PAC — Grupo Aeroportuario del Pacífico, S.A.B. de C.V.

Summary of GAP's Q4 2025 Earnings Call

1. Key Financial Results and Metrics

• Passenger Traffic: Decreased by 0.9% year-over-year, with a 2.9% increase in Mexico offset by a nearly 35% decline in Jamaica due to Hurricane Melissa.
• Revenues: Combined aeronautical and non-aeronautical revenues rose by 12.8%. Aeronautical revenues specifically grew by 12.6%.
• EBITDA: Increased by 7.5% to MXN 5.1 billion, with an EBITDA margin of 53.8%, down from the previous year due to higher concession fees and increased operational costs.
• Net Income: Declined compared to Q4 2024, impacted by higher financial expenses and lower interest income.
• Full Year Performance: Aeronautical revenue up 19.4%, non-aeronautical revenue up 26.5%, and EBITDA up 17.8% to MXN 21.3 billion.

2. Strategic Updates and Business Highlights

• Operational Resilience: Despite external challenges, the company demonstrated strong structural growth, particularly in Mexico.
• Capital Expenditure: Invested MXN 12.4 billion in 2025, focusing on major terminal expansions and capacity enhancements as part of the 2025-2029 Master Development Program.
• Cross Border Xpress (CBX): Approved a business combination to enhance operational efficiency and expand service capabilities, expected to contribute to long-term value creation.

3. Forward Guidance and Outlook

• Traffic Growth: Expected to increase between 2% and 5% in 2026, with aeronautical revenues projected to rise by 9% to 12% and non-aeronautical revenues by 6% to 9%.
• Total Revenue Growth: Anticipated to grow between 8% and 11% year-over-year, with EBITDA expected to follow the same growth trajectory.
• Long-term Strategy: Focus on strengthening connectivity, expanding commercial revenues, disciplined infrastructure execution, and maintaining a sound capital structure.

4. Bad News, Challenges, or Points of Concern

• Hurricane Impact: Significant traffic decline in Jamaica due to Hurricane Melissa, with uncertainty regarding full recovery of hotel capacity affecting future passenger numbers.
• Cost Pressures: Increased concession fees and operational costs are impacting margins.
• Market Risks: External factors such as exchange rate volatility and natural events pose risks to future performance.

5. Notable Q&A Insights

• Traffic Recovery: Management confirmed a gradual normalization of operations in Guadalajara and Puerto Vallarta after recent cancellations, with expectations of continued recovery.
• Tariff Adjustments: Further tariff increases are planned, with a focus on achieving maximum fulfillment by summer.
• U.S. Expansion: Management expressed interest in exploring additional investment opportunities in the U.S. beyond the CBX, contingent on strategic alignment and shareholder value.
• Integration Timeline: Full consolidation of the CBX transaction is expected by Q2 2026, with anticipated efficiencies to be realized by Q4 2026.

Overall, GAP's Q4 2025 results reflect a solid year despite challenges, with a cautious but optimistic outlook for 2026 driven by strategic initiatives and recovery efforts.