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Grupo Aeroportuario del Pacifico Announces Results for the Fourth Quarter of 2025

GUADALAJARA, Mexico, Feb. 23, 2026 (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, 2025 (4Q25). Figures are unaudited and prepared following International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”).

Summary of Results 4Q25 vs. 4Q24

  • The sum of aeronautical and non-aeronautical services revenuesincreased by Ps. 911.4 million, or 12.8%. Total revenues increased by Ps. 267.1 million, or 2.8%.
  • Cost of services increased by Ps. 426.8 million, or 28.1%.
  • Income from operations increased by Ps. 322.1 million, or 8.4%.
  • EBITDA increased by Ps. 357.3 million, or 7.5%, an increase from Ps. 4,757.0 million in 4Q24 to Ps. 5,114.3 million in 4Q25. EBITDA margin (excluding the effects of IFRIC-12) went from 66.9% in 4Q24 to 63.8% in 4Q25.
  • Comprehensive income decreased by Ps. 781.1 million, or 34.3%, from an income of Ps. 2,274.3 million in 4Q24 to an income of Ps. 1,493.3 million in 4Q25.

Company’s Financial Position:

During the 4Q25, total aeronautical revenues increased compared to 4Q24, primarily driven by the implementation in Mexico of the airport tariffs approved for the 2025–2029 period, as well as the opening of new routes. This effect was partially offset by the decrease in passenger traffic in Jamaica, resulting from the impact of Hurricane Melissa on the island in October 2025. Montego Bay Airport was affected, sustaining damage to the terminal building, equipment, and operational areas. As a precautionary measure, the airport suspended operations on October 26, 2025, resuming them on November 1. Kingston Airport experienced minor impacts and only required the preventive closure of its facilities on October 25, resuming regular operations on October 29. The recovery of passenger traffic in Jamaica will largely depend on the pace of restoration of the country’s hotel and tourism infrastructure.

As of December 31, 2025, the Company reported a financial position of Ps. 10,453.2 million in cash and cash equivalents.

Passenger Traffic

During 4Q25, the 14 airports operated by GAP recorded a decrease of 139.6 thousand total passengers, representing a 0.9% decrease compared to 4Q24.

During this period, the following new routes were inaugurated:

Domestic:

Airline Departure Arrival Opening date Frequencies
Volaris Guadalajara Zihuatanejo November 2, 2025 4 weekly
Volaris Guadalajara Puebla November 2, 2025 2 daily
Volaris Guadalajara Villahermosa November 2, 2025 1 daily
Volaris Guadalajara Durango November 3, 2025 3 weekly
         

Note: Frequencies can vary without prior notice.

International: 

Airline Departure Arrival Opening date Frequencies
Volaris Guadalajara Bogota November 4, 2025 2 weekly
Air Canada Guadalajara Toronto November 4, 2025 3 weekly
Porter Puerto Vallarta Toronto November 14, 2025 3 weekly
Copa Los Cabos Panama City December 4, 2025 3 weekly
WestJet Montego Bay Quebec December 6, 2025 1 weekly
WestJet Guadalajara Calgary December 7, 2025 2 weekly
Air Transat Guadalajara Montreal December 13, 2025 2 weekly
Porter Puerto Vallarta Ottawa December 13, 2025 2 weekly
Flair Montego Bay Toronto December 14, 2025 2 weekly
Aeroméxico Guadalajara Seattle December 18, 2025 1 daily
Porter Puerto Vallarta Hamilton December 18, 2025 2 weekly
Wingo Montego Bay Bogota December 18, 2025 2 weekly
Delta Los Cabos Austin December 20, 2025 1 daily
Frontier Puerto Vallarta Atlanta December 20, 2025 1 weekly
Frontier Los Cabos Atlanta December 20, 2025 1 weekly
Frontier Los Cabos Las Vegas December 20, 2025 1 weekly
         

Note: Frequencies can vary without prior notice.

Domestic Terminal Passengers – 14 airports (in thousands):

Airport 4Q24 4Q25 Change 2024 2025 Change
Guadalajara 3,159.8 3,432.8 8.6 % 11,939.5 12,727.9 6.6 %
Tijuana* 2,143.4 2,121.8 (1.0 %) 8,431.6 8,556.0 1.5 %
Los Cabos 710.7 670.9 (5.6 %) 2,830.4 2,841.6 0.4 %
Puerto Vallarta 720.3 768.7 6.7 % 2,841.9 3,123.4 9.9 %
Montego Bay 0.1 0.0 (100.0 %) 0.1 0.0 (61.3 %)
Guanajuato 571.3 573.3 0.3 % 2,116.6 2,241.5 5.9 %
Hermosillo 561.6 529.9 (5.6 %) 2,074.3 2,121.2 2.3 %
Kingston 0.5 0.2 (52.8 %) 2.9 1.2 (57.7 %)
Morelia 181.3 209.8 15.7 % 645.9 777.3 20.4 %
La Paz 312.0 344.1 10.3 % 1,191.9 1,300.0 9.1 %
Mexicali 261.8 335.3 28.1 % 1,026.9 1,264.5 23.1 %
Aguascalientes 169.1 166.4 (1.6 %) 636.1 649.6 2.1 %
Los Mochis 165.4 182.8 10.5 % 577.4 705.7 22.2 %
Manzanillo 33.9 37.1 9.5 % 128.3 134.7 5.0 %
Total 8,991.2 9,373.2 4.2 % 34,443.8 36,444.7 5.8 %
             

International Terminal Passengers – 14 airports (in thousands): 

Airport 4Q24 4Q25 Change 2024 2025 Change
Guadalajara 1,556.0 1,572.5 1.1 % 5,909.1 5,968.7 1.0 %
Tijuana* 1,112.2 1,052.8 (5.3 %) 4,114.1 4,094.0 (0.5 %)
Los Cabos 1,168.7 1,187.8 1.6 % 4,657.7 4,688.3 0.7 %
Puerto Vallarta 991.1 1,004.5 1.3 % 3,961.6 3,824.3 (3.5 %)
Montego Bay 1,159.9 624.7 (46.1 %) 5,057.0 4,469.0 (11.6 %)
Guanajuato 278.9 277.8 (0.4 %) 1,052.4 1,059.9 0.7 %
Hermosillo 19.9 22.6 13.6 % 82.5 81.9 (0.8 %)
Kingston 449.4 429.6 (4.4 %) 1,774.3 1,840.0 3.7 %
Morelia 174.9 205.0 17.2 % 658.8 730.7 10.9 %
La Paz 5.4 12.1 123.6 % 14.1 37.6 166.5 %
Mexicali 1.7 2.1 22.2 % 7.3 7.6 4.6 %
Aguascalientes 83.6 88.8 6.2 % 325.7 334.5 2.7 %
Los Mochis 1.7 1.8 5.1 % 7.8 7.9 0.0 %
Manzanillo 24.4 24.2 (1.1 %) 90.1 96.5 7.1 %
Total 7,027.8 6,506.2 (7.4 %) 27,712.5 27,241.0 (1.7 %)
             


*CBX users are classified as international passengers.

Total Terminal Passengers – 14 airports (in thousands):

Airport 4Q24 4Q25 Change 2024 2025 Change
Guadalajara 4,715.9 5,005.2 6.1 % 17,848.7 18,696.6 4.8 %
Tijuana* 3,255.6 3,174.7 (2.5 %) 12,545.8 12,650.0 0.8 %
Los Cabos 1,879.4 1,858.7 (1.1 %) 7,488.1 7,529.9 0.6 %
Puerto Vallarta 1,711.4 1,773.2 3.6 % 6,803.5 6,947.7 2.1 %
Montego Bay 1,160.0 624.7 (46.1 %) 5,057.1 4,469.1 (11.6 %)
Guanajuato 850.2 851.1 0.1 % 3,169.0 3,301.5 4.2 %
Hermosillo 581.4 552.5 (5.0 %) 2,156.7 2,203.1 2.1 %
Kingston 449.9 429.8 (4.5 %) 1,777.2 1,841.2 3.6 %
Morelia 356.2 414.8 16.4 % 1,304.6 1,508.1 15.6 %
La Paz 317.4 356.2 12.2 % 1,206.0 1,337.6 10.9 %
Mexicali 263.5 337.3 28.0 % 1,034.1 1,272.1 23.0 %
Aguascalientes 252.7 255.2 1.0 % 961.8 984.1 2.3 %
Los Mochis 167.1 184.6 10.5 % 585.2 713.6 21.9 %
Manzanillo 58.3 61.3 5.0 % 218.4 231.2 5.9 %
Total 16,019.0 15,879.4 (0.9 %) 62,156.3 63,685.7 2.5 %
             


*CBX users are classified as international passengers.

CBX Users (in thousands):

Airport 4Q24 4Q25 Change 2024 2025 Change
Tijuana 1,092.3 1,034.1 (5.3 %) 4,048.6 4,018.1 (0.8 %)
             

Consolidated Results for the Fourth Quarter of 2025 (in thousands of pesos): 

  4Q24 4Q25 Change
Revenues      
Aeronautical services 4,959,405   5,585,454   12.6 %
Non-aeronautical services 2,150,748   2,436,075   13.3 %
Improvements to concession assets (IFRIC-12) 2,517,564   1,873,248   (25.6 %)
Total revenues 9,627,717   9,894,778   2.8 %
       
Operating costs      
Costs of services: 1,518,017   1,944,858   28.1 %
Employee costs 602,964   692,238   14.8 %
Maintenance 292,933   435,029   48.5 %
Safety, security & insurance 228,903   235,619   2.9 %
Utilities 145,671   157,109   7.9 %
Business operated directly by us 80,522   94,431   17.3 %
Other operating expenses 167,024   330,432   97.8 %
       
Technical assistance fees 218,061   239,849   10.0 %
Concession taxes 699,702   765,371   9.4 %
Depreciation and amortization 923,444   958,732   3.8 %
Cost of improvements to concession assets (IFRIC-12) 2,517,564   1,873,248   (25.6 %)
Other (income) (82,602 ) (42,862 ) (48.1 %)
Total operating costs 5,794,186   5,739,196   (0.9 %)
Income from operations 3,833,531   4,155,582   8.4 %
Financial Result (618,028 ) (1,141,415 ) 84.7 %
Income before income taxes 3,215,503   3,014,167   (6.3 %)
Income taxes (1,046,324 ) (1,222,790 ) 16.9 %
Net income 2,169,179   1,791,377   (17.4 %)
Currency translation effect 112,921   (283,884 ) (351.4 %)
Cash flow hedges, net of income tax (17,775 ) –   (100.0 %)
Remeasurements of employee benefit – net income tax 10,024   (14,237 ) (242.0 %)
Comprehensive income 2,274,349   1,493,256   (34.3 %)
Non-controlling interest (117,440 ) (63,992 ) (45.5 %)
Comprehensive income attributable to controlling interest 2,156,908   1,429,264   (33.7 %)
       
       
  4Q24 4Q25 Change
EBITDA 4,756,975   5,114,314   7.5 %
Comprehensive income 2,274,349   1,493,256   (34.3 %)
Comprehensive income per share (pesos) 4.5012   2.9553   (34.3 %)
Comprehensive income per ADS (US dollars) 2.4999   1.6413   (34.3 %)
       
Operating income margin 39.8 % 42.0 % 5.5 %
Operating income margin (excluding IFRIC-12) 53.9 % 51.8 % (3.9 %)
EBITDA margin 49.4 % 51.7 % 4.6 %
EBITDA margin (excluding IFRIC-12) 66.9 % 63.8 % (4.7 %)
Costs of services and improvements / total revenues 42.2 % 37.6 % (10.8 %)
Cost of services / total revenues (excluding IFRIC-12) 21.7 % 23.0 % 6.1 %
       
       

– Net income and comprehensive income per share for 4Q25 and 4Q24 were calculated based on 505,277,464 shares outstanding as of December 31, 2025, and December 31, 2024, respectively. Figures in U.S. dollar were converted from pesos using an exchange rate of                  Ps. 18.0057 per U.S. dollar, as published by the U.S. Federal Reserve Board (noon buying rate) on December 31, 2025.

– For consolidating the Jamaican airports, an average exchange rate of Ps. 18.3151 per U.S. dollar was used, corresponding to the three-month period ended December 31, 2025.

Revenues (4Q25 vs. 4Q24)

•   Aeronautical services revenues increased by Ps. 626.0 million, or 12.6%.
•   Non-aeronautical services revenues increased by Ps. 285.3 million, or 13.3%.
•   Revenues from improvements to concession assets decreased by Ps. 644.3 million, or 25.6%.
•   Total revenues increased by Ps. 267.1 million, or 2.8%.

The change in aeronautical services revenues was primarily due to the following factors:

  1. Revenues at the Mexican airports increased by Ps. 892.5 million, or 21.2%, compared to 4Q24. This increase was mainly driven by higher passenger revenues, which rose by Ps. 621.7 million, or 17.1%, reflecting the implementation of the new airport maximum tariffs approved for the 2025–2029 regulatory period, effective as of March 2025, as well as a 2.9% increase in passenger traffic during the quarter.
  2. Revenues at the Jamaican airports decreased by Ps. 266.4 million, or 35.7%, compared to 4Q24, mainly due to a 34.5% decrease in passenger traffic during the quarter, resulting from the impact of the Hurricane Melissa, as previously described. Additionally, the appreciation of the Mexican peso against the U.S. dollar negatively affected revenue translation, as the average exchange rate moved from Ps. 20.0691 in 4Q24 to Ps. 18.3151 in 4Q25, representing a peso appreciation of 8.7%.

The change in non-aeronautical services revenues was primarily driven by the following factors:

  1. Revenues at Mexican airports increased by Ps. 366.5 million, or 19.5%, compared to 4Q24. Revenues from businesses operated directly by us increased by Ps. 262.9 million, or 28.3%, mainly driven by the consolidation of revenues from the cargo and bonded warehouse business, which contributed Ps. 129.2 million, or 37.4%, to this growth. Revenues from businesses operated by third parties increased Ps. 102.8 million, or 11.5%, primarily driven by the opening of new commercial spaces and the renegotiation of commercial contracts. The fastest-growing business lines were food and beverage, retail stores, ground transportation, and leasing of space, which together increased by Ps. 92.3 million, or 13.8%. This increase was partially offset by a decrease in timeshares, which declined Ps. 3.9 million, or 5.7%.
  2. Revenues at the Jamaican airports decreased by Ps. 81.2 million, or 29.5%, compared to 4Q24, primarily due to the decline in passenger traffic resulting from the impact of Hurricane Melissa and the peso appreciation in the 4Q25.
  4Q24 4Q25 Change
Businesses operated by third parties:      
Food and beverage 281,075 311,589 10.9 %
Car rental 197,765 223,813 13.2 %
Retail 171,081 171,425 0.2 %
Duty-free 196,043 156,057 (20.4 %)
Leasing of space 100,036 97,617 (2.4 %)
Timeshares 67,502 63,633 (5.7 %)
Other commercial revenues 45,467 56,688 24.7 %
Ground transportation 48,827 53,919 10.4 %
Communications and financial services 29,143 27,922 (4.2 %)
Total 1,136,938 1,162,662 2.3 %
       
Businesses operated directly by us:      
Cargo operation and bonded warehouse 383,679 509,613 32.8 %
Car parking 178,729 206,898 15.8 %
Convenience stores 149,057 171,256 14.9 %
VIP Lounges 151,715 168,162 10.8 %
Advertising 50,674 75,453 48.9 %
Hotel operation 36,531 53,812 47.3 %
Access control services – 25,640 100.0 %
Total 950,384 1,210,835 27.4 %
Recovery of costs 63,426 62,578 (1.3 %)
Total Non-aeronautical Revenues 2,150,748 2,436,075 13.3 %
       
       

Figures expressed in thousands of Mexican pesos.

‐        Revenues from improvements to concession assets 1

Revenues from improvements to concession assets (IFRIC-12) decreased by Ps. 644.3 million, or 25.6%, compared to 4Q24. The change was composed of:

  1. Improvements to concession assets at the Company’s Mexican airports, decreased by Ps. 651.9 million, or 29.9%, in line with the investments committed under the Master Development Program for the 2025–2029 period.
  2. Improvements to concession assets at the Company’s Jamaican airports, which increased by Ps.7.6 million, or 2.3%.


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.

Total operating costs decreased by Ps. 55.0 million, or 0.9%, compared to 4Q24, mainly due to a Ps. 644.3 million, or 25.6%, decrease in the cost of improvements to concession assets (IFRIC-12). This effect was partially offset by higher technical assistance and concession fees, which together increased by Ps. 87.5 million, or 9.6%; a Ps. 426.8 million, or 28.1%, increase in the cost of services; and a Ps. 35.3 million, or 3.8%, increase in depreciation and amortization. Excluding the cost of improvements to concession assets (IFRIC-12), operating costs increased by Ps. 589.3 million, or 18.0%, compared to 4Q24.

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

   Mexican airports:

  • Operating costs increased by Ps. 162.7 million, or 3.5%, compared to 4Q24, mainly due to higher technical assistance and concession fees, which together increased by Ps. 293.1 million, or 41.6%; a Ps. 439.6 million, or 32.6%, increase in the cost of services; a Ps. 41.5 million, or 5.3%, increase in depreciation and amortization. This effect was partially offset by a Ps. 651.9 million, or 29.9%, decrease in the cost of improvements to the concession assets (IFRIC-12). Excluding the cost of improvements to concession assets (IFRIC-12), operating costs increased by Ps. 814.6 million, or 32.7%.

The change in the cost of services at our Mexican airports during 4Q25 was mainly due to:

  • Maintenance increased by Ps. 131.8 million, or 54.6%, compared to 4Q24, mainly due to the opening of new operational areas, airfield maintenance, and the operation of jet bridges by Ps. 42.0 million in the quarter.
  • Other operating expenses increased by Ps. 108.1 million, or 56.0%, compared to 4Q24, mainly due to higher consulting services for business acquisition projects totaling Ps. 121.4 million, partially offset by a decrease of Ps. 14.2 million in the allowance for doubtful accounts.
  • Employee costs increased by Ps. 92.0 million, or 17.2%, compared to 4Q24 mainly due to an increase in personnel, salary adjustments, and amendments to the Federal Labor Law.
  • Utilities increased by Ps. 19.7 million, or 20.4%, compared to 4Q24, mainly due to an increase in the cost of energy in Mexico.

Jamaican Airports:

  • Operating expenses decreased by Ps. 217.7 million, or 19.4%, compared to 4Q24, mainly due to a reduction in concession fees of Ps. 205.5 million, or 54.4%; cost of services of Ps. 12.8 million, or 4.9%; and depreciation and amortization of Ps. 6.2 million, or 4.2%. This effect was partially offset by an increase in the cost of improvements to concession assets (IFRIC 12) of Ps. 7.6 million, or 2.3%.

Operating income margin increased from 39.8% in 4Q24 to 42.0% in 4Q25. Excluding the effects of IFRIC-12, the operating income margin declined from 53.9% in 4Q24 to 51.8% in 4Q25. Income from operations increased by Ps. 322.1 million, or 8.4%, compared to 4Q24.

EBITDA margin went from 49.4% in 4Q24 to 51.7% in 4Q25. Excluding the effects of IFRIC-12, EBITDA margin went from 66.9% in 4Q24 to 63.8% in 4Q25. The nominal value of EBITDA increased by Ps. 357.3 million, or 7.5%, compared to 4Q24.

Financial results increased in expenses by Ps. 523.4 million, or 84.7%, going from a net expense of Ps. 618.0 million in 4Q24 to a net expense of Ps. 1,141.4 million in 4Q25. This change was mainly the result of:

  • Foreign exchange rate fluctuations, which changed from an income of Ps. 83.8 million in 4Q24 to an income of Ps. 70.1 million in 4Q25, resulting in a foreign exchange decrease of Ps. 13.7 million due to the appreciation of the peso. In addition, the foreign currency translation effect contributed to a Ps. 351.6 million increase in expense compared to 4Q24.
  • Interest expense increased by Ps. 368.9 million, or 33.6%, compared to 4Q24, mainly due to an increase in the level of debt.
  • Interest income decreased by Ps. 140.7 million, or 35.6%, compared to 4Q24, mainly due to a decrease in the cash and cash equivalents average balance and decrease in the reference rates.

In 4Q25, net and comprehensive income decreased by Ps. 735.9 million, or 32.4%, compared to 4Q24, mainly due to a Ps. 351.6 million increase in foreign currency translation losses versus the same period of last year.

During 4Q25, net income decreased by Ps. 377.8 million, or 17.4%, compared to 4Q24. Income tax for the period increased by Ps. 176.5 million, composed of a Ps. 108.3 million increase in current income tax and a Ps. 68.2 million decrease in deferred tax benefit. This was mainly due to a decrease in the application of tax loss carryforwards for Ps. 80.1 million, compared to 4Q24, and a lower inflation effect, which decreased from 1.5% in 4Q24 to 1.3% in 4Q25.

Consolidated Results for the Twelve Months of 2025 (in thousands of pesos): 

  2024
 2025
 Change
Revenues      
Aeronautical services 19,110,068   22,821,818   19.4 %
Non-aeronautical services 7,671,766   9,704,090   26.5 %
Improvements to concession assets (IFRIC-12) 6,832,541   8,882,633   30.0 %
Total revenues 33,614,375   41,408,540   23.2 %
       
Operating costs      
Costs of services: 5,214,923   6,490,747   24.5 %
Employee costs 2,125,958   2,577,441   21.2 %
Maintenance 848,575   1,256,387   48.1 %
Safety, security & insurance 831,411   927,048   11.5 %
Utilities 542,482   605,959   11.7 %
Business operated directly by us 299,539   353,097   17.9 %
Other operating expenses 566,958   770,816   36.0 %
       
Technical assistance fees 845,233   971,750   15.0 %
Concession taxes 2,715,069   3,817,751   40.6 %
Depreciation and amortization 3,061,039   3,751,949   22.6 %
Cost of improvements to concession assets (IFRIC-12) 6,832,541   8,882,633   30.0 %
Other (income) (105,076 ) (86,404 ) (17.8 %)
Total operating costs 18,563,729   23,828,426   28.4 %
Income from operations 15,050,645   17,580,114   16.8 %
Financial Result (2,934,903 ) (3,466,278 ) 18.1 %
Income before income taxes 12,115,742   14,113,837   16.5 %
Income taxes (3,240,302 ) (4,113,228 ) 26.9 %
Net income 8,875,441   10,000,609   12.7 %
Currency translation effect 1,132,600   (1,014,424 ) (189.6 %)
Cash flow hedges, net of income tax (65,302 ) 4,584   (107.0 %)
Remeasurements of employee benefit – net income tax 10,201   9,600   (5.9 %)
Comprehensive income 9,952,939   9,000,369   (9.6 %)
Non-controlling interest (385,774 ) (366,845 ) (4.9 %)
Comprehensive income attributable to controlling interest 9,567,167   8,633,524   (9.8 %)
       
       
  2024
 2025
 Change
EBITDA 18,111,685   21,332,064   17.8 %
Comprehensive income 9,952,939   9,000,369   (9.6 %)
Comprehensive income per share (pesos) 19.6980   17.8127   (9.6 %)
Comprehensive income per ADS (US dollars) 10.9399   9.8928   (9.6 %)
       
Operating income margin 44.8 % 42.5 % (5.2 %)
Operating income margin (excluding IFRIC-12) 56.2 % 54.0 % (3.8 %)
EBITDA margin 53.9 % 51.5 % (4.4 %)
EBITDA margin (excluding IFRIC-12) 67.6 % 65.6 % (3.0 %)
Costs of services and improvements / total revenues 36.0 % 37.1 % 3.2 %
Cost of services / total revenues (excluding IFRIC-12) 19.7 % 20.0 % 1.5 %
       
       

– Net income and comprehensive income per share for 2025 and 2024 were calculated based on 505,277,464 shares outstanding. U.S. dollar figures were converted from pesos using an exchange rate of Ps. 18.0057 per U.S. dollar, as published by the U.S. Federal Reserve Board (noon buying rate) on December 31, 2025.

– For the purpose of consolidating Jamaican airports, an average exchange rate of Ps. 19.2324 per U.S. dollar was used, corresponding to the twelve months ended December 31, 2025.

Revenues (2025 vs. 2024)

  • Aeronautical services revenues increased by Ps. 3,711.8 million, or 19.4%.
  • Non-aeronautical services revenues increased by Ps. 2,032.3 million, or 26.5%.
  • Revenues from improvements to concession assets increased by Ps. 2,050.1 million, or 30.0%.
  • Total revenues increased by Ps. 7,794.2 million, or 23.2%.

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

  1. Revenues at our Mexican airports increased by Ps. 3,624.3 million, or 22.5%, compared to 2024. This increase was mainly driven by the phased implementation, beginning in March 2025, of the new airport tariffs approved for the 2025–2029 regulatory period, as well as a 3.7% increase in passenger traffic during the period. Additionally, the 5.1% depreciation of the peso against the U.S. dollar, on average in 2025 compared to the 2024 average, positively impacted the translation of tariffs denominated in foreign currency.
  2. Revenues at our Jamaican airports increased by Ps. 87.4 million, or 2.9%, compared to 2024. However, revenues in U.S. dollars decreased by USD$3.3 million, or 2.0%, mainly due to the impact of the hurricane and the resulting reduction in operations. This effect was offset by the depreciation of the Mexican peso against the U.S. dollar, as the average exchange rate moved from Ps. 18.3001 in the January to December 2024 period to Ps. 19.2324 in the same period of 2025, representing a 5.1% depreciation and increasing revenues reported in pesos in 2025.

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

  1. Revenues at our Mexican airports in 2025 increased by Ps. 1,981.3 million, or 29.9%, compared to 2024. Revenues from businesses operated directly by us rose by Ps. 1,630.0 million, or 58.1%, primarily driven by the consolidation of the cargo and bonded warehouse business, which increased by Ps. 1,170.1 million, or 167.2%, reflecting six months of contribution since July 2024 and a full year of operations in 2025. Revenues from businesses operated by third parties increased by Ps. 341.7 million, or 9.4%. This was mainly due to the opening of new commercial spaces, and the renegotiation of existing contracts. The business lines that increased the most were food and beverage, retail, duty-free, timeshares, and ground transportation, which together increased by Ps. 302.1 million, or 21.0%. Recovery of costs increased by Ps. 9.6 million, or 5.3%.
  2. Revenues from the Jamaican airports increased by Ps. 51.0 million, or 4.9%, compared to 2024. Revenues in U.S. dollars decreased by USD$0.2 million, or 0.2%. This effect was offset by the 5.1% depreciation of the Mexican peso against the U.S. dollar.
  2024 2025 Change
Businesses operated by third parties:      
Food and beverage 1,160,215 1,317,959 13.6 %
Car rental 810,812 856,622 5.6 %
Duty-free 749,011 774,832 3.4 %
Retail 687,677 736,854 7.2 %
Leasing of space      
Timeshares      
Other commercial revenues 189,560 224,808 18.6 %
Ground transportation 183,649 205,071 11.7 %
Communications and financial services 109,675 117,955 7.5 %
Total 4,550,978 4,926,551 8.3 %
       
Businesses operated directly by us:      
Cargo operation and bonded warehouse 837,057 2,016,936 141.0 %
Car parking 696,958 757,557 8.7 %
Convenience stores 569,556 660,503 16.0 %
VIP Lounges 513,655 656,526 27.8 %
Advertising 181,459 225,104 24.1 %
Hotel operation 83,335 177,027 143.2 %
Access control services – 25,640 100.0 %
Total 2,882,020 4,519,294 56.8 %
Recovery of costs 238,767 258,245 8.2 %
Total Non-aeronautical Revenues 7,671,766 9,704,090 26.5 %
       
       

Figures expressed in thousands of Mexican pesos.

‐        Revenues from improvements to concession assets 1

Revenues from improvements to concession assets (IFRIC-12) increased by Ps. 2,050.1 million, or 30.0%, compared to 2024. The change was composed of:

  1. Improvements to concession assets at the Company’s Mexican airports, which increased by Ps. 1,978.4 million, or 31.9%, following investments committed under the Master Development Program for the 2025-2029 period.
  2. Improvements to concession assets at the Company’s Jamaican airports, which increased by Ps. 71.7 million, or 11.2%.


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.

Total operating costs increased by Ps. 5,264.7 million, or 28.4%, compared to 2024, primarily due to a Ps. 2,050.1 million, or 30.0%, increase in the cost of improvements to concession assets (IFRIC-12); a combined Ps. 1,229.2 million, or 34.5%, increase in concession fees and technical assistance fees; a Ps. 1,275.8million, or 24.5%, increase in the cost of services; and a Ps. 690.9 million, or 22.6%, increase in depreciation and amortization. Excluding the cost of improvements to concession assets (IFRIC-12), operating costs increased by Ps. 3,214.6 million, or 27.4%.

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

Mexican airports: 

  • Operating costs increased by Ps. 5,047.1 million, or 33.6%, compared to 2024, mainly due to a Ps. 1,978.4 million, or 31.9%, increase in the cost of improvements to the concession assets (IFRIC-12); a combined Ps. 1,224.3 million, or 56.0%, increase in technical assistance fees and concession fees; a Ps. 1,198.5 million, or 27.7%, increase in the cost of services; and a Ps. 628.6 million, or 24.7%, increase in depreciation and amortization. Excluding the cost of improvements to concession assets (IFRIC-12), operating expenses increased by Ps. 3,068.7 million, or 34.8%.

The change in the cost of services at our Mexican airports during 2025 was mainly due to:

  • Employee costs increased by Ps. 425.1 million, or 22.5%, mainly due to increase in personnel, salary adjustments and changes to the Federal Labor Law, as well as the consolidation of the cargo and bonded warehouse business, which contributed Ps. 148.7 million, comparing six months of operations in 2024 with a full year of operations in 2025.
  • Maintenance rose by Ps. 374.9 million, or 55.1%, due to the opening of new operational areas, the operation of jet bridges for Ps. 168.0 million, and the consolidation of the cargo and bonded warehouse business, which contributed Ps. 24.2 million.
  • Other operating expenses increased by Ps. 260.6 million, or 33.9%, primarily due to higher consulting services and professional fees related to the development of new projects and, to a lesser extent, travel expenses amounting to Ps. 225.5 million, as well as the consolidation of the cargo and bonded warehouse business, which contributed Ps. 37.5 million.
  • Safety, security, and insurance rose by Ps. 69.8 million, or 11.4%, driven by an increase in security personnel, minimum wage significant increases, amendments to the Federal Labor Law, the opening of additional operational areas, and the consolidation of the cargo and bonded warehouse business.

Jamaican Airports:

Operating costs increased by Ps. 217.6 million, or 6.1%, compared to 2024, mainly due to an increase in the cost of services by Ps. 77.3 million, or 8.7%; a Ps. 71.7 million, or 11.2%, increase in the cost of improvements to concession assets (IFRIC-12); an increase in depreciation and amortization by Ps. 62.3 million, or 12.0%; and an increase in concession fees by Ps. 4.9 million, or 0.3%.

Operating income margin went from 44.8% in 2024 to 42.5% in 2025. Excluding the effects of IFRIC-12, the operating income margin went from 56.2% in 2024 to 54.0% in 2025. Income from operations increased by Ps. 2,529.5 million, or 16.8%, compared to 2024.

EBITDA margin went from 53.9% in 2024 to 51.5% in 2025. Excluding the effects of IFRIC-12, EBITDA margin went from 67.6% in 2024 to 65.6% in 2025. The nominal value of EBITDA increased by Ps. 3,220.4 million, or 17.8%, compared to 2024.

Financial results increased expenses by Ps. 531.4 million, or 18.1%, from a net expense of Ps. 2,934.9 million in 2024 to a net expense of Ps. 3,466.3 million in 2025. This change was mainly the result of:

  • Foreign exchange fluctuations, which went from an expense of Ps. 119.8 million in 2024 to an expense of Ps. 33.3 million in 2025, resulting in a foreign exchange gain of Ps. 86.5 million due to the depreciation of the Mexican peso. Additionally, the foreign currency translation effect contributed to a Ps. 2,147.0 million increase in expense compared to 2024, due to a 13.8% appreciation of the peso, when comparing the exchange rate of Ps. 20.8857 as of December 31, 2024, with Ps. 18.0057 as of December 31, 2025.
  • Interest expense increased by Ps. 355.0 million, or 8.7%, compared to 2024, mainly due to the increase in bond certificates and higher borrowings of bank loans.
  • Interest income decreased by Ps. 264.3 million, or 20.5%, compared to 2024, mainly due to a decrease in the cash and cash equivalents average balance and the decrease in the reference rates in 2025.

In 2025, net and comprehensive income decreased by Ps. 952.6 million, or 9.6%, compared to 2024, mainly due to a foreign currency translation effect of Ps. 2,147.0 million, moving from income of Ps. 1,132.6 million to an expense of Ps. 1,014.4 million, partially offset by the increase in EBITDA described above.

During 2025, net income increased by Ps. 1,125.2 million, or 12.7%, compared to 2024, mainly due to the increase in EBITDA, partially offset by higher depreciation and amortization expenses. Income tax expense for the period increased by Ps. 872.9 million, composed of a Ps. 823.2 million increase in current income tax, partially offset by a Ps. 49.7 million decrease in deferred tax benefit.


Statement of Financial Position

As of December 31, 2025, total assets increased by Ps. 6,487.2 million compared to the same period in 2024, mainly due to: (i) an increase in improvements to concession assets of Ps. 7,668.0 million; (ii) an increase in advanced payments to suppliers of Ps. 2,035.5 million; (iii) an increase in trade accounts receivable of Ps. 794.8 million; and (iv) an increase in deferred income taxes of Ps. 627.6 million. This effect was partially offset by decreases in (i) cash and cash equivalents of Ps. 3,012.8 million and (ii) airport concessions of Ps. 882.1 million, among others.

As of December 31, 2025, total liabilities increased by Ps. 6,273.0 million compared to the same period in 2024. This increase was mainly attributable to: (i) an increase in bond certificates of Ps. 7,500.0 million; (ii) accounts payable of Ps. 1,186.9 million; (iii) security deposits received of Ps. 99.3 million; (iv) taxes payable of Ps. 98.3 million; and (v) retirement employee benefit obligations of Ps. 75.5 million. This effect was partially offset by decreases in (i) bank loans of Ps. 2,492.7 million, (ii) income taxes payable of Ps. 149.5 million, and (iii) concession fees of Ps. 103.2 million, among others.


Recent events

Cancellation of the Howard Hamilton International Airport Tender

At the beginning of this year, the Government of the Turks and Caicos Islands announced through its official communication channels the cancellation of the redevelopment project for Howard Hamilton International Airport. The Government indicated that the airport’s long-term objectives will be achieved through an alternative execution model, different from the originally proposed scheme. With this decision, the bidding process in which the Company was participating has concluded.

Information on airport operations in Jalisco

As a result of the events that took place in various locations of the State of Jalisco on February 22, 2026, and in light of the different alerts issued yesterday and today by the various levels of government, Guadalajara and Puerto Vallarta International Airports have remained operational and have been providing services to airlines and passengers.

The situations reported in different areas of the state have not impacted the internal operations of the terminals or security within the airport facilities. The terminals remain under the protection of personnel from the National Guard (GN) and the Ministry of National Defense (SEDENA), as part of ongoing coordination efforts with federal authorities. It is important to clarify that no incidents have been recorded within the facilities, nor have there been any situations posing a risk to passengers, employees, or visitors.

Yesterday, February 22, 120 cancellations were recorded at Guadalajara Airport, 87 at Puerto Vallarta Airport, and two at Manzanillo Airport. Today, February 23, 71 cancellations have been announced in Guadalajara, 47 in Puerto Vallarta, and two in Manzanillo. It is expected that the full flight schedule will be gradually restored in the coming days.

It is important to highlight that the rest of our airports continue to operate normally and have not been affected by flight cancellations.

Guidance growth for 2026

The Company hereby provides its growth outlook for the period from January 1 to December 31, 2026, compared to fiscal year 2025.

This guidance does not include the business combination related to Cross Border Xpress (CBX) and the provision of technical assistance and technology transfer services approved by the Shareholders’ Meeting on December 11, 2025, as the transaction is currently in the process of formalization. Upon completion of the business combination, the Company will inform the market accordingly, including the expected consolidation date in the Company’s financial statements. (For reference, January to December 2025 revenues for CBX totaled USD 158.0 million, with an EBITDA margin of 68.7%. For 2026, revenue growth is expected to range from 9% to11%.)

  2026 vs 2025
Passenger traffic 2% – 5%
Aeronautical revenues 9% – 12%
Non-aeronautical revenues 6% – 9%
Total revenues 8% – 11%
EBITDA 8% – 11%
EBITDA Margin 65% + – 1%
CAPEX Ps. 13.5 billion
   
  • Passenger traffic projection is based on the consolidation of routes developed to date, estimated load factors, and the potential increase in frequencies and seat capacity.
  • The growth in aeronautical revenues is based on the implementation of current tariffs for airports in Mexico and Jamaica, as well as expected traffic performance, inflation, and expected exchange rates.
  • The growth in non-aeronautical revenues is based on the improvement in contract conditions with third parties and the expansion of business lines operated directly by us, both fundamentally linked to traffic growth and inflation.

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 Concessioner 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 Norman Manley International Airport operation 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 a number of 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):

Airport 4Q24 4Q25 Change 2024 2025 Change
Guadalajara            
Aeronautical services 1,390,105 1,702,950   22.5 % 5,372,285 6,529,859 21.5 %
Non-aeronautical services 336,664 394,671   17.2 % 1,317,331 1,470,764 11.6 %
Improvements to concession assets (IFRIC 12) 1,167,683 1,247,257   6.8 % 2,978,055 3,628,505 21.8 %
Total Revenues 2,894,452 3,344,877   15.6 % 9,667,672 11,629,128 20.3 %
Operating income 1,186,105 1,350,361   13.8 % 4,558,825 5,055,168 10.9 %
EBITDA 1,346,407 1,587,421   17.9 % 5,161,955 5,932,415 14.9 %
             
Tijuana            
Aeronautical services 750,623 929,806   23.9 % 2,787,018 3,372,198 21.0 %
Non-aeronautical services 115,150 138,148   20.0 % 521,856 519,130 (0.5 %)
Improvements to concession assets (IFRIC 12) 144,332 (26,383 ) (118.3 %) 394,796 1,131,899 186.7 %
Total Revenues 1,010,106 1,041,571   3.1 % 3,703,670 5,023,227 35.6 %
Operating income 519,313 600,391   15.6 % 1,856,737 2,112,738 13.8 %
EBITDA 641,310 730,192   13.9 % 2,329,453 2,623,556 12.6 %
             
Los Cabos            
Aeronautical services 722,814 816,531   13.0 % 2,763,264 3,349,711 21.2 %
Non-aeronautical services 306,810 319,952   4.3 % 1,261,519 1,331,007 5.5 %
Improvements to concession assets (IFRIC 12) 132,414 (194,105 ) (246.6 %) 580,258 423,484 (27.0 %)
Total Revenues 1,162,039 942,378   (18.9 %) 4,605,041 5,104,203 10.8 %
Operating income 696,807 690,523   (0.9 %) 2,577,743 2,864,861 11.1 %
EBITDA 790,148 794,078   0.5 % 2,942,270 3,274,321 11.3 %
             
Puerto Vallarta            
Aeronautical services 610,692 728,581   19.3 % 2,414,056 2,927,339 21.3 %
Non-aeronautical services 137,593 151,261   9.9 % 587,407 653,345 11.2 %
Improvements to concession assets (IFRIC 12) 414,642 480,008   15.8 % 1,529,823 1,990,617 30.1 %
Total Revenues 1,162,926 1,359,850   16.9 % 4,531,286 5,571,301 23.0 %
Operating income 524,141 548,342   4.6 % 1,985,498 2,236,152 12.6 %
EBITDA 581,879 609,637   4.8 % 2,206,473 2,488,532 12.8 %
             
Montego Bay            
Aeronautical services 456,530 216,478   (52.6 %) 1,871,679 1,809,739 (3.3 %)
Non-aeronautical services 216,294 139,163   (35.7 %) 826,710 848,880 2.7 %
Improvements to concession assets (IFRIC 12) 100,811 94,626   (6.1 %) 228,550 258,407 13.1 %
Total Revenues 773,636 450,267   (41.8 %) 2,926,938 2,917,027 (0.3 %)
Operating income 234,140 123,463   (47.3 %) 1,016,663 1,017,005 0.0 %
EBITDA 319,094 204,207   (36.0 %) 1,321,738 1,356,919 2.7 %
             
             

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

Airport 4Q24 4Q25 Change 2024 2025 Change
Guanajuato            
Aeronautical services 238,594 279,386   17.1 % 917,088 1,120,758 22.2 %
Non-aeronautical services 48,086 49,756   3.5 % 190,854 196,562 3.0 %
Improvements to concession assets (IFRIC 12) 144,954 (32,299 ) (122.3 %) 311,567 358,366 15.0 %
Total Revenues 431,634 296,843   (31.2 %) 1,419,509 1,675,687 18.0 %
Operating income 190,020 186,734   (1.7 %) 717,979 813,994 13.4 %
EBITDA 213,222 215,752   1.2 % 806,835 919,418 14.0 %
             
Hermosillo            
Aeronautical services 137,815 160,491   16.5 % 515,477 625,765 21.4 %
Non-aeronautical services 29,107 27,701   (4.8 %) 116,002 111,025 (4.3 %)
Improvements to concession assets (IFRIC 12) 44,616 9,779   (78.1 %) 92,854 61,451 (33.8 %)
Total Revenues 211,538 197,971   (6.4 %) 724,333 798,241 10.2 %
Operating income 93,302 92,223   (1.2 %) 310,727 355,900 14.5 %
EBITDA 118,349 117,698   (0.5 %) 411,590 459,013 11.5 %
             
Others(1)            
Aeronautical services 651,912 751,231   15.2 % 2,469,200 3,086,447 25.0 %
Non-aeronautical services 108,282 111,570   3.0 % 426,315 462,260 8.4 %
Improvements to concession assets (IFRIC 12) 368,113 294,365   (20.0 %) 716,638 1,029,903 43.7 %
Total Revenues 1,128,307 1,157,167   2.6 % 3,612,154 4,578,610 26.8 %
Operating income 165,507 205,851   24.4 % 727,934 973,703 33.8 %
EBITDA 264,113 307,776   16.5 % 1,092,860 1,386,170 26.8 %
             
Total            
Aeronautical services 4,959,085 5,585,454   12.6 % 19,110,067 22,821,817 19.4 %
Non-aeronautical services 1,297,987 1,332,221   2.6 % 5,247,993 5,592,973 6.6 %
Improvements to concession assets (IFRIC 12) 2,517,564 1,873,248   (25.6 %) 6,832,541 8,882,633 30.0 %
Total Revenues 8,774,635 8,790,923   0.2 % 31,190,601 37,297,423 19.6 %
Operating income 3,609,334 3,797,888   5.2 % 13,752,107 15,429,520 12.2 %
EBITDA 4,274,522 4,566,762   6.8 % 16,273,174 18,440,344 13.3 %
             
             

(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):

  2024 2025 Change %
Assets        
Current assets        
Cash and cash equivalents 13,466,027   10,453,198   (3,012,829 ) (22.4 %)
Trade accounts receivable – Net 2,696,831   3,491,621   794,790   29.5 %
Other current assets 1,294,654   1,279,104   (15,550 ) (1.2 %)
Total current assets 17,457,512   15,223,923   (2,233,589 ) (12.8 %)
         
Advanced payments to suppliers 1,158,227   3,193,702   2,035,475   175.7 %
Machinery, equipment and improvements to leased buildings – Net 4,819,107   4,523,041   (296,066 ) (6.1 %)
Improvements to concession assets – Net 36,612,316   44,280,273   7,667,957   20.9 %
Airport concessions – Net 9,622,181   8,740,044   (882,137 ) (9.2 %)
Rights to use airport facilities – Net 992,238   942,087   (50,151 ) (5.1 %)
Other acquired rights 2,074,783   1,799,452   (275,331 ) (13.3 %)
Deferred income taxes – Net 8,128,715   8,756,266   627,551   7.7 %
Other non-current assets 787,996   681,487   (106,509 ) (13.5 %)
Total assets 81,653,075   88,140,275   6,487,200   7.9 %
         
Liabilities        
Current liabilities 11,561,848   16,644,339   5,082,491   44.0 %
Long-term liabilities 45,469,488   46,660,005   1,190,517   2.6 %
Total liabilities 57,031,336   63,304,344   6,273,008   11.0 %
         
Stockholders’ Equity        
Common stock 1,194,390   1,194,390   –   0.0 %
Legal reserve 920,187   238,878   (681,309 ) (74.0 %)
Retained earnings 16,957,723   18,695,331   1,737,608   10.2 %
Reserve for share repurchase 2,500,000   2,500,000   –   0.0 %
Foreign currency translation reserve 769,800   (176,030 ) (945,830 ) (122.9 %)
Remeasurements of employee benefit – Net 8,283   17,882.00   9,599   115.9 %
Cash flow hedges- Net (4,584 ) –   4,584   (100.0 %)
Total controlling interest 22,345,799   22,470,451   124,652   0.6 %
Non-controlling interest 2,275,940   2,365,480   89,540   3.9 %
Total stockholder’s equity 24,621,739   24,835,931   214,192   0.9 %
         
Total liabilities and stockholders’ equity 81,653,075   88,140,275   6,487,200   7.9 %
         
         

The non-controlling interest corresponds to the 25.5% stake held in the Montego Bay airport by Vantage Airport Group Limited (“Vantage”), as well as the 48.5% held by the shareholders of GWTC.

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

  4Q24 4Q25 Change 2024
 2025
 Change
Cash flows from operating activities:            
Consolidated net income 2,169,179   1,791,377   (17.4 %) 8,875,441   10,000,609   12.7 %
             
Postemployment benefit costs (9,832 ) 18,288   (286.0 %) 32,846   65,971   100.8 %
Allowance expected credit loss (6,378 ) (11,263 ) 76.6 % 24,708   12,136   (50.9 %)
Depreciation and amortization 923,444   958,732   3.8 % 3,061,039   3,751,949   22.6 %
Loss (gain) on sale of machinery, equipment and improvements to leased assets (3,707 ) (4,737 ) 27.8 % 17,615   (3,813 ) (121.6 %)
Interest expense 1,162,344   1,153,099   (0.8 %) 4,206,717   4,462,988   6.1 %
Provisions (312,441 ) 189,361   (160.6 %) 77,867   177,720   128.2 %
Income tax expense 1,046,324   1,222,790   16.9 % 3,240,302   4,113,228   26.9 %
Unrealized exchange loss (54,495 ) (64,037 ) 17.5 % 519,672   (94,639 ) (118.2 %)
  4,914,438   5,253,610   6.9 % 20,056,208   22,486,148   12.1 %
Changes in working capital:            
(Increase) decrease in            
Trade accounts receivable (229,298 ) (391,149 ) 70.6 % (432,955 ) (841,835 ) 94.4 %
Recoverable tax on assets and other assets (602,912 ) 79,070   (113.1 %) 173,461   32,267   (81.4 %)
Increase (decrease)            
Concession taxes payable (364,254 ) 211,811   (158.1 %) (540,643 ) (42,884 ) (92.1 %)
Accounts payable 1,295,880   (80,802 ) (106.2 %) 893,037   1,360,790   52.4 %
Cash generated by operating activities 5,013,854   5,072,540   1.2 % 20,149,107   22,994,486   14.1 %
Income taxes paid (942,698 ) 57,340   (106.1 %) (3,474,764 ) (4,744,746 ) 36.5 %
Net cash flows provided by operating activities 4,071,156   5,129,880   26.0 % 16,674,342   18,249,739   9.4 %
             
Cash flows from investing activities:            
Machinery, equipment and improvements to concession assets (2,618,548 ) (5,793,649 ) 121.3 % (7,844,983 ) (12,396,949 ) 58.0 %
Cash flows from sales of machinery and equipment 1,676   4,566   172.4 % 6,573   7,175   9.2 %
Other investment activities (96,830 ) 791,104   (917.0 %) (71,070 ) 137,918   (294.1 %)
Business acquisition –   (19,262 ) 100.0 % (875,504 ) (19,262 ) (97.8 %)
Net cash used by investment activities (2,713,702 ) (5,017,241 ) 84.9 % (8,784,984 ) (12,271,117 ) 39.7 %
             
Cash flows from financing activities:            
Dividends declared and paid –   –   0.0 % –   (8,508,872 ) 100.0 %
Dividends paid non-controlling interest (4,511 ) 4,677   (203.7 %) (139,996 ) (559,551 ) 299.7 %
Capital reduction (3,501,573 ) –   (100.0 %) (7,003,146 ) –   (100.0 %)
Bond certificates issued –   –   0.0 % 8,648,134   14,500,000   67.7 %
Bond certificates paid –   –   0.0 % (3,000,000 ) (7,000,000 ) 133.3 %
Bank loans paid (4,859,039 ) (1,294,450 ) (73.4 %) (4,929,881 ) (6,982,903 ) 41.6 %
Bank loans 4,783,480   166,626   (96.5 %) 5,658,480   4,109,540   (27.4 %)
Interest paid on bank loans (1,071,852 ) (1,503,083 ) 40.2 % (4,177,241 ) (4,941,049 ) 18.3 %
Interest paid on lease (785 ) (3,766 ) 379.7 % (3,695 ) (5,540 ) 49.9 %
Payments of obligations for leasing (14,099 ) (13,832 ) (1.9 %) (33,292 ) (42,180 ) 26.7 %
Net cash flows used in financing activities (4,707,796 ) (2,643,828 ) (43.8 %) (5,020,054 ) (9,430,555 ) 87.9 %
             
Effects of exchange rate changes on cash held 988,354   1,314,891   33.0 % 541,512   439,105   (18.9 %)
Net increase (decrease) in cash and cash equivalents (2,361,988 ) (1,216,298 ) (48.5 %) 3,410,815   (3,012,829 ) (188.3 %)
Cash and cash equivalents at beginning of the period 15,828,015   11,669,498   (26.3 %) 10,055,211   13,466,026   33.9 %
Cash and cash equivalents at the end of the period 13,466,027   10,453,198   (22.4 %) 13,466,027   10,453,198   (22.4 %)
             
             

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

  4Q24 4Q25 Change 2024
 2025
 Change
Revenues            
Aeronautical services 4,959,405   5,585,454   12.6 % 19,110,068   22,821,818   19.4 %
Non-aeronautical services 2,150,748   2,436,075   13.3 % 7,671,766   9,704,090   26.5 %
Improvements to concession assets (IFRIC-12) 2,517,564   1,873,248   (25.6 %) 6,832,541   8,882,633   30.0 %
Total revenues 9,627,717   9,894,778   2.8 % 33,614,375   41,408,540   23.2 %
             
Operating costs            
Costs of services: 1,518,017   1,944,858   28.1 % 5,214,923   6,490,747   24.5 %
Employee costs 602,964   692,238   14.8 % 2,125,958   2,577,441   21.2 %
Maintenance 292,933   435,029   48.5 % 848,575   1,256,387   48.1 %
Safety, security & insurance 228,903   235,619   2.9 % 831,411   927,048   11.5 %
Utilities 145,671   157,109   7.9 % 542,482   605,959   11.7 %
Business operated directly by us 80,522   94,431   17.3 % 299,539   353,097   17.9 %
Other operating expenses 167,024   330,432   97.8 % 566,958   770,816   36.0 %
             
Technical assistance fees 218,061   239,849   10.0 % 845,233   971,750   15.0 %
Concession taxes 699,702   765,371   9.4 % 2,715,069   3,817,751   40.6 %
Depreciation and amortization 923,444   958,732   3.8 % 3,061,039   3,751,949   22.6 %
Cost of improvements to concession assets (IFRIC-12) 2,517,564   1,873,248   (25.6 %) 6,832,541   8,882,633   30.0 %
Other (income) (82,602 ) (42,862 ) (48.1 %) (105,076 ) (86,404 ) (17.8 %)
Total operating costs 5,794,186   5,739,196   (0.9 %) 18,563,729   23,828,426   28.4 %
Income from operations 3,833,531   4,155,582   8.4 % 15,050,645   17,580,114   16.8 %
Financial Result (618,028 ) (1,141,415 ) 84.7 % (2,934,903 ) (3,466,278 ) 18.1 %
Income before income taxes 3,215,503   3,014,167   (6.3 %) 12,115,742   14,113,837   16.5 %
Income taxes (1,046,324 ) (1,222,790 ) 16.9 % (3,240,302 ) (4,113,228 ) 26.9 %
Net income 2,169,179   1,791,377   (17.4 %) 8,875,441   10,000,609   12.7 %
Currency translation effect 112,921   (283,884 ) (351.4 %) 1,132,600   (1,014,424 ) (189.6 %)
Cash flow hedges, net of income tax (17,775 ) –   (100.0 %) (65,302 ) 4,584   (107.0 %)
Remeasurements of employee benefit – net income tax 10,024   (14,237 ) (242.0 %) 10,201   9,600   (5.9 %)
Comprehensive income 2,274,349   1,493,256   (34.3 %) 9,952,939   9,000,369   (9.6 %)
Non-controlling interest (117,440 ) (63,992 ) (45.5 %) (385,774 ) (366,845 ) (4.9 %)
Comprehensive income attributable to controlling interest 2,156,908   1,429,264   (33.7 %) 9,567,167   8,633,524   (9.8 %)
             
             

The non-controlling interest corresponds to the 25.5% stake held in the Montego Bay airport by Vantage Airport Group Limited (“Vantage”), as well as the 48.5% held by the shareholders of GWTC.

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

  Common Stock Legal Reseve Reserve for Share Repurchase Retained Earnings Other comprehensive income Total controlling interest Non-controlling interest Total Stockholders’ Equity
Balance as of January 1, 2024 8,197,536   478,185   2,500,000 8,787,568   (181,508 ) 19,781,783   1,162,864   20,944,646  
Increase legal reserve –   442,002   – (442,002 ) –   –   –   –  
Capital reduction (7,003,146 ) –   – –   –   (7,003,146 ) –   (7,003,146 )
Business acquisition – non-controlling interest –   –   – –   –   –   826,787   826,787  
Dividends declared non-controlling interest –   –   – –   –   –   (99,485 ) (99,485 )
Comprehensive income:                
Net income –   –   – 8,612,157   –   8,612,157   263,282   8,875,439  
Foreign currency translation reserve –   –   – –   1,010,107   1,010,107   122,492   1,132,599  
Remeasurements of employee benefit – Net –   –   – –   10,201   10,201   –   10,201  
Reserve for cash flow hedges – Net of income tax –   –   – –   (65,301 ) (65,301 ) –   (65,301 )
Balance as of December 31, 2024 1,194,390   920,187   2,499,999 16,957,723   773,499   22,345,799   2,275,940   24,621,739  
                 
Balance as of January 1, 2025 1,194,390   920,187   2,500,000 16,957,723   773,499   22,345,799   2,275,940   24,621,739  
Decrease legal reserve –   (681,309 ) – 681,309   –   –   –   –  
Dividends declared –   –   – (8,508,872 ) –   (8,508,872 ) (277,305 ) (8,786,177 )
Comprehensive income:                
Net income –   –   – 9,565,171   –   9,565,171   435,438   10,000,609  
Foreign currency translation reserve –   –   – –   (945,830 ) (945,830 ) (68,593 ) (1,014,423 )
Remeasurements of employee benefit – Net –   –   – –   9,600   9,600   –   9,600  
Reserve for cash flow hedges – Net of income tax –   –   – –   4,584   4,584   –   4,584  
Balance as of December 31, 2025 1,194,390   238,878   2,500,000 18,695,331   (158,147 ) 22,470,451   2,365,480   24,835,931  
                 
                 

The non-controlling interest corresponds to the 25.5% stake held in the Montego Bay airport by Vantage Airport Group Limited (“Vantage”), as well as the 48.5% held by the shareholders of GWTC.

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 purposes 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: 

  4Q24 4Q25 Change 2024 2025 Change
Total passengers 16,019.7 15,877.1 (0.9 %) 62,156.8 63,685.6 2.5 %
Total cargo volume (in WLUs) 709.2 764.5 7.8 % 2,773.3 2,819.3 1.7 %
Total WLUs 16,728.8 16,641.5 (0.5 %) 64,930.1 66,504.9 2.4 %
             
Aeronautical & non aeronautical services per passenger (pesos) 443.8 505.2 13.8 % 430.9 510.7 18.5 %
Aeronautical services per WLU (pesos) 296.5 335.6 13.2 % 294.3 343.2 16.6 %
Non aeronautical services per passenger (pesos) 134.3 153.4 14.3 % 123.4 152.4 23.5 %
Cost of services per WLU (pesos) 92.2 116.9 26.8 % 81.1 97.6 20.4 %
             
             

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

Alejandra Soto Investor Relations and Social Responsibility Officer [email protected]
Gisela Murillo, Investor Relations [email protected]
+52 33 3880 1100 ext. 20294