digit increases; optimistic about Q4 capacity growth and BFR market.

Q: Pablo Ricalde asks about depreciation impact on dividend and Madrid route.

A: Raul Revuelta says depreciation increasing due to asset capitalization; Madrid-Guadalajara route not yet announced but in consideration.

Q: Jorge Vargas asks about CapEx sustainability and Montego Bay traffic.

A: Raul Revuelta says CapEx funded by debt; initiatives in place to reactivate Montego Bay growth.

Q: Abraham Fuentes asks about non-aeronautical revenue per passenger and U.S. DOT anticompetitive behavior.

A: Raul Revuelta says new terminals will boost commercial revenue per passenger; U.S. aviation policy impact is part of broader bilateral relation discussion.

Q: Alan Macias asks about U.S.-Mexico airline exposure and guidance.

A: Raul Revuelta confirms ~38% exposure to BFR market and maintains initial guidance.