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

GUADALAJARA, Mexico, Oct. 20, 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 third quarter ended September 30, 2025 (3Q25). Figures are unaudited and prepared following International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”).

Summary of Results 3Q25 vs. 3Q24

  • The sum of aeronautical and non-aeronautical services revenues increased by Ps. 1,174.0 million, or 17.4%. Total revenues increased by Ps. 1,343.9 million, or 16.3%.

  • Cost of services increased by Ps. 201.8 million, or 14.1%.

  • Income from operations increased by Ps. 429.6 million, or 11.5%.

  • EBITDA increased by Ps. 578.0 million, or 12.8%, an increase from Ps. 4,507.6 million in 3Q24 to Ps. 5,085.6 million in 3Q25. EBITDA margin (excluding the effects of IFRIC-12) went from 67.0% in 3Q24 to 64.3% in 3Q25.

  • Comprehensive income decreased by Ps. 162.8 million, or 6.2%, from an income of Ps. 2,620.6 million in 3Q24 to an income of Ps. 2,457.8 million in 3Q25.

Company’s Financial Position:

As of September 30, 2025, the Company reported a cash and cash equivalents position of Ps. 11,699.5 million. During 3Q25, GAP issued long-term bond certificates (Certificados Bursátiles) for a total amount of Ps. 8,500.0 million, under the ticker symbols “GAP 25-2” and “GAP 25-3”, for Ps. 4,050.0 million and Ps. 4,450.0 million, respectively. The proceeds from these issuances will be used to finance capital investments amounting to Ps. 7,000.0 million, and to repay a bank loan with Banco Santander , S.A. for Ps. 1,500.0 million. In addition, on September 18, 2025, the Company refinanced its credit line for USD$40.0 million with Banco Nacional de México, S.A. (“Banamex”), establishing a new maturity date of September 18, 2030.

Passenger Traffic

During 3Q25, the 14 airports operated by GAP recorded an increase of 386.5 thousand total passengers, representing a 2.5% growth compared to 3Q24.

During this period, the following new routes were inaugurated:

Domestic:

AirlineDepartureArrivalOpening dateFrequencies
VolarisMoreliaPuerto VallartaJuly 4, 20253 weekly
VolarisPuerto VallartaMoreliaJuly 4, 20253 weekly
VolarisMoreliaZihuatanejoJuly 4, 20253 weekly
VolarisMoreliaMexicaliJuly 5, 20253 weekly
VolarisMexicaliMoreliaJuly 6, 20253 weekly
TARLa PazLos MochisJuly 7, 20253 weekly
TARLos MochisLa PazJuly 7, 20253 weekly
TARLa PazAguascalientesJuly 7, 20254 weekly
TARAguascalientesLa PazJuly 7, 20254 weekly
LIAT AirMontego BayKingstonJuly 11, 20253 weekly
LIAT AirKingstonMontego BayJuly 11, 20253 weekly
     

Note: Frequencies can vary without prior notice.

International: 

AirlineDepartureArrivalOpening dateFrequencies
VolarisGuadalajaraNew York (EWR)July 1, 20254 weekly
VolarisMoreliaDallas-Fort WorthJuly 4, 20254 weekly
VolarisMoreliaOntario, CaliforniaJuly 4, 20254 weekly
VolarisLos CabosOntario, CaliforniaJuly 4, 20255 weekly
VolarisMoreliaSacramentoJuly 4, 20254 weekly
VolarisGuanajuatoOntario, CaliforniaJuly 5, 20253 weekly
VolarisMoreliaSan AntonioJuly 5, 20253 weekly
VolarisMoreliaHouston (IAH)July 5, 20253 weekly
SpiritMontego BayBaltimore-WashingtonJuly 11, 20253 weekly
AeroregionalMontego BayQuitoJuly 18, 20251 weekly
     

Note: Frequencies can vary without prior notice.

Domestic Terminal Passengers – 14 airports (in thousands):

Airport3Q243Q25Change9M249M25Change
Guadalajara3,113.23,183.22.2%8,779.79,295.25.9%
Tijuana*2,204.92,237.31.5%6,288.36,434.02.3%
Los Cabos791.4762.1(3.7%)2,119.72,170.72.4%
Puerto Vallarta804.2870.78.3%2,121.62,354.611.0%
Montego Bay0.00.00.0%0.00.00.0%
Guanajuato547.0576.05.3%1,545.31,668.38.0%
Hermosillo524.2537.12.5%1,512.71,591.35.2%
Kingston1.30.8(34.4%)2.41.0(58.8%)
Morelia165.0208.526.4%464.5567.722.2%
La Paz320.5347.28.3%879.9955.98.6%
Mexicali250.5330.431.9%765.1929.221.4%
Aguascalientes158.5164.03.5%467.0483.23.5%
Los Mochis144.0178.524.0%412.0522.926.9%
Manzanillo28.131.511.8%94.497.63.4%
Total9,052.89,427.34.1%25,452.627,071.66.4%
         

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

International Terminal Passengers – 14 airports (in thousands): 

Airport3Q243Q25Change9M249M25Change
Guadalajara1,493.11,502.00.6%4,353.14,396.21.0%
Tijuana*1,067.9974.6(8.7%)3,001.93,041.21.3%
Los Cabos881.2893.21.4%3,489.03,500.50.3%
Puerto Vallarta529.0498.3(5.8%)2,970.52,819.9(5.1%)
Montego Bay1,154.71,243.57.7%3,897.13,847.2(1.3%)
Guanajuato284.3266.4(6.3%)773.6782.11.1%
Hermosillo19.019.10.5%62.659.3(5.3%)
Kingston514.3527.92.7%1,324.91,409.66.4%
Morelia169.9195.715.1%483.9525.78.6%
La Paz2.67.9210.0%8.725.5193.1%
Mexicali1.81.96.5%5.65.5(0.6%)
Aguascalientes90.989.5(1.5%)242.1245.71.5%
Los Mochis2.12.22.1%6.16.1(1.4%)
Manzanillo9.610.26.4%65.772.410.1%
Total6,220.36,232.30.2%20,684.720,736.80.3%
         

*CBX users are classified as international passengers.

Total Terminal Passengers – 14 airports (in thousands):

Airport3Q243Q25Change9M249M25Change
Guadalajara4,606.34,685.11.7%13,132.813,691.54.3%
Tijuana*3,272.73,211.9(1.9%)9,290.29,475.22.0%
Los Cabos1,672.61,655.3(1.0%)5,608.75,671.11.1%
Puerto Vallarta1,333.21,369.02.7%5,092.15,174.51.6%
Montego Bay1,154.71,243.57.7%3,897.13,847.2(1.3%)
Guanajuato831.3842.41.3%2,318.82,450.45.7%
Hermosillo543.3556.22.4%1,575.31,650.54.8%
Kingston515.5528.72.6%1,327.31,410.66.3%
Morelia335.0404.220.7%948.41,093.415.3%
La Paz323.0355.19.9%888.6981.410.4%
Mexicali252.3332.331.7%770.7934.721.3%
Aguascalientes249.3253.61.7%709.1728.92.8%
Los Mochis146.1180.723.7%418.1529.026.5%
Manzanillo37.741.610.5%160.1170.06.2%
Total15,273.115,659.62.5%46,137.347,808.43.6%
         

*CBX users are classified as international passengers.

CBX Users (in thousands):

Airport3Q243Q25Change9M249M25Change
Tijuana1,048.7954.4(9.0%)2,956.32,984.00.9%


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

 3Q243Q25Change
Revenues   
Aeronautical services4,627,601 5,474,043 18.3%
Non-aeronautical services2,103,878 2,431,480 15.6%
Improvements to concession assets (IFRIC-12)1,501,188 1,671,060 11.3%
Total revenues8,232,667 9,576,583 16.3%
    
Operating costs   
Costs of services:1,435,204 1,637,006 14.1%
Employee costs573,117 633,119 10.5%
Maintenance213,360 307,625 44.2%
Safety, security & insurance220,486 243,706 10.5%
Utilities160,803 174,887 8.8%
Business operated directly by us72,858 84,697 16.3%
Other operating expenses194,580 192,972 (0.8%)
    
Technical assistance fees200,635 226,322 12.8%
Concession taxes598,091 963,943 61.2%
Depreciation and amortization787,295 935,683 18.8%
Cost of improvements to concession assets (IFRIC-12)1,501,188 1,671,060 11.3%
Other (income)(10,082)(7,397)(26.6%)
Total operating costs4,512,331 5,426,617 20.3%
Income from operations3,720,336 4,149,966 11.5%
Financial Result(1,059,983)(661,828)(37.6%)
Income before income taxes2,660,353 3,488,138 31.1%
Income taxes(677,524)(792,158)16.9%
Net income1,982,829 2,695,980 36.0%
Currency translation effect651,897 (231,955)(135.6%)
Cash flow hedges, net of income tax(12,124)2,692 (122.2%)
Remeasurements of employee benefit – net income tax(2,052)(8,929)335.1%
Comprehensive income2,620,550 2,457,788 (6.2%)
Non-controlling interest(140,692)(96,975)(31.1%)
Comprehensive income attributable to controlling interest2,479,858 2,360,813 (4.8%)
    
    
 3Q243Q25Change
EBITDA4,507,631 5,085,649 12.8%
Comprehensive income2,620,550 2,456,860 (6.2%)
Comprehensive income per share (pesos)5.1864 4.8624 (6.2%)
Comprehensive income per ADS (US dollars)2.8272 2.6506 (6.2%)
    
Operating income margin45.2%43.3%(4.1%)
Operating income margin (excluding IFRIC-12)55.3%52.5%(5.0%)
EBITDA margin54.8%53.1%(3.0%)
EBITDA margin (excluding IFRIC-12)67.0%64.3%(3.9%)
Costs of services and improvements / total revenues35.7%34.5%(3.2%)
Cost of services / total revenues (excluding IFRIC-12)21.3%20.7%(2.9%)
    
    

- Net income and comprehensive income per share for 3Q25 and 3Q24 were calculated based on 505,277,464 shares outstanding as of September 30, 2025, and September 30, 2024, respectively. Figures in U.S. dollar were converted from pesos using an exchange rate of Ps. 18.3442 per U.S. dollar, as published by the U.S. Federal Reserve Board (noon buying rate) on September 30, 2025.

- For consolidating the Jamaican airports, an average exchange rate of Ps. 18.6456 per U.S. dollar was used, corresponding to the three-month period ended September 30, 2025.

Revenues (3Q25 vs. 3Q24)

  • Aeronautical services revenues increased by Ps. 846.4 million, or 18.3%.
  • Non-aeronautical services revenues increased by Ps. 327.6 million, or 15.6%.
  • Revenues from improvements to concession assets increased by Ps. 169.9 million, or 11.3%.
  • Total revenues increased by Ps. 1,343.9 million, or 16.3%.

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

  1. Revenues at the Mexican airports increased by Ps. 789.6 million, or 20.5%, compared to 3Q24, mainly due to a Ps. 693.3 million, or 21.5%, increase in the passenger fee revenue. This increase was driven by the new airport maximum tariffs approved for the 2025–2029 regulatory period, effective as of March 2025, as well as a 2.1% increase in passenger traffic during the quarter.

  2. Revenues at the Jamaican airports increased by Ps. 56.8 million, or 7.3%, compared to 3Q24, mainly due to a 6.1% increase in passenger traffic during the quarter and an increase in U.S. dollar revenue of USD$2.6 million, or 3.5%. This effect was partially offset by the appreciation of the Mexican peso against the U.S. dollar, which went from an average exchange rate of Ps. 18.9229 in 3Q24 to Ps. 18.6456 in 3Q25, representing an appreciation of 1.5%. This exchange rate effect reduced the revenue reported in pesos.

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

  1. Revenues at Mexican airports increased by Ps. 301.2 million, or 16.4%, compared to 3Q24. Revenues from businesses operated directly by us increased by Ps. 270.9 million, or 30.5%, mainly driven by the consolidation of revenues from the cargo and bonded warehouse business, which contributed Ps. 168.9 million, or 47.7%, to this growth. Revenues from businesses operated by third parties increased Ps. 31.9 million, or 3.5%, 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, duty-free, ground transportation, and timeshares, which together increased by Ps. 41.5 million, or 7.0%. This increase was partially offset by a decrease in leasing of space revenues, which declined Ps. 18.0 million, or 23.5%.

  2. Revenues at the Jamaican airports increased by Ps. 26.4 million, or 9.8%, compared to 3Q24. In U.S. dollar terms, revenues increased by USD$1.6 million, or 11.4%, which was partially offset by the 1.5% appreciation of the peso against the average exchange rate of 3Q24.

 3Q243Q25Change
Businesses operated by third parties:   
Food and beverage291,059321,11110.3%
Car rental209,871216,3843.1%
Duty-free184,931193,9304.9%
Retail174,816182,8244.6%
Leasing of space111,22498,210(11.7%)
Timeshares63,60864,4091.3%
Ground transportation41,30143,3845.0%
Other commercial revenues30,26037,08522.6%
Communications and financial services26,44629,79112.7%
Total1,133,5161,187,1284.7%
    
Businesses operated directly by us:   
Cargo operation and bonded warehouse390,385558,94143.2%
Car parking171,497194,31813.3%
Convenience stores137,122158,15815.3%
VIP Lounges130,000152,02816.9%
Advertising52,97771,44534.9%
Hotel operation28,18948,89273.4%
Total910,1691,183,78330.1%
Recovery of costs60,19360,5690.6%
Total Non-aeronautical Revenues2,103,8782,431,48015.6%
    
    

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. 169.9 million, or 11.3%, compared to 3Q24. The change was composed of:

  1. Improvements to concession assets at the Company’s Mexican airports, which increased by Ps. 115.4 million, or 8.6%, following investments under the Master Development Program for the 2025-2029 period.

  2. Improvements to concession assets at the Company’s Jamaican airports, which increased Ps. 54.4 million, or 33.1%.

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. 914.3 million, or 20.3%, compared to 3Q24, mainly due to higher technical assistance and concession fees, which together increased Ps. 391.6 million, or 49.0%; a Ps. 201.8 million, or 14.1%, increase in the cost of services; a Ps. 169.9 million increase in the cost of improvements to concession assets (IFRIC-12); and a Ps. 148.4 million, or 18.9%, increase in depreciation and amortization, derived from the recognition of the fair values of the cargo and bonded warehouse business. Excluding the cost of improvements to concession assets (IFRIC-12), operating costs increased by Ps. 744.5 million, or 24.7%, compared to 3Q24.

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

Mexican airports: 

  • Operating costs increased by Ps. 723.3 million, or 19.8%, compared to 3Q24, mainly due to higher technical assistance and concession fees, which together increased Ps. 256.7 million, or 53.4%; a Ps. 207.8 million, or 17.3%, increase in the cost of services; a Ps. 141.6 million, or 21.7%, increase in depreciation and amortization; and a Ps. 115.4 million, or 8.6%, increase in the cost of improvements to the concession assets (IFRIC-12). the cost of improvements to concession assets (IFRIC-12), operating costs increased by Ps. 607.9 million, or 26.2%.

The change in the cost of services at our Mexican airports during 3Q25 was mainly due to:

  • Maintenance increased by Ps. 89.8 million, or 52.3%, due to the opening of new operational areas, airfield maintenance, and the operation of jet bridges by Ps. 47.6 million.
  • Employee costs increased by Ps. 60.2 million, or 11.7%, mainly due to salary adjustments and amendments to the Federal Labor Law.
  • Safety, security and insurance increased by Ps. 21.4 million, or 13.2%, driven by an increase in security personnel, minimum wage adjustments, changes to the Federal Labor Law, and the opening of additional operational areas.
  • Utilities increased by Ps. 20.0 million, or 17.6%, compared to 3Q24.

Jamaican Airports:

Operating costs increased by Ps. 190.9 million, or 22.3%, compared to 3Q24, mainly due to an increase in concession fees of Ps. 134.8 million, or 42.4%; an increase in the cost of improvements to concession assets (IFRIC-12) of Ps. 54.4 million, or 33.1%; and an increase in depreciation and amortization of Ps. 6.8 million, or 5.0%. These effects were partially offset by a decrease in the cost of services of Ps. 6.0 million, or 2.6%.

Operating income margin decreased from 45.2% in 3Q24 to 43.3% in 3Q25. Excluding the effects of IFRIC-12, the operating income margin declined from 55.3% in 3Q24 to 52.5% in 3Q25. Income from operations increased by Ps. 429.6 million, or 11.5%, compared to 3Q24.

EBITDA margin decreased from 54.8% in 3Q24 to 53.1% in 3Q25. Excluding the effects of IFRIC-12, EBITDA margin went from 67.0% in 3Q24 to 64.3% in 3Q25. The nominal value of EBITDA increased by Ps. 578.0 million, or 12.8%, compared to 3Q24.

Financial results decreased in expense by Ps. 398.2 million, or 37.6%, going from a net expense of Ps. 1,060.0 million in 3Q24 to a net expense of Ps. 661.8 million in 3Q25. This change was mainly the result of:

  • Foreign exchange fluctuations, which changed from an expense of Ps. 313.4 million in 3Q24 to an income of Ps. 60.9 million in 3Q25, resulting in a foreign exchange gain of Ps. 374.4 million due to the appreciation of the peso. In addition, the foreign currency translation effect contributed to a Ps. 874.2 million increase in expense compared to 3Q24.
  • Interest expense decreased by Ps. 137.8 million, or 12.8%, compared to 3Q24, mainly due to a decrease in reference rates.
  • Interest income decreased by Ps. 114.1 million, or 34.8%, compared to 3Q24, mainly due to a decrease in the cash and cash equivalents average balance and changes in the reference rates.

In 3Q25, net and comprehensive income decreased by Ps. 162.8 million, or 6.2%, compared to 3Q24, mainly due to a Ps. 874.2 million increase in foreign currency translation losses versus the same period of last year. Income before taxes increased by Ps. 827.8 million, or 31.1%.

During 3Q25, net income increased by Ps. 713.2 million, or 36.0%, compared to 3Q24. Income tax for the period increased by Ps. 114.6 million, composed of a Ps. 116.0 million increase in current income tax and a Ps. 1.4 million decrease in deferred tax benefit. This was mainly due to a lower inflation effect, which decreased from 1.5% in 3Q24 to 1.0% in 3Q25, partially offset by the application of tax loss carryforwards for Ps. 47.2 million, compared to 3Q24.

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

 9M249M25Change
Revenues   
Aeronautical services14,150,663 17,236,364 21.8%
Non-aeronautical services5,521,018 7,268,014 31.6%
Improvements to concession assets (IFRIC-12)4,314,977 7,009,385 62.4%
Total revenues23,986,658 31,513,762 31.4%
    
Operating costs   
Costs of services:3,720,973 4,644,243 24.8%
Employee costs1,522,994 1,885,203 23.8%
Maintenance555,642 821,358 47.8%
Safety, security & insurance602,508 691,429 14.8%
Utilities396,811 448,850 13.1%
Business operated directly by us219,017 258,665 18.1%
Other operating expenses424,000 538,738 27.1%
    
Technical assistance fees627,172 731,901 16.7%
Concession taxes1,991,302 2,954,025 48.3%
Depreciation and amortization2,137,595 2,793,217 30.7%
Cost of improvements to concession assets (IFRIC-12)4,314,977 7,009,385 62.4%
Other (income)(22,474)(43,542)93.7%
Total operating costs12,769,544 18,089,229 41.7%
Income from operations11,217,114 13,424,533 19.7%
Financial Result(2,316,875)(2,324,863)0.3%
Income before income taxes8,900,239 11,099,670 24.7%
Income taxes(2,193,977)(2,890,438)31.7%
Net income6,706,263 8,209,234 22.4%
Currency translation effect1,019,679 (730,540)(171.6%)
Cash flow hedges, net of income tax(47,527)4,584 (109.6%)
Remeasurements of employee benefit – net income tax177 23,837 13367.2%
Comprehensive income7,678,591 7,507,114 (2.2%)
Non-controlling interest(268,334)(302,853)12.9%
Comprehensive income attributable to controlling interest7,410,259 7,204,263 (2.8%)
    
    
 9M249M25Change
EBITDA13,354,710 16,217,751 21.4%
Comprehensive income7,678,591 7,506,186 (2.2%)
Comprehensive income per share (pesos)15.1968 14.8556 (2.2%)
Comprehensive income per ADS (US dollars)8.2842 8.0982 (2.2%)
    
Operating income margin46.8%42.6%(8.9%)
Operating income margin (excluding IFRIC-12)57.0%54.8%(3.9%)
EBITDA margin55.7%51.5%(7.6%)
EBITDA margin (excluding IFRIC-12)67.9%66.2%(2.5%)
Costs of services and improvements / total revenues33.5%37.0%10.4%
Cost of services / total revenues (excluding IFRIC-12)18.9%19.0%0.2%
    
    

- Net income and comprehensive income per share for 9M25 and 9M24 were calculated based on 505,277,464 shares outstanding. U.S. dollar figures were converted from pesos using an exchange rate of Ps. 18.3442 per U.S. dollar, as published by the U.S. Federal Reserve Board (noon buying rate) on September 30, 2025.

- For the purpose of consolidating Jamaican airports, an average exchange rate of Ps. 19.5381 per U.S. dollar was used, corresponding to the nine months ended September 30, 2025.

Revenues (9M25 vs. 9M24)

•   Aeronautical services revenues increased by Ps. 3,085.7 million, or 21.8%.
•   Non-aeronautical services revenues increased by Ps. 1,747.0 million, or 31.6%.
•   Revenues from improvements to concession assets increased by Ps. 2,694.4 million, or 62.4%.
•   Total revenues increased by Ps. 7,527.1 million, or 31.4%.

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

  1. Revenues at our Mexican airports increased by Ps. 2,731.8 million, or 22.9%, compared to 9M24. This increase was mainly driven by the new maximum tariffs approved for the 2025–2029 regulatory period, effective as of March 2025, as well as by the 10.3% depreciation of the Mexican peso against the U.S. dollar, and a 4.0% increase in passenger traffic during the period.

  2. Revenues at our Jamaican airports increased by Ps. 353.9 million, or 15.9%, compared to 9M24. This was mainly due to the 10.3% depreciation of the peso against the U.S. dollar, with the average exchange rate moving from Ps. 17.7104 in 9M24 to Ps. 19.5381 in 9M25, resulting in higher peso-denominated revenue. The revenue in U.S. dollar increased USD$6.4 million, or 5.1%.

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

  1. Revenues at our Mexican airports increased by Ps. 1,614.8 million, or 34.0%, compared to 9M24. Revenues from businesses operated directly by us rose by Ps. 1,367.0 million, or 72.9%, mainly driven by the consolidation of the cargo and bonded warehouse business, which contributed Ps. 1,040.9 million, or 293.9%. Revenues from businesses operated by third parties increased by Ps. 238.9 million, or 8.7%. 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. 226.3 million, or 19.2%. Recovery of costs increased by Ps. 8.8 million, or 6.6%.

  2. Revenues from the Jamaican airports increased by Ps. 132.2 million, or 17.2%, compared to 9M24. Revenues in U.S. dollars increased by USD$2.7 million, or 6.2%.

 9M249M25Change
Businesses operated by third parties:   
Food and beverage879,1401,006,37014.5%
Car rental613,048632,8093.2%
Duty-free552,968618,77611.9%
Retail516,596565,4299.5%
Leasing of space318,494328,0683.0%
Timeshares174,355203,13216.5%
Other commercial revenues144,093168,12016.7%
Ground transportation134,823151,15212.1%
Communications and financial services80,52490,03311.8%
Total3,414,0403,763,88910.2%
    
Businesses operated directly by us:   
Cargo operation and bonded warehouse453,3791,507,323232.5%
Car parking518,229550,6596.3%
Convenience stores420,499489,24616.3%
VIP Lounges361,941488,36434.9%
Advertising130,785149,65214.4%
Hotel operation46,804123,215163.3%
Total1,931,6363,308,45971.3%
Recovery of costs175,341195,66611.6%
Total Non-aeronautical Revenues5,521,0187,268,01431.6%
    
    

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. 2,694.4 million, or 62.4%, compared to 9M24. The change was composed of:

  1. Improvements to concession assets at the Company’s Mexican airports, which increased by Ps. 2,630.4 million, or 65.6%, following investments under the Master Development Program for the 2025-2029 period.

  2. Improvements to concession assets at the Company’s Jamaican airports, which increased Ps. 64.0 million, or 21.0%.

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. 5,319.7 million, or 41.7%, compared to 9M24, primarily due to a Ps. 2,694.4 million, or 62.4%, increase in the cost of improvements to concession assets (IFRIC-12); a combined Ps. 1,067.4 million, or 40.8%, increase in concession fees and technical assistance fees; a Ps. 923.3 million, or 24.8%, increase in the cost of services; and a Ps. 655.6 million, or 30.7%, increase in depreciation and amortization. Excluding the cost of improvements to concession assets (IFRIC-12), operating costs increased by Ps. 2,625.3 million, or 31.1%.

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

   Mexican airports:

  • Operating costs increased by Ps. 4,884.4 million, or 47.3%, compared to 9M24, mainly due to a Ps. 2,630.4 million, or 65.6%, increase in the cost of improvements to the concession assets (IFRIC-12); a combined Ps. 857.0 million, or 57.4%, increase in technical assistance fees and concession fees; a Ps. 833.2 million, or 26.9%, increase in the cost of services; and a Ps. 587.1 million, or 33.3%, increase in depreciation and amortization. Excluding the cost of improvements to concession assets (IFRIC-12), operating expenses increased by Ps. 2,254.0 million, or 35.6%.

The change in the cost of services at our Mexican airports during 9M25 was mainly due to:

  • Employee costs increased by Ps. 332.9 million, or 24.5%, mainly due to salary adjustments and changes to the Federal Labor Law, as well as the consolidation of the cargo and bonded warehouse business, which contributed Ps. 190.4 million.
  • Maintenance rose by Ps. 243.1 million, or 55.3%, due to the opening of new operational areas, the operation of jet bridges for Ps. 132.4 million, and the consolidation of the cargo and bonded warehouse business, which contributed Ps. 17.4 million.
  • Other operating expenses increased by Ps. 152.5 million, or 26.5%, primarily due to higher consulting services and travel expenses of Ps. 68.9 million, and the consolidation of the cargo and bonded warehouse business, which contributed Ps. 80.6 million.
  • Safety, security, and insurance rose by Ps. 56.1 million, or 12.6%, driven by an increase in security personnel, minimum wage adjustments, amendments to the Federal Labor Law, the opening of additional operational areas, and Ps. 22.3 million from the consolidation of the cargo and bonded warehouse business.

Jamaican Airports:

Operating costs increased by Ps. 435.3 million, or 17.9%, compared to 9M24, mainly due to an increase in concession fees by Ps. 210.4 million, or 18.7%; an increase in the cost of services by Ps. 90.1 million, or 14.4%; an increase in depreciation and amortization by Ps. 68.5 million, or 18.3%; and a Ps. 64.0 million, or 21.0%, increase in the cost of improvements to concession assets (IFRIC-12).

Operating income margin went from 46.8% in 9M24 to 42.6% in 9M25. Excluding the effects of IFRIC-12, the operating income margin went from 57.0% in 9M24 to 54.8% in 9M25. Income from operations increased by Ps. 2,207.4 million, or 19.7%, compared to 9M24.

EBITDA margin went from 55.7% in 9M24 to 51.5% in 9M25. Excluding the effects of IFRIC-12, EBITDA margin went from 67.9% in 9M24 to 66.2% in 9M25. The nominal value of EBITDA increased by Ps. 2,863.0 million, or 21.4%, compared to 9M24.

Financial results increased expenses by Ps. 8.0 million, or 0.3%, from a net expense of Ps. 2,316.9 million in 9M24 to a net expense of Ps. 2,324.9 million in 9M25. This change was mainly the result of:

  • Foreign exchange fluctuations, which went from an expense of Ps. 203.6 million in 9M24 to an expense of Ps. 103.3 million in 9M25, resulting in a foreign exchange gain of Ps. 100.3 million due to the depreciation of the Mexican peso. Additionally, the foreign currency translation effect contributed to a Ps. 1,740.5 million increase in expense compared to 9M24.

  • Interest expense decreased by Ps. 14.0 million, or 0.5%, compared to 9M24, mainly due to the increase in bond certificates and higher borrowings of bank loans.

  • Interest income decreased by Ps. 122.3 million, or 13.7%, compared to 9M24, mainly due to a decrease in the cash and cash equivalents average balance and changes in the reference rates.

In 9M25, net and comprehensive income decreased by Ps. 171.5 million, or 2.2%, compared to 9M24, mainly due to a foreign currency translation effect of Ps. 1,740.5 million, partially offset by the increase in EBITDA described above.

During 9M25, net income increased by Ps. 1,503.0 million, or 22.4%, compared to 9M24, mainly due to the increase in EBITDA, partially offset by higher depreciation and amortization expenses. Income tax expense for the period increased by Ps. 696.5 million, composed of a Ps. 714.8 million increase in current income tax, partially offset by a Ps. 18.3 million increase in deferred tax benefit.

Statement of Financial Position

Total assets as of September 30, 2025, increased by Ps. 3, 671.2 million compared to September 30, 2024, primarily due to the following items: i) Improvements to concession assets of Ps. 5,598.2 million, ii) Other acquired rights of Ps. 888.6 million, iii) Advanced payments to suppliers of Ps. 869.3 million, iv) Trade accounts receivable of Ps. 722.4 million, v) Deferred income taxes of Ps. 754.2 million, partially offset by a decrease in cash and cash equivalents of Ps. 4,158.3 million, and a Ps. 511.5 million decrease in airport concessions.

As of September 30, 2025, total liabilities increased by Ps. 1,849.2 million compared to the same period in 2024, mainly due to i) Bonds certificates of Ps. 7,500.0 million, partially offset by a decrease in i) Dividends payable of Ps. 3,501.6 million, ii) Bank loans of Ps. 855.6 million, iii) Accounts payable of Ps. 530.2 million, and iv) Taxes payable of Ps. 109.0 million.

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 denuncia@lineadedenunciagap.com. GAP’s Audit Committee will be notified of all complaints for immediate investigation.


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

Airport3Q243Q25Change9M249M25Change
Guadalajara      
Aeronautical services1,417,5321,675,39318.2%3,982,1814,826,90921.2%
Non-aeronautical services352,935366,7623.9%980,6671,076,0939.7%
Improvements to concession assets (IFRIC 12)603,45732,396(94.6%)1,810,3712,381,24831.5%
Total Revenues2,373,9242,074,551(12.6%)6,773,2198,284,25022.3%
Operating income1,015,2911,279,84226.1%3,372,7203,704,8079.8%
EBITDA1,200,4631,500,47525.0%3,815,5484,344,99313.9%
       
Tijuana      
Aeronautical services706,053854,45921.0%2,036,3952,442,39219.9%
Non-aeronautical services116,154130,33112.2%406,706380,982(6.3%)
Improvements to concession assets (IFRIC 12)83,488386,094362.5%250,4641,158,282362.5%
Total Revenues905,6971,370,88451.4%2,693,5653,981,65647.8%
Operating income427,131539,95926.4%1,337,4241,512,34713.1%
EBITDA549,019668,96621.8%1,688,1431,893,36412.2%
       
Los Cabos      
Aeronautical services579,520682,61017.8%2,040,4502,533,18024.1%
Non-aeronautical services303,020299,056(1.3%)954,7091,011,0565.9%
Improvements to concession assets (IFRIC 12)149,281205,86337.9%447,844617,59037.9%
Total Revenues1,031,8211,187,52915.1%3,443,0024,161,82520.9%
Operating income452,723528,72516.8%1,880,9362,174,33815.6%
EBITDA544,826633,29316.2%2,152,1222,480,24315.2%
       
Puerto Vallarta      
Aeronautical services417,191489,80817.4%1,803,3642,198,75821.9%
Non-aeronautical services125,653131,0374.3%449,813502,08411.6%
Improvements to concession assets (IFRIC 12)371,727503,53635.5%1,115,1821,510,60935.5%
Total Revenues914,5721,124,38222.9%3,368,3594,211,45225.0%
Operating income277,152322,37716.3%1,461,3581,687,80915.5%
EBITDA331,539384,67416.0%1,624,5941,878,89515.7%
       
Montego Bay      
Aeronautical services449,879489,4638.8%1,415,1491,593,26212.6%
Non-aeronautical services211,571233,16710.2%610,416709,71716.3%
Improvements to concession assets (IFRIC 12)47,05850,4277.2%127,739163,78128.2%
Total Revenues708,508773,0569.1%2,153,3032,466,76014.6%
Operating income241,419245,5261.7%782,524893,54314.2%
EBITDA320,937328,9002.5%1,002,6451,152,71215.0%
       


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

Airport3Q243Q25Change9M249M25Change
Guanajuato      
Aeronautical services250,429292,74216.9%678,494841,37224.0%
Non-aeronautical services50,16449,266(1.8%)142,768146,8062.8%
Improvements to concession assets (IFRIC 12)55,538130,222134.5%166,613390,665134.5%
Total Revenues356,130472,23032.6%987,8751,378,84439.6%
Operating income188,197219,68416.7%527,958627,25918.8%
EBITDA210,608244,71616.2%593,613703,66618.5%
       
Hermosillo      
Aeronautical services127,518160,02825.5%377,662465,27423.2%
Non-aeronautical services29,92826,563(11.2%)86,89583,324(4.1%)
Improvements to concession assets (IFRIC 12)16,07917,2247.1%48,23851,6727.1%
Total Revenues173,525203,81417.5%512,795600,27017.1%
Operating income66,72787,45631.1%217,425263,67721.3%
EBITDA91,963113,05422.9%293,241341,31616.4%
       
Others(1)      
Aeronautical services679,158829,54022.1%1,816,9682,335,21528.5%
Non-aeronautical services108,815116,6147.2%318,032350,69010.3%
Improvements to concession assets (IFRIC 12)174,560345,29897.8%348,525735,538111.0%
Total Revenues962,5331,291,45334.2%2,483,5273,421,44437.8%
Operating income550,978286,831(47.9%)562,107767,85236.6%
EBITDA518,842389,296(25.0%)828,4261,078,39330.2%
       
Total      
Aeronautical services4,627,2805,474,04318.3%14,150,66217,236,36321.8%
Non-aeronautical services1,298,2391,352,7964.2%3,950,0064,260,7527.9%
Improvements to concession assets (IFRIC 12)1,501,1881,671,06011.3%4,314,9777,009,38562.4%
Total Revenues7,426,7068,497,89914.4%22,415,64528,506,50027.2%
Operating income3,219,6173,510,4029.0%10,142,45211,631,63214.7%
EBITDA3,768,1984,263,37313.1%11,998,33213,873,58215.6%
       

(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 September 30 (in thousands of pesos): 

 2024
2025Change%
Assets    
Current assets    
Cash and cash equivalents15,828,015 11,669,498(4,158,517)(26.3%)
Trade accounts receivable - Net2,370,326 3,092,764722,438 30.5%
Other current assets1,325,663 1,300,225(25,438)(1.9%)
Total current assets19,524,004 16,062,487(3,461,517)(17.7%)
     
Advanced payments to suppliers1,391,549 2,260,819869,270 62.5%
Machinery, equipment and improvements to leased buildings - Net4,526,156 4,483,734(42,422)(0.9%)
Improvements to concession assets - Net33,301,904 38,900,0755,598,171 16.8%
Airport concessions - Net9,443,181 8,931,658(511,523)(5.4%)
Rights to use airport facilities - Net1,008,491 954,626(53,865)(5.3%)
Other acquired rights979,647 1,868,285888,638 90.7%
Deferred income taxes - Net7,934,352 8,688,584754,232 9.5%
Other non-current assets1,126,077 756,308(369,769)(32.8%)
Total assets79,235,361 82,906,5753,671,214 4.6%
     
Liabilities    
Current liabilities13,049,798 7,975,005(5,074,794)(38.9%)
Long-term liabilities44,664,952 51,588,8926,923,940 15.5%
Total liabilities57,714,751 59,563,8971,849,146 3.2%
     
Stockholders' Equity    
Common stock1,194,390 1,194,390- 0.0%
Legal reserve920,187 238,878(681,309)(74.0%)
Net income6,535,681 7,850,0691,314,388 20.1%
Retained earnings8,345,564 9,130,159784,595 9.4%
Reserve for share repurchase2,500,000 2,500,000- 0.0%
Foreign currency translation reserve681,626 95,577(586,049)(86.0%)
Remeasurements of employee benefit – Net(1,741)32,12033,861 (1944.9%)
Cash flow hedges- Net13,191 -(13,191)(100.0%)
Total controlling interest20,188,898 21,041,193852,295 4.2%
Non-controlling interest1,331,712 2,301,488969,776 72.8%
Total stockholder's equity21,520,610 23,342,6811,822,071 8.5%
     
Total liabilities and stockholders' equity79,235,361 82,906,5753,671,214 4.6%
     

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):  

 3Q243Q25Change9M249M25Change
Cash flows from operating activities:      
Consolidated net income1,982,829 2,695,980 36.0%6,706,263 8,209,234 22.4%
       
Postemployment benefit costs15,126 18,062 19.4%42,678 47,683 11.7%
Allowance expected credit loss12,559 11,130 (11.4%)31,086 23,398 (24.7%)
Depreciation and amortization787,295 935,683 18.8%2,137,595 2,793,217 30.7%
Loss (gain) on sale of machinery, equipment and improvements to leased assets9,561 (435)(104.5%)21,321 924 (95.7%)
Interest expense1,066,482 1,028,380 (3.6%)3,044,373 3,309,889 8.7%
Provisions374,058 10,026 (97.3%)390,308 (11,641)(103.0%)
Income tax expense677,524 792,158 16.9%2,193,977 2,890,438 31.7%
Unrealized exchange loss348,304 (87,406)(125.1%)574,167 (30,602)(105.3%)
 5,273,738 5,403,578 2.5%15,141,769 17,232,539 13.8%
Changes in working capital:      
(Increase) decrease in      
Trade accounts receivable(120,529)43,028 (135.7%)(203,657)(450,686)121.3%
Recoverable tax on assets and other assets(14,850)(154,167)938.2%776,373 (46,803)(106.0%)
Increase (decrease)      
Concession taxes payable(67,357)(39,589)(41.2%)(176,389)(254,695)44.4%
Accounts payable71,762 1,488,079 1973.6%(402,843)1,441,592 (457.9%)
Cash generated by operating activities5,142,764 6,740,929 31.1%15,135,253 17,921,947 18.4%
Income taxes paid(945,118)(2,477,296)162.1%(2,532,066)(4,802,085)89.7%
Net cash flows provided by operating activities4,197,646 4,263,633 1.6%12,603,186 13,119,861 4.1%
       
Cash flows from investing activities:      
Machinery, equipment and improvements to concession assets(2,117,161)(4,218,537)99.3%(5,226,435)(6,603,300)26.3%
Cash flows from sales of machinery and equipment662 836 26.3%4,897 2,610 (46.7%)
Other investment activities(46,510)1,079,384 (2420.8%)25,760 (653,186)(2635.7%)
Business acquisition- - 0.0%(875,504)- (100.0%)
Net cash used by investment activities(2,163,009)(3,138,317)45.1%(6,071,283)(7,253,875)19.5%
       
Cash flows from financing activities:      
Dividends declared and paid- (4,254,436)100.0%- (8,508,872)100.0%
Dividends paid non-controlling interest(70,061)(411,347)487.1%(135,485)(564,228)316.5%
Capital reduction(3,501,573)- (100.0%)(3,501,573)- (100.0%)
Bond certificates issued5,648,134 8,500,000 50.5%8,648,134 14,500,000 67.7%
Bond certificates paid- - 0.0%(3,000,000)(7,000,000)133.3%
Bank loans paid(2,425)(2,233,515)92003.7%(70,842)(5,688,452)7929.8%
Bank loans- 693,817 100.0%875,000 3,942,915 350.6%
Interest paid on bank loans(720,907)(1,131,482)57.0%(3,105,389)(3,437,967)10.7%
Interest paid on lease(879)(493)(43.9%)(2,910)(1,775)(39.0%)
Payments of obligations for leasing(10,286)(9,449)(8.1%)(19,193)(28,348)47.7%
Net cash flows used in financing activities1,342,003 1,153,095 (14.1%)(312,258)(6,786,727)2073.4%
       
Effects of exchange rate changes on cash held(133,525)(306,255)129.4%(446,842)(875,787)96.0%
Net increase (decrease) in cash and cash equivalents3,243,115 1,972,156 (39.2%)5,772,803 (1,796,529)(131.1%)
Cash and cash equivalents at beginning of the period12,584,900 9,697,343 (22.9%)10,055,211 13,466,026 33.9%
Cash and cash equivalents at the end of the period15,828,015 11,669,498 (26.3%)15,828,015 11,669,498 (26.3%)
       


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

 3Q243Q25Change9M249M25Change
Revenues      
Aeronautical services4,627,601 5,474,043 18.3%14,150,663 17,236,364 21.8%
Non-aeronautical services2,103,878 2,431,480 15.6%5,521,018 7,268,014 31.6%
Improvements to concession assets (IFRIC-12)1,501,188 1,671,060 11.3%4,314,977 7,009,385 62.4%
Total revenues8,232,667 9,576,583 16.3%23,986,658 31,513,762 31.4%
       
Operating costs      
Costs of services:1,435,204 1,637,006 14.1%3,720,973 4,644,243 24.8%
Employee costs573,117 633,119 10.5%1,522,994 1,885,203 23.8%
Maintenance213,360 307,625 44.2%555,642 821,358 47.8%
Safety, security & insurance220,486 243,706 10.5%602,508 691,429 14.8%
Utilities160,803 174,887 8.8%396,811 448,850 13.1%
Business operated directly by us72,858 84,697 16.3%219,017 258,665 18.1%
Other operating expenses194,580 192,972 (0.8%)424,000 538,738 27.1%
       
Technical assistance fees200,635 226,322 12.8%627,172 731,901 16.7%
Concession taxes598,091 963,943 61.2%1,991,302 2,954,025 48.3%
Depreciation and amortization787,295 935,683 18.8%2,137,595 2,793,217 30.7%
Cost of improvements to concession assets (IFRIC-12)1,501,188 1,671,060 11.3%4,314,977 7,009,385 62.4%
Other (income)(10,082)(7,397)(26.6%)(22,474)(43,542)93.7%
Total operating costs4,512,331 5,426,617 20.3%12,769,544 18,089,229 41.7%
Income from operations3,720,336 4,149,966 11.5%11,217,114 13,424,533 19.7%
Financial Result(1,059,983)(661,828)(37.6%)(2,316,875)(2,324,863)0.3%
Income before income taxes2,660,353 3,488,138 31.1%8,900,239 11,099,670 24.7%
Income taxes(677,524)(792,158)16.9%(2,193,977)(2,890,438)31.7%
Net income1,982,829 2,695,980 36.0%6,706,263 8,209,234 22.4%
Currency translation effect651,897 (231,955)(135.6%)1,019,679 (730,540)(171.6%)
Cash flow hedges, net of income tax(12,124)2,692 (122.2%)(47,527)4,584 (109.6%)
Remeasurements of employee benefit – net income tax(2,052)(8,929)335.1%177 23,837 13367.2%
Comprehensive income2,620,550 2,457,788 (6.2%)7,678,591 7,507,114 (2.2%)
Non-controlling interest(140,692)(96,975)(31.1%)(268,334)(302,853)12.9%
Comprehensive income attributable to controlling interest2,479,858 2,360,813 (4.8%)7,410,259 7,204,263 (2.8%)
       

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 StockLegal ReseveReserve for Share RepurchaseRetained EarningsOther comprehensive incomeTotal controlling interestNon-controlling interestTotal Stockholders' Equity
Balance as of January 1, 20248,197,536 478,185 2,500,0008,787,568 (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)
Dividends declared non-controlling interest- - -- - - (99,485)(99,485)
Comprehensive income:        
Net income- - -6,535,680 - 6,535,680 170,589 6,706,269 
Foreign currency translation reserve- - -- 921,933 921,933 97,744 1,019,677 
Remeasurements of employee benefit – Net- - -- 177 177 - 177 
Reserve for cash flow hedges – Net of income tax- - -- (47,527)(47,527)- (47,527)
Balance as of September 30, 20241,194,390 920,187 2,500,00014,881,246 693,075 20,188,898 1,331,712 21,520,610 
         
Balance as of January 1, 20251,194,390 920,187 2,500,00016,957,723 773,499 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- - -7,850,068 - 7,850,068 359,171 8,209,239 
Foreign currency translation reserve- - -- (674,223)(674,223)(56,318)(730,541)
Remeasurements of employee benefit – Net- - -- 23,837 23,837 - 23,837 
Reserve for cash flow hedges – Net of income tax- - -- 4,584 4,584 - 4,584 
Balance as of September 30, 20251,194,390 238,878 2,500,00016,980,228 127,697 21,041,192 2,301,488 23,342,681 
         

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: 

 3Q243Q25Change9M249M25Change
Total passengers15,273.115,659.62.5%46,137.347,808.43.6%
Total cargo volume (in WLUs)720.9717.5(0.5%)2,064.02,054.8(0.4%)
Total WLUs15,994.016,377.12.4%48,201.349,863.23.4%
       
Aeronautical & non aeronautical services per passenger (pesos)440.7504.814.5%426.4512.620.2%
Aeronautical services per WLU (pesos)289.3334.215.5%293.6345.717.7%
Non aeronautical services per passenger (pesos)137.8155.312.7%119.7152.027.0%
Cost of services per WLU (pesos)89.7100.011.4%77.293.120.7%
       

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


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