Grupo Aeroportuario del Pacifico Announces Results for the Third Quarter of 2024

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GUADALAJARA, Mexico, Oct. 21, 2024 (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, 2024 (3Q24). Figures are unaudited and prepared following International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”).

Summary of Results 3Q24 vs. 3Q23

  • The sum of aeronautical and non-aeronautical services revenues increased by Ps. 402.8 million, or 6.4%. Total revenues increased by Ps. 839.7 million, or 11.4%.
  • Cost of services increased by Ps. 251.9 million, or 21.3%.
  • Income from operations increased by Ps. 70.2 million, or 1.9%.
  • EBITDA increased by Ps. 237.8 million, or 5.6%, from Ps. 4,629.9 million in 3Q23 to Ps. 4,507.6 million in 3Q24. EBITDA margin (excluding the effects of IFRIC-12) went from 67.5% in 3Q23 to 67.0% in 3Q24.
  • Comprehensive income increased by Ps. 69.1 million, or 2.7%, from Ps. 2,551.4 million in 3Q23 to Ps. 2,620.6 million in 3Q24.

Company’s Financial Position:

During 3Q24, there was a decrease in the Company’s aeronautical revenues compared to 3Q23, mainly due to the decline in passenger traffic, as a result of preventive reviews of Pratt & Whitney A320neo and A321neo engines, which affected the fleet operated by Volaris and VivaAerobus and that started in the third quarter of 2023 reaching its highest volume in the 3Q24. This decrease was offset by an increase in non-aeronautical revenues of 38.7%, generated mainly by the consolidation of the cargo and free trade zone business at the Guadalajara airport starting in July 2024. The Company reports a financial position of cash and cash equivalents as of September 30, 2024, of Ps. 15,828.0 million. During 3Q24, the Company refinanced the credit facilities with Citibanamex for Ps. 1,000.0 million and for USD$40.0 million, additionally, on September 5, 2024, the Company issued long-term bond certificates for an amount of Ps. 5,648.1 million, for capital investments and debt refinancing.

Passenger Traffic
During 3Q24, total passengers at the Company’s 14 airports decreased by 923.2 thousand passengers, a decrease of 5.7%, compared to 3Q23.

During 3Q23, the following new routes were opened:

Domestic:

Airline Departure Arrival Opening date Frequencies
Aeromexico Guadalajara Tijuana July 1, 2024 1 daily

Note: Frequencies can vary without prior notice.

International:

Airline Departure Arrival Opening date Frequencies
Hainan Tijuana Beijing July 12, 2024 2 weekly
Flair Guadalajara Toronto September 13, 2024 2 weekly

Note: Frequencies can vary without prior notice.

Domestic Terminal Passengers – 14 airports (in thousands):

Airport 3Q23 3Q24 Change 9M23 9M24 Change
Guadalajara 3,261.8 3,113.0 (4.6%) 9,395.0 8,779.4 (6.6%)
Tijuana * 2,448.3 2,204.9 (9.9%) 6,751.6 6,288.3 (6.9%)
Los Cabos 832.5 791.4 (4.9%) 2,244.2 2,119.7 (5.5%)
Puerto Vallarta 799.5 804.2 0.6% 2,197.1 2,121.6 (3.4%)
Montego Bay 0.0 0.0 0.0% 0.0 0.0 0.0%
Guanajuato 662.9 547.0 (17.5%) 1,729.5 1,545.3 (10.7%)
Hermosillo 556.8 524.2 (5.9%) 1,552.4 1,512.7 (2.6%)
Kingston 0.7 1.3 69.8% 1.3 2.4 80.5%
Mexicali 447.6 250.5 (44.0%) 1,174.8 765.1 (34.9%)
Morelia 221.1 165.0 (25.3%) 609.1 464.5 (23.7%)
La Paz 303.6 320.5 5.6% 814.2 879.9 8.1%
Aguascalientes 171.6 158.5 (7.6%) 478.6 467.0 (2.4%)
Los Mochis 123.1 144.0 16.9% 336.2 412.0 22.5%
Manzanillo 27.3 28.1 3.1% 80.1 94.4 17.8%
Total 9,856.8 9,052.5 (8.2%) 27,364.0 25,452.3 (7.0%)

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

International Terminal Passengers – 14 airports (in thousands):

Airport 3Q23 3Q24 Change 9M23 9M24 Change
Guadalajara 1,342.2 1,493.1 11.2% 3,848.9 4,353.1 13.1%
Tijuana * 1,093.9 1,067.9 (2.4%) 3,254.5 3,001.9 (7.8%)
Los Cabos 999.4 881.2 (11.8%) 3,603.1 3,489.0 (3.2%)
Puerto Vallarta 599.0 529.0 (11.7%) 2,863.8 2,970.5 3.7%
Montego Bay 1,306.4 1,154.9 (11.6%) 3,963.2 3,897.2 (1.7%)
Guanajuato 227.4 284.2 25.0% 645.5 773.5 19.8%
Hermosillo 18.3 19.0 3.9% 55.0 62.6 13.8%
Kingston 509.4 514.3 1.0% 1,338.9 1,324.9 (1.0%)
Mexicali 1.8 1.8 0.1% 5.3 5.6 4.8%
Morelia 149.2 169.9 13.9% 444.0 483.9 9.0%
La Paz 2.6 2.6 (2.4%) 10.3 8.7 (15.9%)
Aguascalientes 81.5 90.9 11.5% 214.3 242.1 13.0%
Los Mochis 1.9 2.1 13.9% 5.4 6.1 14.3%
Manzanillo 6.5 9.6 47.7% 49.1 65.7 33.7%
Total 6,339.5 6,220.3 (1.9%) 20,301.6 20,684.7 1.9%

*CBX users are classified as international passengers.

Total Terminal Passengers – 14 airports (in thousands):

Airport 3Q23 3Q24 Change 9M23 9M24 Change
Guadalajara 4,604.0 4,606.0 0.0% 13,243.9 13,132.5 (0.8%)
Tijuana * 3,542.2 3,272.7 (7.6%) 10,006.1 9,290.2 (7.2%)
Los Cabos 1,831.9 1,672.6 (8.7%) 5,847.3 5,608.7 (4.1%)
Puerto Vallarta 1,398.5 1,333.2 (4.7%) 5,060.9 5,092.1 0.6%
Montego Bay 1,306.4 1,154.9 (11.6%) 3,963.2 3,897.2 (1.7%)
Guanajuato 890.2 831.2 (6.6%) 2,375.0 2,318.7 (2.4%)
Hermosillo 575.2 543.3 (5.5%) 1,607.5 1,575.3 (2.0%)
Kingston 510.1 515.5 1.1% 1,340.3 1,327.3 (1.0%)
Mexicali 449.4 252.3 (43.9%) 1,180.1 770.7 (34.7%)
Morelia 370.2 335.0 (9.5%) 1,053.1 948.4 (9.9%)
La Paz 306.2 323.0 5.5% 824.5 888.6 7.8%
Aguascalientes 253.1 249.3 (1.5%) 692.9 709.1 2.3%
Los Mochis 125.0 146.1 16.9% 341.6 418.1 22.4%
Manzanillo 33.8 37.7 11.6% 129.2 160.1 23.9%
Total 16,196.1 15,272.8 (5.7%) 47,665.4 46,137.0 (3.2%)

*CBX users are classified as international passengers.

CBX Users (in thousands):

Airport 3Q23 3Q24 Change 9M23 9M24 Change
Tijuana 1,084.2 1,048.7 (3.3%) 3,226.9 2,956.3 (8.4%)
             

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

  3Q23 3Q24 Change
Revenues      
Aeronautical services 4,812,288 4,627,601 (3.8%)
Non-aeronautical services 1,516,381 2,103,878 38.7%
Improvements to concession assets (IFRIC-12) 1,064,286 1,501,188 41.1%
Total revenues 7,392,955 8,232,667 11.4%
       
Operating costs      
Costs of services: 1,183,268 1,435,204 21.3%
Employee costs 440,836 573,117 30.0%
Maintenance 171,063 213,360 24.7%
Safety, security & insurance 180,066 220,486 22.4%
Utilities 141,334 160,803 13.8%
Business operated directly by us 63,147 72,858 15.4%
Other operating expenses 186,822 194,580 4.2%
       
Technical assistance fees 209,109 200,635 (4.1%)
Concession taxes 671,398 598,091 (10.9%)
Depreciation and amortization 619,755 787,295 27.0%
Cost of improvements to concession assets (IFRIC-12) 1,064,286 1,501,188 41.1%
Other (income) (4,959) (10,082) 103.3%
Total operating costs 3,742,857 4,512,331 20.6%
Income from operations 3,650,098 3,720,336 1.9%
Financial Result (544,187) (1,059,983) 94.8%
Income before income taxes 3,105,911 2,660,353 (14.3%)
Income taxes (727,051) (677,524) (6.8%)
Net income 2,378,860 1,982,829 (16.6%)
Currency translation effect 158,864 651,897 310.3%
Cash flow hedges, net of income tax 13,398 (12,124) (190.5%)
Remeasurements of employee benefit – net income tax 318 (2,052) (745.3%)
Comprehensive income 2,551,440 2,620,550 2.7%
Non-controlling interest (52,302) (140,692) 169.0%
Comprehensive income attributable to controlling interest 2,499,138 2,479,858 (0.8%)
       
       
  3Q23 3Q24 Change
EBITDA 4,269,853 4,507,631 5.6%
Comprehensive income 2,551,440 2,620,550 2.7%
Comprehensive income per share (pesos) 5.0175 5.1864 3.4%
Comprehensive income per ADS (US dollars) 3.0304 3.1324 3.4%
       
Operating income margin 49.4% 45.2% (8.5%)
Operating income margin (excluding IFRIC-12) 57.7% 55.3% (4.2%)
EBITDA margin 57.8% 54.8% (5.2%)
EBITDA margin (excluding IFRIC-12) 67.5% 67.0% (0.7%)
Costs of services and improvements / total revenues 30.4% 35.7% 17.3%
Cost of services / total revenues (excluding IFRIC-12) 18.7% 21.3% 14.0%
       

– Net income and comprehensive income per share for 3Q24 and 3Q23 were calculated based on 505,277,464 shares outstanding as of September 30, 2024, and September 30, 2023, respectively. U.S. dollar figures presented were converted from pesos to U.S. dollars at a rate of Ps. 19.6303 per U.S. dollar (the noon buying rate on September 30, 2024, as published by the U.S. Federal Reserve Board).
For purposes of consolidating our Jamaican airports, the average three-month exchange rate of Ps. 18.9229 per U.S. dollar for the three months ended September 30, 2024, was used.

Revenues (3Q24 vs. 3Q23)

  • Aeronautical services revenues decreased by Ps. 184.7 million, or 3.8%.
  • Non-aeronautical services revenues increased by Ps. 587.5 million, or 38.7%.
  • Revenues from improvements to concession assets increased by Ps. 436.9 million, or 41.1%.
  • Total revenues increased by Ps. 839.7 million, or 11.4%.
  • The change in aeronautical services revenues was primarily due to the following factors:
    1. Revenues at our Mexican airports decreased by Ps. 251.2 million or 6.1% compared to 3Q23, mainly due to the 5.4% decrease in passenger traffic.
    2. Revenues from Jamaican airports increased by Ps. 66.5 million, or 9.4%, compared to 3Q23. This was mainly due to the peso depreciation versus the U.S. dollar by 10.9%, compared to 3Q23, which went from an average exchange rate of Ps. 17.0621 in 3Q23 to Ps. 18.9229 in 3Q24. Passenger traffic decreased by 8.0%.
  • The change in non-aeronautical services revenues was primarily driven by the following factors:
    1. Revenues at our Mexican airports increased by Ps. 573.4 million, or 45.5%, compared to 3Q23. Revenues from businesses operated directly by us increased by Ps. 444.5 million, or 100.3%, mainly due to the consolidation of a cargo and free trade zone business starting in July 2024 with revenues of Ps. 354.1 million. Revenues from businesses operated by third parties increased by Ps. 124.5 million, or 16.1%, mainly due to the opening of new commercial spaces, and the renegotiation of contract conditions. The business lines that grew the most were car rentals, food and beverages, time shares, and retail, all of which increased by Ps. 122.9 million, or 23.4%, offset by a decrease of Ps. 6.3 million in duty-free stores.
    2. Revenues from the Jamaican airports increased by Ps. 14.1 million, or 5.6%, compared to 3Q23, mainly due to the peso depreciation versus the U.S. dollar by 10.9%, compared to 3Q23. Revenues in U.S. dollars decreased by US$ 0.7 million, or 4.9%.
  3Q23 3Q24 Change
Businesses operated by third parties:      
Food and beverage 249,671 291,059 16.6%
Car rental 144,939 209,871 44.8%
Duty-free 193,804 184,931 (4.6%)
Retail 175,933 174,816 (0.6%)
Leasing of space 97,178 111,224 14.5%
Times shares 33,902 63,608 87.6%
Ground transportation 24,526 41,301 68.4%
Other commercial revenues 50,202 30,260 (39.7%)
Communications and financial services 28,734 26,446 (8.0%)
Total 998,889 1,133,516 13.5%
       
Businesses operated directly by us:      
Cargo operation and free trade zone – 390,385 100.0%
Car parking 186,944 171,497 (8.3%)
Convenience stores 128,147 137,122 7.0%
VIP Lounges 105,870 130,000 22.8%
Advertising 41,696 52,977 27.1%
Hotel operation – 28,189 100.0%
Total 462,657 910,169 96.7%
Recovery of costs 54,836 60,193 9.8%
Total Non-aeronautical Revenues 1,516,381 2,103,878 38.7%
       

Figures are expressed in thousands of Mexican pesos.

  • Revenues from improvements to concession assets 1

    Revenues from improvements to concession assets (IFRIC-12) increased by Ps. 436.9 million, or 41.1%, compared to 3Q23. The change was composed of :

    1. Improvements to concession assets at the Company’s Mexican airports increased by Ps. 299.7 million, or 28.9%, following investments under the Master Development Program for the 2020-2024 period.
    2. Improvements to concession assets at the Company’s Jamaican airports increased Ps. 137.2 million, or 504.1%.

________________________
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. 769.5 million, or 20.6%, compared to 3Q23, mainly due to the increase in the cost of improvements to concession assets (IFRIC-12) by Ps. 436.9 million and the cargo and free trade zone business consolidation.

The cost of services increased by Ps. 251.9 million, or 21.3%, while the depreciation and amortization increased by Ps. 167.5 million, or 27.0%. This was offset by a combined decrease of Ps. 81.8 million, or 5.0%, in concession taxes and technical assistance fees (excluding the cost of improvements to concession assets (IFRIC-12), operating costs increased Ps. 332.5 million, or 12.4%).

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

Mexican airports:

  • Operating costs increased by Ps. 694.8 million, or 23.4%, compared to 3Q23, primarily due to an increase in the cost of improvements to the concession assets (IFRIC-12) by Ps. 299.7 million, or 28.9%, an increase in the cost of services by Ps. 223.2 million, or 22.9%, an increase in depreciation and amortization by Ps. 152.7 million, or 30.6%, and a combined increase in technical assistance fees and concession taxes by Ps. 22.9 million, or 5.0% (excluding the cost of improvements to the concession assets (IFRIC-12), operating costs increased by Ps. 395.0 million or 20.5%).

The change in the cost of services at our Mexican airports during 3Q24 was mainly due to:

  • Employee costs increased Ps. 125.0 million, or 32.2%, compared to 3Q23, mainly due to the consolidation of the cargo and free trade zone business of Ps. 86.5 million, as well as the hiring of 175 additional personnel during the last quarter of 2023 and 9M24, as well as the adjustments in salaries and cost related to changes in Labor Law.
  • Maintenance expenses increased by Ps. 41.3 million, or 31.7%, compared to 3Q23, mainly due to the opening of new operational areas and the consolidation of the cargo and free trade zone business with maintenance expenses of Ps. 8.4 million.
  • Safety, security, and insurance increased by Ps. 29.4 million, or 22.1%, compared to 3Q23, mainly due to the increase in the security headcount, minimum wages, and changes in Labor Law, the opening of new operational areas and the consolidation of the cargo and free trade zone business by Ps.4.8 million.
  • Other operating expenses increased by Ps. 15.7 million, or 7.1%, compared to 3Q23, mainly due to a combined increase in services, professional fees, and travel expenses by Ps. 11.7 million, the consolidation of the cargo and free trade zone business with other operating expenses of Ps. 12.4 million. This was offset by the decrease in the allowance for expected credit losses by Ps. 4.8 million.

Jamaican Airport:

  • Operating costs increased by Ps. 74.7 million, or 9.6%, compared to 3Q23, mainly due to a Ps. 137.2 million, or 504.1%, increase in the cost of improvements to concession assets (IFRIC-12), an increase in the cost of services by Ps. 28.7 million, or 13.8%, offset by the decrease in the concession taxes by Ps. 104.7 million, or 24.8%.

Operating income margin went from 49.4% in 3Q23 to 45.2% in 3Q24. Excluding the effects of IFRIC-12, the operating income margin went from 57.7% in 3Q23 to 55.3% in 3Q24. Income from operations increased by Ps. 70.2 million, or 1.9%, compared to 3Q23.

EBITDA margin went from 57.8% in 3Q23 to 54.8% in 3Q24. Excluding the effects of IFRIC-12, EBITDA margin went from 67.5% in 3Q23 to 67.0% in 3Q24. The nominal value of EBITDA increased by Ps. 237.8 million, or 5.6%, compared to 3Q23.

Financial results increased by Ps. 515.8 million, or 94.8%, from a net expense of Ps. 544.1 million in 3Q23 to a net expense of Ps. 1,060.0 million in 3Q24. This change was mainly the result of:

  • Foreign exchange rate fluctuations, which went from an income of Ps. 170.2 million in 3Q23 to an expense of Ps. 313.4 million in 3Q24. This generated a foreign exchange loss of Ps. 483.7 million. This was mainly due to the depreciation of the peso. Currency translation effect gain increased Ps. 493.0 million, compared to 3Q23.
  • Interest expenses increased by Ps. 25.2 million, or 2.2%, compared to 3Q23, mainly due to higher debt as a result of the issuance of long-term debt securities and the drawdown of credit lines, as well as the substantial increase in the interest rates.
  • Interest income decreased by Ps. 6.9 million, or 2.1%, compared to 3Q23, mainly due to a decrease in the cash and cash equivalents average balance and the reference rates.

In 3Q24, comprehensive income increased by Ps. 69.1 million, or 2.7%, compared to 3Q23. Income before income taxes decreased by Ps. 445.6 million, mainly due to the decrease in passenger traffic and partially offset by the revenues generated by the commercial strategy and the consolidation of the cargo and free trade zone business. This decrease generated a decrease in the tax income of Ps. 49.5 million. Net and comprehensive income increased mainly due to the increase of the effect of foreign currency translation by Ps. 493.0 million.

During 3Q24, net income decreased by Ps. 396.0 million, or 16.6%, compared to 3Q23. Taxes for the period decreased by Ps. 49.5 million, tax income increased by Ps. 67.0 million and the benefit for deferred taxes increased by Ps. 116.5 million, mainly due to the application of fiscal losses for Ps. 97.9 million, and other deferred taxes by Ps. 20.7 million, offset by a decrease in the inflationary effects, that went from an inflation rate of 1.5% in 3Q23 to 1.4% in 3Q24.

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

  9M23 9M24 Change
Revenues      
Aeronautical services 14,780,643 14,150,663 (4.3%)
Non-aeronautical services 4,544,249 5,521,018 21.5%
Improvements to concession assets (IFRIC-12) 4,767,624 4,314,977 (9.5%)
Total revenues 24,092,516 23,986,658 (0.4%)
       
Operating costs      
Costs of services: 3,184,434 3,720,973 16.8%
Employee costs 1,273,009 1,522,994 19.6%
Maintenance 478,061 555,642 16.2%
Safety, security & insurance 503,020 602,508 19.8%
Utilities 363,997 396,811 9.0%
Business operated directly by us 175,242 219,017 25.0%
Other operating expenses 391,105 424,000 8.4%
       
Technical assistance fees 651,826 627,172 (3.8%)
Concession taxes 1,938,019 1,991,302 2.7%
Depreciation and amortization 1,858,980 2,137,595 15.0%
Cost of improvements to concession assets (IFRIC-12) 4,767,624 4,314,977 (9.5%)
Other (income) 7,837 (22,474) (386.7%)
Total operating costs 12,408,721 12,769,544 2.9%
Income from operations 11,683,794 11,217,114 (4.0%)
Financial Result (1,726,623) (2,316,875) 34.2%
Income before income taxes 9,957,170 8,900,239 (10.6%)
Income taxes (2,524,654) (2,193,977) (13.1%)
Net income 7,432,516 6,706,263 (9.8%)
Currency translation effect (655,718) 1,019,679 (255.5%)
Cash flow hedges, net of income tax (24,353) (47,527) 95.2%
Remeasurements of employee benefit – net income tax 917 177 (80.7%)
Comprehensive income 6,753,363 7,678,591 13.7%
Non-controlling interest (60,519) (268,334) 343.4%
Comprehensive income attributable to controlling interest 6,692,844 7,410,259 10.7%
       
       
  9M23 9M24 Change
EBITDA 13,542,775 13,354,710 (1.4%)
Comprehensive income 6,753,363 7,678,591 13.7%
Comprehensive income per share (pesos) 13.2807 15.1968 14.4%
Comprehensive income per ADS (US dollars) 8.0210 9.1782 14.4%
       
Operating income margin 48.5% 46.8% (3.6%)
Operating income margin (excluding IFRIC-12) 60.5% 57.0% (5.7%)
EBITDA margin 56.2% 55.7% (1.0%)
EBITDA margin (excluding IFRIC-12) 70.1% 67.9% (3.1%)
Costs of services and improvements / total revenues 33.0% 33.5% 1.5%
Cost of services / total revenues (excluding IFRIC-12) 16.5% 18.9% 14.8%
       

– Net income and comprehensive income per share for 9M24 and 9M23 were calculated based on 505,277,464 shares outstanding as of September 30, 2024, and September 30, 2023. U.S. dollar figures presented were converted from pesos to U.S. dollars at a rate of Ps. 19.6903 per U.S. dollar (the noon buying rate on September 30, 2024, as published by the U.S. Federal Reserve Board).
– For purposes of the consolidation of the airports in Jamaica, the average nine-month exchange rate of Ps. 17.7104 per U.S. dollar for the nine months ended September 30, 2024, was used.

Revenues (9M24 vs. 9M23)

  • Aeronautical services revenues decreased by Ps. 630.0 million, or 4.3%.
  • Non-aeronautical services revenues increased by Ps. 976.8 million, or 21.5%.
  • Revenues from improvements to concession assets decreased by Ps. 452.6 million, or 9.5%.
  • Total revenues decreased by Ps. 105.9 million, or 0.4%.
  • The change in aeronautical services revenues was composed primarily of the following factors:
    1. Revenues at our Mexican airports decreased by Ps. 700.4 million, or 5.5%, compared to 9M23, mainly due to the 3.4% decrease in passenger traffic, as well as 93.4% compliance with the maximum tariffs.
    2. Revenues from Jamaican airports increased by Ps. 70.4 million, or 3.3%, compared to 9M23. This was mainly due to the increase in revenues in U.S. dollars by US$4.8 million, or 4.0%. This was offset by an appreciation of the peso against the dollar compared to 9M23 of 0.7%, which went from an average exchange rate of Ps. 17.8282 in 9M23 to Ps. 17.7104 in 9M24, which represented a decrease in revenues in pesos. Passenger traffic decreased by 1.5%.
  • The change in non-aeronautical services revenues was composed primarily of the following factors :
    1. Revenues at our Mexican airports increased by Ps. 968.4 million, or 25.6%, compared to 9M23. Revenues from businesses operated directly by us increased by Ps. 612.9 million, or 48.5%, mainly due to the consolidation of the cargo and free trade zone business starting in July 2024 with revenues of Ps. 354.1 million, while the recovery of costs increased by Ps. 4.5 million, or 3.5%. Revenues from businesses operated by third parties increased by Ps. 350.9 million, or 14.7%. 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 car rentals, food and beverage, other commercial revenues, and retail, which jointly increased by Ps. 357.8 million, or 18.2%.
    2. Revenues from the Jamaican airports increased by Ps. 8.4 million, or 1.1%, compared to 9M23, mainly due to the increase in revenues in USD dollars by US$0.7 million or 1.8%, this was offset by an appreciation of the peso against the dollar compared to 9M23 of 0.7%.
  9M23 9M24 Change
Businesses operated by third parties:      
Food and beverage 748,361 879,140 17.5%
Duty-free 583,824 552,968 (5.3%)
Car rentals 427,802 613,048 43.3%
Retail 531,703 516,596 (2.8%)
Leasing of space 270,513 318,494 17.7%
Time share 166,585 174,355 4.7%
Other commercial revenues 112,188 144,093 28.4%
Ground transportation 132,307 134,823 1.9%
Communications and financial services 88,240 80,524 (8.7%)
Total 3,061,523 3,414,040 11.5%
       
Businesses operated directly by us:      
Car parking 528,005 518,229 (1.9%)
Cargo operation and free trade zone – 453,379 100.0%
Convenience stores 359,901 420,499 16.8%
VIP Lounges 319,848 361,941 13.2%
Advertising 105,815 130,785 23.6%
Hotel operation – 46,804 100.0%
Total 1,313,568 1,931,636 47.1%
Recovery of costs 169,158 175,341 3.7%
Total Non-aeronautical Revenues 4,544,248 5,521,018 21.5%
       

Figures are expressed in thousands of Mexican pesos.

  • Revenues from improvements to concession assets2

    Revenues from improvements to concession assets (IFRIC12) decreased by Ps. 452.6 million, or 9.5%, compared to 9M23. The change was composed primarily of:

    1. The Company’s Mexican airports decreased by Ps. 672.3 million, or 14.4%, following the investments under the Master Development Program for the 2020-2024 period.
    2. Improvements to concession assets at the Company’s Jamaican airports increased by Ps. 219.7 million, or 258.7%.

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


Total operating costs increased by Ps. 360.8 million, or 2.9%, compared to 9M23, mainly due to a Ps. 536.5 million, or 16.8%, increase in the cost of services, a Ps. 278.6 million, or 15.0%, increase in depreciation and amortization, and a combined increase in concession taxes and technical assistance fees by Ps. 28.6 million, or 1.1%. This was offset by the decrease in improvements to concession assets (IFRIC12) by Ps. 452.6 million, or 9.5% (excluding the cost of improvements to concession assets, operating costs increased Ps. 813.5 million, or 10.6%).

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

Mexican Airports:

  • Operating costs increased by Ps. 102.9 million, or 1.0%, compared to 9M23, primarily due to a Ps.454.5, or 17.2%, increase in the cost of services, a combined Ps. 279.7 million, or 18.9%, increase in depreciation and amortization, and a combined Ps. 68.5 million, or 4.8%, increase in technical assistance fees and concession taxes. This was offset by a Ps. 672.4 million, or 14.4%, decrease in the cost of improvements to the concession assets (IFRIC-12). (excluding the cost of improvements to the concession assets, operating costs increased by Ps. 775.3 million or 14.0%).

The change in the cost of services during 9M24 was mainly due to:

  • Employee costs increased by Ps. 237.7 million, or 21.2%, compared to 9M23, mainly due to the adjustments in salaries and changes in Labor Law and the consolidation of the cargo and free trade zone business with employee costs of Ps. 86.5 million.
  • Other operating expenses increased by Ps. 72.4 million, or 14.4%, compared to 9M23, mainly due to a combined increase in services, professional fees, and travel expenses by Ps. 41.0 million and the consolidation of the cargo and free trade zone business with other operating expenses of Ps. 12.4 million.
  • Maintenance increased by Ps. 61.0 million, or 16.1%, compared to 9M23.
  • Safety, security, and insurance costs increased Ps. 60.4 million, or 15.6%, compared to 9M23, mainly due to an increase in the number of security staff, an increase in minimum wages, changes in Labor Law, the opening of additional operational areas and the consolidation of the cargo and free trade zone business by Ps.4.8 million.

Jamaican Airports:

  • Operating costs increased by Ps. 257.9 million, or 11.8%, compared to 9M23, mainly due to a Ps. 219.7 million, or 258.7%, increase in the cost of improvements to concession assets (IFRIC-12), a Ps. 82.0 million, or 15.0% increase in the cost of services, offset by the decrease in concession taxes by Ps. 39.9 million, or 3.4%, and Ps. 1.1 million or 0.3% in depreciation and amortization.

Operating margin went from 48.5% in 9M23 to 46.8% in 9M24. Excluding the effects of IFRIC-12, the operating margin went from 60.5% in 9M23 to 57.0% in 9M24. Operating income decreased Ps. 466.7 million, or 4.0%, compared to 9M23.

EBITDA margin went from 56.2% in 9M23 to 55.7% in 9M24. Excluding the effects of IFRIC-12, EBITDA margin went from 70.1% in 9M23 to 67.9% in 9M24. The nominal value of EBITDA decreased Ps. 188.1 million, or 1.4%, compared to 9M23.

Financial cost increased by Ps. 590.3 million, or 34.2%, from a net expense of Ps. 1,726.6 million in 9M23 to a net expense of Ps. 2,316.9 million in 9M24. This change was mainly the result of:

  • Foreign exchange rate fluctuations, which went from a loss of Ps. 186.3 million in 9M23 to a loss of Ps.203.6 million in 9M24. This generated an increase in the foreign exchange loss of Ps. 17.3 million, due to the peso depreciation. Currency translation effect gain increased Ps. 1,675.4 million, compared to 9M23.
  • Interest expenses increased by Ps. 364.4 million, or 13.8%, compared to 9M23, mainly due to the increase in debt due to the issuance of bond certificates and the contracting of bank loans.
  • Interest income decreased by Ps. 208.4 million, or 18.9%, compared to 9M23, mainly due to a decrease in the cash and cash equivalent average balance and the increase in the reference interest rates.

In 9M24, comprehensive income increased by Ps. 925.2 million, or 13.7%, compared to 9M23. Income before taxes decreased by Ps. 1,056.9 million, mainly due to the decrease in passenger traffic and increase in operating costs, offset by the increase in non-aeronautical revenues resulting from the commercial strategy and the consolidation of the cargo and free trade zone business. Income taxes decreased by Ps. 330.7 million. However, net and comprehensive income increased mainly due to the increase of the effect of foreign currency translation in Ps. 1,675.4 million.

During 9M24, net income decreased by Ps. 726.3 million, or 9.8%, compared to 9M23. Taxes for the period decreased by Ps. 330.7 million, mainly due to the increase in the benefit for deferred taxes by Ps. 431.3 million, mainly due to the application of fiscal losses by Ps. 445.0 million, offset by the increase in the income taxes by Ps. 100.6 million.

Statement of Financial Position

Total assets as of September 30, 2024, increased by Ps. 10,630.1 million compared to September 30, 2023, primarily due to the following items: (i) a Ps.6,157.0 million increase in net improvements to concession assets, (ii) a Ps. 1,373.9 increase in cash and cash equivalents, (iii) Ps. 881.0 million increase in deferred taxes, (iii) a Ps. 727.4 million increase in net machinery, equipment, and leasehold improvements, and (v) a Ps. 308.0 million increase in account receivables.

Total liabilities as of September 30, 2024, increased by Ps. 8,192.6 million compared to September 30, 2023. This increase was primarily due to the following items: (i) Ps. 6,148.1 million in long-term bond certificates, (ii) Ps. 915.1 million in bank loans, and (iii) Ps. 446.6 million increase in income taxes.

Recent events

The financial information presented in 3Q24 consolidates, as of July 1, 2024, the figures of the cargo and free trade zone business at the Guadalajara airport that increases non-aeronautical revenues by Ps. 354.1 million, with an EBITDA margin of 58.1% and a treasury of Ps. 254.6 million, without financial debt.

Company Description

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

  This press release contains references to EBITDA, a financial performance measure not recognized under IFRS and which does not purport to be an alternative to IFRS measures of operating performance or liquidity. We caution investors not to place undue reliance on non-GAAP financial measures such as EBITDA, as these have limitations as analytical tools and should be considered as a supplement to, not a substitute for, the corresponding measures calculated in accordance with IFRS.  
     
  This press release may contain forward-looking statements. These statements are statements that are not historical facts and are based on management’s current view and estimates of future economic circumstances, industry conditions, company performance, and financial results. The words “anticipates”, “believes”, “estimates”, “expects”, “plans” and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations, and the factors or trends affecting financial condition, liquidity, or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to several risks and uncertainties. There is no guarantee that the expected events, trends, or results will occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.  
     

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

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

Airport 3Q23 3Q24 Change 9M23 9M24 Change
Guadalajara            
Aeronautical services 1,384,710 1,417,532 2.4% 4,044,710 3,982,181 (1.5%)
Non-aeronautical services 263,082 352,935 34.2% 760,360 980,667 29.0%
Improvements to concession assets (IFRIC 12) 42,989 603,457 1303.7% 1,700,457 1,810,371 6.5%
Total Revenues 1,690,782 2,373,924 40.4% 6,505,526 6,773,219 4.1%
Operating income 1,250,818 1,015,291 (18.8%) 3,503,297 3,372,720 (3.7%)
EBITDA 1,365,126 1,200,463 (12.1%) 3,844,399 3,815,547 (0.8%)
             
Tijuana            
Aeronautical services 784,504 706,053 (10.0%) 2,203,798 2,036,395 (7.6%)
Non-aeronautical services 166,714 116,154 (30.3%) 469,318 406,706 (13.3%)
Improvements to concession assets (IFRIC 12) 140,836 83,488 (40.7%) 422,509 250,464 (40.7%)
Total Revenues 1,092,055 905,696 (17.1%) 3,095,626 2,693,565 (13.0%)
Operating income 634,623 427,131 (32.7%) 1,718,782 1,337,424 (22.2%)
EBITDA 735,933 549,019 (25.4%) 2,017,211 1,688,143 (16.3%)
             
Los Cabos            
Aeronautical services 680,673 579,520 (14.9%) 2,287,815 2,040,450 (10.8%)
Non-aeronautical services 261,808 303,020 15.7% 867,887 954,709 10.0%
Improvements to concession assets (IFRIC 12) 249,608 149,281 (40.2%) 748,823 447,844 (40.2%)
Total Revenues 1,192,089 1,031,821 (13.4%) 3,904,525 3,443,002 (11.8%)
Operating income 635,646 452,723 (28.8%) 2,200,249 1,880,936 (14.5%)
EBITDA 717,482 544,826 (24.1%) 2,444,388 2,152,122 (12.0%)
             
Puerto Vallarta            
Aeronautical services 463,874 417,191 (10.1%) 1,921,180 1,803,364 (6.1%)
Non-aeronautical services 119,673 125,653 5.0% 432,069 449,813 4.1%
Improvements to concession assets (IFRIC 12) 403,557 371,727 (7.9%) 1,210,671 1,115,182 (7.9%)
Total Revenues 987,104 914,572 (7.3%) 3,563,921 3,368,359 (5.5%)
Operating income 409,131 277,151 (32.3%) 1,651,577 1,461,358 (11.5%)
EBITDA 463,400 331,539 (28.5%) 1,815,864 1,624,594 (10.5%)
             
Montego Bay            
Aeronautical services 433,702 449,879 3.7% 1,390,696 1,415,149 1.8%
Non-aeronautical services 199,151 211,571 6.2% 597,734 610,416 2.1%
Improvements to concession assets (IFRIC 12) 23,988 47,058 96.2% 79,029 127,739 61.6%
Total Revenues 656,842 708,507 7.9% 2,067,460 2,153,303 4.2%
Operating income 176,139 241,419 37.1% 712,829 782,524 9.8%
EBITDA 289,301 320,937 10.9% 1,065,396 1,002,645 (5.9%)
             
             

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

Airport 3Q23 3Q24 Change 9M23 9M24 Change
Guanajuato            
Aeronautical services 263,732 250,429 (5.0%) 706,740 678,494 (4.0%)
Non-aeronautical services 46,316 50,164 8.3% 135,793 142,768 5.1%
Improvements to concession assets (IFRIC 12) 70,722 55,538 (21.5%) 212,167 166,613 (21.5%)
Total Revenues 380,771 356,130 (6.5%) 1,054,699 987,875 (6.3%)
Operating income 221,187 188,197 (14.9%) 580,177 527,958 (9.0%)
EBITDA 243,150 210,608 (13.4%) 646,402 593,613 (8.2%)
             
Hermosillo            
Aeronautical services 139,364 127,518 (8.5%) 382,873 377,662 (1.4%)
Non-aeronautical services 25,324 29,928 18.2% 68,093 86,895 27.6%
Improvements to concession assets (IFRIC 12) 14,439 16,079 11.4% 43,318 48,238 11.4%
Total Revenues 179,127 173,525 (3.1%) 494,285 512,795 3.7%
Operating income 84,897 66,727 (21.4%) 230,718 217,425 (5.8%)
EBITDA 109,893 91,963 (16.3%) 304,785 293,241 (3.8%)
             
Others (1)            
Aeronautical services 661,729 679,158 2.6% 1,842,831 1,816,968 (1.4%)
Non-aeronautical services 112,098 108,815 (2.9%) 327,381 318,032 (2.9%)
Improvements to concession assets (IFRIC 12) 118,145 174,560 47.8% 350,648 348,526 (0.6%)
Total Revenues 891,974 962,533 7.9% 2,520,861 2,483,527 (1.5%)
Operating income 235,321 550,978 134.1% 612,501 562,107 (8.2%)
EBITDA 317,323 518,843 63.5% 858,561 828,427 (3.5%)
             
Total            
Aeronautical services 4,812,288 4,627,280 (3.8%) 14,780,643 14,150,662 (4.3%)
Non-aeronautical services 1,194,167 1,298,239 8.7% 3,658,636 3,950,006 8.0%
Improvements to concession assets (IFRIC 12) 1,064,286 1,501,188 41.1% 4,767,624 4,314,977 (9.5%)
Total Revenues 7,070,740 7,426,707 5.0% 23,206,903 22,415,645 (3.4%)
Operating income 3,647,758 3,219,618 (11.7%) 11,210,130 10,142,452 (9.5%)
EBITDA 4,241,607 3,768,198 (11.2%) 12,997,005 11,998,332 (7.7%)
             

(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):

  2023 2024 Change %
Assets        
Current assets        
Cash and cash equivalents 14,454,072 15,828,015 1,373,943 9.5%
Trade accounts receivable – Net 2,062,286 2,370,326 308,040 14.9%
Other current assets 1,328,135 1,325,663 (2,472) (0.2%)
Total current assets 17,844,493 19,524,004 1,679,511 9.4%
         
Advanced payments to suppliers 2,058,763 1,391,549 (667,214) (32.4%)
Machinery, equipment and improvements to leased buildings – Net 3,798,780 4,526,156 727,376 19.1%
Improvements to concession assets – Net 27,144,891 33,301,904 6,157,013 22.7%
Airport concessions – Net 9,023,473 9,443,181 419,708 4.7%
Rights to use airport facilities – Net 1,079,962 1,008,491 (71,471) (6.6%)
Deferred income taxes – Net 7,053,371 7,934,352 880,981 12.5%
Other non-current assets 601,549 2,105,723 1,504,175 250.1%
Total assets 68,605,283 79,235,361 10,630,078 15.5%
         
Liabilities        
Current liabilities 14,617,581 13,049,798 (1,567,783) (10.7%)
Long-term liabilities 34,904,611 44,664,952 9,760,341 28.0%
Total liabilities 49,522,193 57,714,751 8,192,558 16.5%
         
Stockholders’ Equity        
Common stock 8,197,536 1,194,390 (7,003,146) (85.4%)
Legal reserve 478,185 920,187 442,002 92.4%
Net income 7,317,424 6,535,681 (781,743) (10.7%)
Retained earnings 244,656 8,345,564 8,100,908 3311.1%
Reserve for share repurchase 1,500,000 2,500,000 1,000,000 66.7%
Foreign currency translation reserve (25,610) 681,626 707,236 (2761.6%)
Remeasurements of employee benefit – Net 14,931 (1,741) (16,672) (111.7%)
Cash flow hedges- Net 106,269 13,191 (93,078) (87.6%)
Total controlling interest 17,833,391 20,188,898 2,355,507 13.2%
Non-controlling interest 1,249,698 1,331,712 82,014 6.6%
Total stockholder’s equity 19,083,089 21,520,610 2,437,521 12.8%
         
Total liabilities and stockholders’ equity 68,605,283 79,235,361 10,630,078 15.5%
         

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

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

  3Q23 3Q24 Change 9M23 9M24 Change
Cash flows from operating activities:            
Consolidated net income 2,378,860 1,982,829 (16.6%) 7,432,517 6,706,263 (9.8%)
             
Postemployment benefit costs 11,236 15,126 34.6% 33,687 42,678 26.7%
Allowance expected credit loss 21,969 12,559 (42.8%) 28,365 31,086 9.6%
Depreciation and amortization 619,755 787,295 27.0% 1,858,980 2,137,595 15.0%
Loss on sale of machinery, equipment and improvements to leased assets (535) 9,561 (1887.1%) 149 21,321 14221.3%
Interest expense 986,029 1,066,482 8.2% 2,796,634 3,044,373 8.9%
Provisions 6,171 374,058 5961.5% 18,076 390,308 2059.3%
Income tax expense 727,051 677,524 (6.8%) 2,524,654 2,193,977 (13.1%)
Unrealized exchange loss 43,389 348,304 702.7% (283,740) 574,167 (302.4%)
  4,793,925 5,273,738 10.0% 14,409,322 15,141,769 5.1%
Changes in working capital:            
(Increase) decrease in            
Trade accounts receivable 87,770 (120,529) (237.3%) 252,147 (203,657) (180.8%)
Recoverable tax on assets and other assets (20,127) (14,850) (26.2%) (212,579) 776,373 (465.2%)
Increase (decrease)            
Concession taxes payable 51,630 (67,357) (230.5%) 167,794 (176,389) (205.1%)
Accounts payable 244,821 71,762 (70.7%) (116,841) (402,843) 244.8%
Cash generated by operating activities 5,158,019 5,142,764 (0.3%) 14,499,843 15,135,253 4.4%
Income taxes paid (839,157) (945,118) 12.6% (3,619,209) (2,532,066) (30.0%)
Net cash flows provided by operating activities 4,318,862 4,197,646 (2.8%) 10,880,633 12,603,186 15.8%
             
Cash flows from investing activities:            
Machinery, equipment and improvements to concession assets (2,008,933) (2,117,161) 5.4% (7,643,301) (5,226,435) (31.6%)
Cash flows from sales of machinery and equipment 951 662 (30.4%) 1,793 4,897 173.2%
Other investment activities (51,418) (46,510) (9.5%) (35,451) 25,760 (172.7%)
Business acquisition – – 0.0% – (875,504) 100.0%
Net cash used by investment activities (2,059,400) (2,163,009) 5.0% (7,676,959) (6,071,283) (20.9%)
             
Cash flows from financing activities:            
Dividends declared and paid (1,874,579) – (100.0%) (3,749,159) – (100.0%)
Dividends declared and paid non-controlling interest – (70,061) 100.0% – (135,485) (100.0%)
Capital Reduction – (3,501,573) 100.0% – (3,501,573) (100.0%)
Bond certificates issued – 5,648,134 100.0% 5,400,000.00 8,648,134.30 60.2%
Bond certificates paid – – 0.0% (602,000) (3,000,000) 398.3%
Bank loans paid 1,536 (2,425) (257.9%) (71,313) (70,842) (0.7%)
Banks loans 1,221,118 – (100.0%) 2,221,118 875,000 (60.6%)
Interest paid (1,352,659) (720,907) (46.7%) (3,027,929) (3,105,389) 2.6%
Interest paid on lease (1,239) (879) (29.1%) (3,657) (2,910) (20.4%)
Payments of obligations for leasing (4,740) (10,286) 117.0% (13,065) (19,193) 46.9%
Net cash flows used in financing activities (2,010,563) 1,342,003 (166.7%) 153,996 (312,258) (302.8%)
             
Effects of exchange rate changes on cash held (100,987) (133,525) 32.2% (660,273) (446,842) (32.3%)
Net increase (decrease) in cash and cash equivalents (466,880) 3,243,115 (794.6%) 2,082,608 5,772,803 177.2%
Cash and cash equivalents at beginning of the period 14,920,952 12,584,900 (15.7%) 12,371,464 10,055,211 (18.7%)
Cash and cash equivalents at the end of the period 14,454,072 15,828,015 9.5% 14,454,072 15,828,015 9.5%
             
             

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

  3Q23 3Q24 Change 9M23 9M24 Change
Revenues            
Aeronautical services 4,812,288 4,627,601 (3.8%) 14,780,643 14,150,663 (4.3%)
Non-aeronautical services 1,516,381 2,103,878 38.7% 4,544,249 5,521,018 21.5%
Improvements to concession assets (IFRIC-12) 1,064,286 1,501,188 41.1% 4,767,624 4,314,977 (9.5%)
Total revenues 7,392,955 8,232,667 11.4% 24,092,516 23,986,658 (0.4%)
             
Operating costs            
Costs of services: 1,183,268 1,435,204 21.3% 3,184,434 3,720,973 16.8%
Employee costs 440,836 573,117 30.0% 1,273,009 1,522,994 19.6%
Maintenance 171,063 213,360 24.7% 478,061 555,642 16.2%
Safety, security & insurance 180,066 220,486 22.4% 503,020 602,508 19.8%
Utilities 141,334 160,803 13.8% 363,997 396,811 9.0%
Business operated directly by us 63,147 72,858 15.4% 175,242 219,017 25.0%
Other operating expenses 186,822 194,580 4.2% 391,105 424,000 8.4%
             
Technical assistance fees 209,109 200,635 (4.1%) 651,826 627,172 (3.8%)
Concession taxes 671,398 598,091 (10.9%) 1,938,019 1,991,302 2.7%
Depreciation and amortization 619,755 787,295 27.0% 1,858,980 2,137,595 15.0%
Cost of improvements to concession assets (IFRIC-12) 1,064,286 1,501,188 41.1% 4,767,624 4,314,977 (9.5%)
Other (income) (4,959) (10,082) 103.3% 7,837 (22,474) (386.7%)
Total operating costs 3,742,857 4,512,331 20.6% 12,408,721 12,769,544 2.9%
Income from operations 3,650,098 3,720,336 1.9% 11,683,794 11,217,114 (4.0%)
Financial Result (544,187) (1,059,983) 94.8% (1,726,623) (2,316,875) 34.2%
Income before income taxes 3,105,911 2,660,353 (14.3%) 9,957,170 8,900,239 (10.6%)
Income taxes (727,051) (677,524) (6.8%) (2,524,654) (2,193,977) (13.1%)
Net income 2,378,860 1,982,829 (16.6%) 7,432,516 6,706,263 (9.8%)
Currency translation effect 158,864 651,897 310.3% (655,718) 1,019,679 (255.5%)
Cash flow hedges, net of income tax 13,398 (12,124) (190.5%) (24,353) (47,527) 95.2%
Remeasurements of employee benefit – net income tax 318 (2,052) (745.3%) 917 177 (80.7%)
Comprehensive income 2,551,440 2,620,550 2.7% 6,753,363 7,678,591 13.7%
Non-controlling interest (52,302) (140,692) 169.0% (60,519) (268,334) 343.4%
Comprehensive income attributable to controlling interest 2,499,138 2,479,858 (0.8%) 6,692,844 7,410,259 10.7%
             

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

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

  Common Stock Legal Reserve Reserve for Share Repurchase Repurchased Shares Retained Earnings Other comprehensive income Total controlling interest Non-controlling interest Total Stockholders’ Equity
Balance as of January 1, 2023 8,197,536   34,076 2,499,473   (1,999,986 ) 9,187,597   720,171   18,638,866   1,189,179   19,828,045  
Legal Reserve increase –   444,109 –   –   (444,109 ) –   –   –   –  
Dividends declared –   – –   –   (7,498,318 ) –   (7,498,318 ) –   (7,498,318 )
Repurchased share cancellation –   – (1,999,986 ) 1,999,986   –   –   –   –   –  
Reserve for share purchase –   – 1,000,514   –   (1,000,514 ) –   –   –   –  
Comprehensive income:                  
Net income –   – –   –   7,317,424   –   7,317,424   115,093   7,432,517  
Foreign currency translation reserve –   – –   –   –   (601,144 ) (601,144 ) (54,574 ) (655,718 )
Remeasurements of employee benefit – Net –   – –   –   –   917   917   –   917  
Reserve for cash flow hedges – Net of income tax –   – –   –   –   (24,353 ) (24,353 ) –   (24,353 )
Balance as of September 30, 2023 8,197,536   478,185 1,500,000   –   7,562,080   95,590   17,833,390   1,249,698   19,083,090  
                   
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  
Legal Reserve increase –   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, 2024 1,194,390   920,187 2,500,000   –   14,881,245   693,075   20,188,900   1,331,711   21,520,609  
                   

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

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

  3Q23 3Q24 Change 9M23 9M24 Change
Total passengers 16,196.1 15,272.8 (5.7%) 47,665.4 46,137.0 (3.2%)
Total cargo volume (in WLUs) 615.3 720.9 17.2% 1,869.0 2,064.0 10.4%
Total WLUs 16,811.3 15,993.8 (4.9%) 49,534.4 48,201.0 (2.7%)
             
Aeronautical & non aeronautical services per passenger (pesos) 390.7 440.7 12.8% 405.4 426.4 5.2%
Aeronautical services per WLU (pesos) 286.2 289.3 1.1% 298.4 293.6 (1.6%)
Non aeronautical services per passenger (pesos) 93.6 137.8 47.1% 95.3 119.7 25.5%
Cost of services per WLU (pesos) 70.4 89.7 27.5% 64.3 77.2 20.1%
             

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


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