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Grupo Aeroportuario Del Pacifico Announces Results for the First Quarter of 2025

1. PAC reported 30.1% revenue growth in 1Q25 compared to 1Q24. 2. Comprehensive income increased by 30.0% year-over-year in 1Q25. 3. Total passenger traffic rose by 4.2%, indicating recovery in air travel. 4. Operating costs increased significantly by 41.0%, impacting margins. 5. PAC issued long-term bonds worth Ps. 6 billion to refinance debt.

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Why Bullish?

The substantial revenue growth indicates strong operational performance, but increasing costs may curb future profits.

How important is it?

The reported figures significantly surpass market expectations, indicating strong operational efficiency.

Why Short Term?

Positive market sentiment is likely in the immediate future, reflecting the strong financial results.

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AERODAGPACGAP
GUADALAJARA, Mexico, April 29, 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 first quarter ended March 31, 2025 (1Q25). Figures are unaudited and prepared following International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). Summary of Results 1Q25 vs. 1Q24 The sum of aeronautical and non-aeronautical services revenues increased by Ps. 1,736.5 million, or 26.1%. Total revenues increased by Ps. 2,560.2 million, or 30.1%. Cost of services increased by Ps. 412.9 million, or 38.5%. Income from operations increased by Ps. 710.2 million, or 17.8%. EBITDA increased by Ps. 979.8 million, or 21.1%, from Ps. 4,649.0 million in 1Q24 to Ps. 5,628.8 million in 1Q25. EBITDA margin (excluding the effects of IFRIC-12) went from 69.8% in 1Q24 to 67.1% in 1Q25. Comprehensive income increased by Ps. 650.2 million, or 30.0%, from Ps. 2,164.2 million in 1Q24 to Ps. 2,814.4 million in 1Q25. Company’s Financial Position: As of March 31, 2025, the Company reported a cash and cash equivalents position of Ps. 16,227.8 million. During 1Q25, the Company issued long-term bonds (certificados bursátiles) for Ps. 6,000.0 million to refinance debt and fund capital investments. In addition, it refinanced its credit facility with Banamex for USD$40.0 million for an additional six-month term and extended the maturity date of its USD$60.0 million credit facility with The Bank of Nova Scotia and The Bank of Nova Scotia Jamaica Limited until October 4, 2029. Passenger TrafficDuring 1Q25, total passengers at the Company’s 14 airports increased by 660.0 thousand passengers, an increase of 4.2%, compared to 1Q24. During 1Q25, the following new routes were opened: Domestic:         AirlineDepartureArrivalOpening dateFrequenciesVolarisMexicaliCuliacanJanuary 28, 20251 dailyVolarisPuerto VallartaMonterreyMarch 30, 20251 dailyVolarisGuanajuatoMonterreyMarch 30, 20252 dailyNote: Frequencies can vary without prior notice.     International         AirlineDepartureArrivalOpening dateFrequenciesAlaskaLos CabosSacramentoJanuary 6, 20255 weeklyAlaskaPuerto VallartaNueva York - JFKJanuary 8, 20254 weeklyAlaskaPuerto VallartaSacramentoJanuary 11, 20251 weeklyAlaskaPuerto VallartaKansas CityJanuary 18, 20251 weeklyAlaskaPuerto VallartaSt. LouisJanuary 18, 20251 weeklyAlaskaPuerto VallartaMilwaukeeFebruary 1, 20251 weeklyAveloMontego BayRaleigh-DurhamFebruary 12, 20252 weeklySouthwestPuerto VallartaSacramentoMarch 8, 20251 weeklySouthwestLos CabosNashvilleMarch 8, 20251 weeklyVolarisLos CabosOaklandMarch 20, 20251 dailyNote: Frequencies can vary without prior notice.        Domestic Terminal Passengers – 14 airports (in thousands): Airport1Q241Q25Change1Q241Q25ChangeGuadalajara2,671.73,021.113.1%2,671.73,021.113.1%Tijuana*1,985.62,057.53.6%1,985.62,057.53.6%Puerto Vallarta574.8653.613.7%574.8653.613.7%Los Cabos637.7668.94.9%637.7668.94.9%Montego Bay0.00.0N/A0.00.0N/AGuanajuato484.0515.56.5%484.0515.56.5%Hermosillo457.5508.711.2%457.5508.711.2%Kingston0.60.1(87.3%)0.60.1(87.3%)Morelia146.2186.127.3%146.2186.127.3%Mexicali288.3293.11.7%288.3293.11.7%La Paz271.4280.63.4%271.4280.63.4%Aguascalientes142.3151.86.7%142.3151.86.7%Los Mochis126.2165.030.8%126.2165.030.8%Manzanillo35.934.8(3.2%)35.934.8(3.2%)Total7,822.28,536.99.1%7,822.28,536.99.1%*Cross Border Xpress (CBX) users are classified as international passengers.       International Terminal Passengers – 14 airports (in thousands): Airport1Q241Q25Change1Q241Q25ChangeGuadalajara1,490.21,507.01.1%1,490.21,507.01.1%Tijuana*952.41,014.96.6%952.41,014.96.6%Puerto Vallarta1,543.81,472.5(4.6%)1,543.81,472.5(4.6%)Los Cabos1,408.01,382.9(1.8%)1,408.01,382.9(1.8%)Montego Bay1,457.31,338.9(8.1%)1,457.31,338.9(8.1%)Guanajuato247.1263.16.5%247.1263.16.5%Hermosillo23.320.9(10.2%)23.320.9(10.2%)Kingston391.4428.09.4%391.4428.09.4%Morelia157.2174.210.8%157.2174.210.8%Mexicali1.61.89.3%1.61.89.3%La Paz3.28.7171.5%3.28.7171.5%Aguascalientes69.573.76.0%69.573.76.0%Los Mochis2.01.9(6.3%)2.01.9(6.3%)Manzanillo40.343.99.0%40.343.99.0%Total7,787.17,732.4(0.7%)7,787.17,732.4(0.7%)*CBX users are classified as international passengers.       Total Terminal Passengers – 14 airports (in thousands): Airport1Q241Q25Change1Q241Q25ChangeGuadalajara4,161.94,528.28.8%4,161.94,528.28.8%Tijuana*2,938.03,072.34.6%2,938.03,072.34.6%Puerto Vallarta2,118.62,126.10.4%2,118.62,126.10.4%Los Cabos2,045.72,051.80.3%2,045.72,051.80.3%Montego Bay1,457.31,338.9(8.1%)1,457.31,338.9(8.1%)Guanajuato731.0778.66.5%731.0778.66.5%Hermosillo480.8529.610.2%480.8529.610.2%Kingston392.0428.19.2%392.0428.19.2%Morelia303.4360.318.8%303.4360.318.8%Mexicali289.9294.91.7%289.9294.91.7%La Paz274.6289.35.4%274.6289.35.4%Aguascalientes211.8225.56.5%211.8225.56.5%Los Mochis128.2166.930.2%128.2166.930.2%Manzanillo76.278.73.2%76.278.73.2%Total15,609.316,269.34.2%15,609.316,269.34.2%*CBX users are classified as international passengers.       CBX (thousands)       Airport1Q241Q25Change1Q241Q25ChangeTijuana941.8998.26.0%941.8998.26.0%                 Consolidated Results for the First Quarter of 2025 (in thousands of pesos):   1Q241Q25ChangeRevenues   Aeronautical services4,962,102 5,999,133 20.9%Non-aeronautical services1,694,405 2,393,875 41.3%Improvements to concession assets (IFRIC-12)1,838,461 2,662,175 44.8%Total revenues8,494,968 11,055,183 30.1%    Operating costs   Costs of services:1,071,927 1,484,855 38.5%Employee costs459,161 613,362 33.6%Maintenance161,797 256,903 58.8%Safety, security & insurance182,220 215,207 18.1%Utilities105,972 125,231 18.2%Business operated directly by us73,611 87,336 18.6%Other operating expenses89,166 186,816 109.5%    Technical assistance fees224,362 283,900 26.5%Concession taxes714,616 1,021,150 42.9%Depreciation and amortization662,948 932,575 40.7%Cost of improvements to concession assets (IFRIC-12)1,838,461 2,662,175 44.8%Other (income)(3,350)(25,683)666.7%Total operating costs4,508,964 6,358,972 41.0%Income from operations3,986,004 4,696,211 17.8%Financial Result(593,735)(929,490)56.5%Income before income taxes 3,392,270 3,766,721 11.0%Income taxes(921,550)(908,605)(1.4%)Net income 2,470,720 2,858,116 15.7%Currency translation effect(291,272)(75,058)(74.2%)Cash flow hedges, net of income tax(15,239)(776)(94.9%)Remeasurements of employee benefit – net income tax(47)32,099 (68395.7%)Comprehensive income 2,164,162 2,814,381 30.0%Non-controlling interest(31,717)(114,926)262.4%Comprehensive income attributable to controlling interest2,132,445 2,699,454 26.6%            EBITDA4,648,952 5,628,786 21.1%Comprehensive income2,164,162 2,814,381 30.0%Comprehensive income per share (pesos)4.2831 5.5700 30.0%Comprehensive income per ADS (US dollars)2.0936 2.7226 30.0%    Operating income margin46.9%42.5%(9.5%)Operating income margin (excluding IFRIC-12)59.9%56.0%(6.6%)EBITDA margin54.7%50.9%(7.0%)EBITDA margin (excluding IFRIC-12)69.8%67.1%(4.0%)Costs of services and improvements / total revenues34.3%37.5%9.5%Cost of services / total revenues (excluding IFRIC-12)16.1%17.7%9.9%     - Net income and comprehensive income per share for 1Q25 and 1Q24 were calculated based on 505,277,464 shares outstanding as of March 31, 2025, and March 31, 2024, respectively. U.S. dollar figures presented were converted from pesos to U.S. dollars at a rate of Ps. 20.4582 per U.S. dollar (the noon buying rate on March 31, 2025, as published by the U.S. Federal Reserve Board). For purposes of consolidating our Jamaican airports, the average three-month exchange rate of Ps. 20.4235 per U.S. dollar for the three months ended March 31, 2025, was used.     Revenues (1Q25 vs. 1Q24) Aeronautical services revenues increased by Ps. 1,037.0 million, or 20.9%.Non-aeronautical services revenues increased by Ps. 699.5 million, or 41.3%.Revenues from improvements to concession assets increased by Ps. 823.7 million, or 44.8%.Total revenues increased by Ps. 2,560.2 million, or 30.1%. The change in aeronautical services revenues was primarily due to the following factors:Revenues from Mexican airports increased by Ps. 874.9 million, or 20.8%, compared to 1Q24, mainly due to an increase in passenger charges revenue by Ps. 776.3 million, or 18.6%. This was primarily due to higher maximum tariffs approved for the 2025-2029 period, starting in March 2025, the depreciation of the peso against the dollar of 20.2%, and a 5.4% increase in passenger traffic.Revenues from Jamaican airports increased by Ps. 162.1 million, or 21.7%, compared to 1Q24. This growth was primarily driven by the depreciation of the peso against the dollar, which went from an average exchange rate of Ps. 16.9977 in 1Q24 to Ps. 20.4235 in 1Q25, representing a 20.2% variation. In contrast, passenger traffic decreased by 4.4%. The change in non-aeronautical services revenues was primarily driven by the following factors:Revenues from Mexican airports increased by Ps. 637.4 million, or 44.1%, compared to 1Q24. Revenues from businesses operated directly by us grew by Ps. 513.4 million, or 105.1%, mainly driven by the consolidation of revenues from the cargo and bonded warehouse business, which contributed Ps. 395.0 million during the quarter. Revenues from businesses operated by third parties increased by Ps. 121.4 million, or 13.3%, primarily due to the opening of new commercial spaces and the renegotiation of existing contracts. The fastest-growing business lines included food and beverage, duty-free stores, time-shares, retail, and other commercial revenues, which together increased by Ps. 104.8 million or 17.4%.Revenues from the Jamaican airports increased by Ps. 62.1 million or 24.9% compared to 1Q24, mainly driven by the depreciation of the peso against the dollar.      1Q241Q25ChangeBusinesses operated by third parties:   Food and beverage297,367342,58015.2%Duty-free184,653216,68517.3%Car rental198,598205,2973.4%Retail181,852191,1735.1%Leasing of space86,473116,89635.2%Other commercial revenues52,33272,02537.6%Times shares55,38070,90528.0%Ground transportation46,84656,57320.8%Communications and financial services26,51931,39718.4%Total1,130,0201,303,53215.4%    Businesses operated directly by us:   Cargo operation and bonded warehouse31,776434,2691266.7%Car parking177,376178,4700.6%Convenience stores147,914169,50014.6%VIP Lounges111,079168,01651.3%Hotel operation36437,441100.0%Advertising35,40734,840(1.6%)Total503,9171,022,536102.9%Recovery of costs60,46967,80812.1%Total Non-aeronautical Revenues 1,694,4052,393,87541.3%      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. 823.7 million, or 44.8%, compared to 1Q24. The change was composed of: Improvements to concession assets at the Company’s Mexican airports increased by Ps. 811.9 million, or 45.6%, due to the start of the new 2025-2029 Master Development Program cycle in 2025.Improvements to concession assets at the Company’s Jamaican airports increased by Ps. 11.8 million, or 21.1%. Total operating costs increased by Ps. 1,850.0 million, or 41.0%, compared to 1Q24, mainly due to: i) an increase in the cost of services by Ps. 412.9 million, or 38.5%, driven by the consolidation of the cargo and bonded warehouse business, which contributed Ps. 156.6 million, a combined increase in concession taxes and technical assistance fees by Ps. 366.0 million, or 39.0%, an increase in the depreciation and amortization of Ps. 269.6 million, or 40.7%, resulting from the recognition of fair values of the cargo and bonded warehouse business, and the increase in the cost of improvements to concession assets (IFRIC-12) by Ps. 823.7 million, or 44.8%. Excluding the cost of improvements to concession assets (IFRIC-12), operating costs increased by Ps. 1,026.3 million, or 38.4%. This increase in total operating costs was primarily due to the following factors: Businesses in Mexico: Operating costs increased by Ps. 1,693.6 million, or 45.4%, compared to 1Q24, primarily due to an increase in the cost of improvements to the concession assets (IFRIC-12) by Ps. 811.9 million, or 45.5%, an increase in the cost of services by Ps. 350.7 million, or 39.8%, a combined increase in technical assistance fees and concession taxes by Ps. 320.1 million, or 60.9%, an increase in depreciation and amortization by Ps. 235.3 million, or 43.2%. Excluding the cost of improvements to the concession assets (IFRIC-12), operating costs increased by Ps. 881.7 million or 45.3%. The change in the cost of services at our Mexican airports during 1Q25 was mainly due to: Employee costs increased by Ps. 138.3 million, or 33.9%, compared to 1Q24, mainly due to the consolidation of the cargo and bonded warehouse business, which contributed Ps. 95.7 million, as well as the hiring of 105 employees in 2024 and 1Q25, and an increase in social security costs resulting from changes to the Labor Law.Other operating expenses increased by Ps. 92.1 million, or 95.7%, compared to 1Q24, mainly due to an increase in the allowance for expected credit losses, service and consulting fees, as well as travel expenses, which increased by Ps. 60.4 million, and the consolidation of the cargo and bonded warehouse business, which contributed Ps. 28.9 million.Maintenance expenses increased by Ps. 76.3 million, or 60.5%, compared to 1Q24, primarily due to the opening of additional operational areas, airfield maintenance, the operation of mechanical boarding bridges for Ps.44.0 million, and the consolidation of the cargo and bonded warehouse business, which contributed Ps. 7.5 million.Safety, security, and insurance increased by Ps. 17.0 million, or 12.8%, compared to 1Q24, mainly due to the expansion of the security workforce, increase in minimum wages, changes to the Labor Law, the opening of additional operational areas, and the consolidation of the cargo and bonded warehouse business, which contributed Ps. 10.0 million. Jamaican Airports: Operating costs increased by Ps. 156.4 million, or 20.1%, compared to 1Q24, mainly due to a Ps. 62.2 million, or 32.6%, increase in the cost of services, an increase in the concession taxes by Ps. 45.9 million, or 11.1%, and an increase in the depreciation and amortization by Ps. 34.4 million, or 28.7%. Operating income margin went from 46.9% in 1Q24 to 42.5% in 1Q25. Excluding the effects of IFRIC-12, the operating income margin went from 59.9% in 1Q24 to 56.0% in 1Q25. Income from operations increased by Ps. 710.2 million, or 17.8%, compared to 1Q24. EBITDA margin went from 54.7% in 1Q24 to 50.9% in 1Q25. Excluding the effects of IFRIC-12, EBITDA margin went from 69.8% in 1Q24 to 67.1% in 1Q25. The nominal value of EBITDA increased by Ps. 979.8 million, or 21.1%, compared to 1Q24. Financial results increased by Ps. 335.8 million, or 56.5%, from a net expense of Ps. 593.7 million in 1Q24 to a net expense of Ps. 929.5 million in 1Q25. This change was mainly the result of: Foreign exchange rate fluctuations, which went from an income of Ps. 28.9 million in 1Q24 to an expense of Ps. 123.9 million in 1Q25. This generated a foreign exchange loss of Ps. 152.9 million. This was mainly due to the depreciation of the peso. The currency translation effect decreased by Ps. 216.2 million, compared to 1Q24. Interest expenses increased by Ps. 247.5 million, or 27.8%, compared to 1Q24, mainly due to higher debt as a result of the issuance of long-term debt securities and the drawdown of credit lines. Interest income increased by Ps. 64.6 million, or 24.1%, compared to 1Q24, mainly due to an increase in the cash and cash equivalents average balance and reference rates. In 1Q25, net and comprehensive income increased by Ps. 650.2 million, or 30.0%, compared to 1Q24, mainly due to the increase in EBITDA as previously described. During 1Q25, net income increased by Ps. 387.4 million, or 15.7%, compared to 1Q24, mainly due to the increase in EBITDA, partially offset by higher depreciation and amortization, as well as the increase in financial expenses. Taxes for the period decreased by Ps. 12.9 million, mainly due to a Ps. 160.3 million increase in deferred taxes benefit. This effect was offset by a Ps. 147.4 million increase in income taxes. Statement of Financial Position As of March 31, 2025, total assets increased by Ps. 14,765.7 million compared to the same period in 2024, mainly due to: i) Improvements to concession assets of Ps. 7,654.3 million, ii) Cash and cash equivalents of Ps. 4,686.2 million, iii) Other acquired rights of Ps. 2,006.0 million, iv) Deferred income taxes of Ps. 1,002.6 million, v) Accounts receivables of Ps. 871.8 million, and vi) Airport concessions of Ps. 707.3 million. As of March 31, 2025, total liabilities increased by Ps. 10,438.4 million compared to the same period in 2024. This increase was mainly due to i) Long-term bond certificates of Ps. 8,141.3 million, ii) Bank loans of Ps. 875.0 million, iii) Accounts payable of Ps. 382.3 million, iv) Deferred liabilities of Ps. 921.3 million, and v) Income taxes of Ps. 27.3 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 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 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): Airport1Q241Q25Change1Q241Q25ChangeGuadalajara      Aeronautical services1,296,6101,589,08722.6%1,296,6101,589,08722.6%Non-aeronautical services310,291360,53616.2%310,291360,53616.2%Improvements to concession assets (IFRIC 12)804,6101,174,42646.0%804,6101,174,42646.0%Total Revenues2,411,5113,124,04929.5%2,411,5113,124,04929.5%Operating income1,160,3031,182,2311.9%1,160,3031,182,2311.9%EBITDA1,284,8401,394,1028.5%1,284,8411,394,1028.5%       Tijuana      Aeronautical services638,488732,81414.8%638,488732,81414.8%Non-aeronautical services153,154124,721(18.6%)153,154124,721(18.6%)Improvements to concession assets (IFRIC 12)111,317386,094246.8%111,317386,094246.8%Total Revenues902,9601,243,62837.7%902,9601,243,62837.7%Operating income450,284406,403(9.7%)450,284406,403(9.7%)EBITDA562,811532,938(5.3%)562,811532,938(5.3%)       Los Cabos      Aeronautical services782,723946,63220.9%782,723946,63220.9%Non-aeronautical services318,043362,66614.0%318,043362,66614.0%Improvements to concession assets (IFRIC 12)199,042205,8633.4%199,042205,8633.4%Total Revenues1,299,8081,515,16116.6%1,299,8081,515,16116.6%Operating income769,330838,8149.0%769,330838,8149.0%EBITDA859,129935,8528.9%859,129935,8528.9%       Puerto Vallarta      Aeronautical services832,001988,17218.8%832,001988,17218.8%Non-aeronautical services168,077187,58311.6%168,077187,58311.6%Improvements to concession assets (IFRIC 12)495,636503,5361.6%495,636503,5361.6%Total Revenues1,495,7141,679,29112.3%1,495,7141,679,29112.3%Operating income745,958781,1584.7%745,957781,1584.7%EBITDA800,649846,3785.7%800,649846,3785.7%       Montego Bay      Aeronautical services514,255585,36513.8%514,255585,36513.8%Non-aeronautical services198,918244,58823.0%198,918244,58823.0%Improvements to concession assets (IFRIC 12)40,72748,98620.3%40,727197(99.5%)Total Revenues753,902878,93916.6%753,902830,14910.1%Operating income290,898342,51617.7%290,898342,51617.7%EBITDA360,705432,33419.9%360,705432,33419.9%              Exhibit A: Operating results by airport (in thousands of pesos):             Airport1Q241Q25Change1Q241Q25ChangeGuanajuato      Aeronautical services218,379268,39922.9%218,379268,39922.9%Non-aeronautical services45,94650,63710.2%45,94650,63710.2%Improvements to concession assets (IFRIC 12)74,050130,22275.9%74,050130,22275.9%Total Revenues338,376449,25832.8%338,376449,25832.8%Operating income185,371199,1527.4%185,371199,1527.4%EBITDA206,777225,0708.8%206,777225,0708.8%       Hermosillo      Aeronautical services117,713143,34921.8%117,713143,34921.8%Non-aeronautical services27,98126,571(5.0%)27,98126,571-5.0%Improvements to concession assets (IFRIC 12)21,43917,224(19.7%)21,43917,224(19.7%)Total Revenues167,133187,14412.0%167,133187,14412.0%Operating income77,05078,3531.7%77,05078,3531.7%EBITDA102,356104,6832.3%102,356104,6832.3%       Others (1)      Aeronautical services561,614745,31432.7%561,614745,31432.7%Non-aeronautical services106,220118,54411.6%106,220118,54411.6%Improvements to concession assets (IFRIC 12)91,640195,823113.7%91,639195,823113.7%Total Revenues759,4731,059,68139.5%759,4731,059,68239.5%Operating income13,932232,1571566.4%13,932232,1571566.4%EBITDA162,334337,205107.7%162,334337,205107.7%       Total       Aeronautical services4,961,7825,999,13220.9%4,961,7825,999,13220.9%Non-aeronautical services1,328,6311,475,84511.1%1,328,6311,475,84511.1%Improvements to concession assets (IFRIC 12)1,838,4612,662,17544.8%1,838,4612,613,38542.2%Total Revenues8,128,87310,137,15224.7%8,128,87410,088,36224.1%Operating income3,693,1244,060,78310.0%3,693,1254,060,78310.0%EBITDA4,339,6034,808,56210.8%4,339,6034,808,56210.8%          (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 March 31 (in thousands of pesos):   2024 2025Change %Assets    Current assets    Cash and cash equivalents11,541,623 16,227,819 4,686,196 40.6%Trade accounts receivable - Net2,456,388 3,328,186 871,798 35.5%Other current assets1,559,962 1,196,602 (363,360)(23.3%)Total current assets15,557,973 20,752,607 5,194,634 33.4%     Advanced payments to suppliers2,089,017 926,353 (1,162,664)(55.7%)Machinery, equipment and improvements to leased buildings - Net4,437,406 4,657,478 220,072 5.0%Improvements to concession assets - Net29,292,757 36,947,065 7,654,308 26.1%Airport concessions - Net8,808,159 9,515,482 707,323 8.0%Rights to use airport facilities - Net1,043,264 979,700 (63,564)(6.1%)Other acquired rights- 2,005,950 2,005,950 100.0%Deferred income taxes - Net7,358,626 8,361,180 1,002,554 13.6%Other non-current assets879,546 86,629 (792,916)(90.2%)Total assets69,466,747 84,232,444 14,765,697 21.3%     Liabilities     Current liabilities11,730,987 12,333,203 602,217 5.1%Long-term liabilities34,626,945 44,463,118 9,836,173 28.4%Total liabilities46,357,932 56,796,322 10,438,390 22.5%     Stockholders' Equity    Common stock8,197,536 1,194,390 (7,003,146)(85.4%)Legal reserve478,185 920,187 442,002 92.4%Net income2,432,749 2,748,128 315,379 13.0%Retained earnings8,787,568 16,957,722 8,170,154 93.0%Reserve for share repurchase2,500,000 2,500,000 - 0.0%Foreign currency translation reserve(525,318)689,812 1,215,130 (231.3%)Remeasurements of employee benefit – Net(1,966)40,382 42,348 (2154.0%)Cash flow hedges- Net45,479 (5,361)(50,840)(111.8%)Total controlling interest21,914,233 25,045,260 3,131,027 14.3%Non-controlling interest1,194,580 2,390,866 1,196,286 100.1%Total stockholder's equity23,108,813 27,436,126 4,327,313 18.7%     Total liabilities and stockholders' equity69,466,747 84,232,444 14,765,697 21.3%         The non-controlling interest corresponds to the 25.5% stake held in the Montego Bay airport by Vantage Airport Group Limited (“Vantage”) and the 48.5% stake in Guadalajara World Trade Center, S.A. de C.V.   Exhibit C: Consolidated statement of cash flows (in thousands of pesos):          1Q241Q25Change1Q241Q25ChangeCash flows from operating activities:      Consolidated net income2,470,720 2,858,116 15.7%2,470,720 2,858,116 15.7%       Postemployment benefit costs13,776 14,161 2.8%13,776 14,161 2.8%Allowance expected credit loss(2,801)25,392 (1006.5%)(2,801)25,392 (1006.5%)Depreciation and amortization662,948 932,575 40.7%662,948 932,575 40.7%Loss on sale of machinery, equipment and improvements to leased assets545 1,989 265.0%545 1,989 265.0%Interest expense996,858 1,247,253 25.1%996,858 1,247,253 25.1%Provisions6,280 (30,688)(588.7%)6,280 (30,688)(588.7%)Income tax expense921,550 908,605 (1.4%)921,550 908,605 (1.4%)Unrealized exchange loss(83,658)110,879 (232.5%)(83,658)118,879 (242.1%) 4,986,218 6,068,282 21.7%4,986,218 6,076,282 21.9%Changes in working capital:      (Increase) decrease in      Trade accounts receivable(211,882)(656,044)209.6%(211,882)(656,044)209.6%Recoverable tax on assets and other assets396,548 81,639 (79.4%)396,548 81,639 (79.4%)Increase (decrease)      Concession taxes payable149,399 33,274 (77.7%)149,399 33,274 (77.7%)Accounts payable(74,603)71,452 (195.8%)(74,603)71,452 (195.8%)Cash generated by operating activities5,245,680 5,598,603 6.7%5,245,680 5,606,603 6.9%Income taxes paid(711,333)(1,122,042)57.7%(711,333)(1,122,737)57.8%Net cash flows provided by operating activities4,534,347 4,476,561 (1.3%)4,534,347 4,483,866 (1.1%)       Cash flows from investing activities:      Machinery, equipment and improvements to concession assets(1,408,085)(1,706,642)21.2%(1,408,085)(1,706,642)21.2%Cash flows from sales of machinery and equipment1,356 118 (91.3%)1,356 118 (91.3%)Other investment activities(126,783)13,822 (110.9%)(126,783)(16,199)(87.2%)Net cash used by investment activities(1,533,512)(1,692,702)10.4%(1,533,512)(1,722,724)12.3%       Cash flows from financing activities:      Bond certificates issued3,000,000 6,000,000 100.0%3,000,000 6,000,000 100.0%Bond certificates paid(3,000,000)(4,500,000)50.0%(3,000,000)(4,500,000)50.0%Interest paid on bank loans(1,070,161)(1,365,386)27.6%(1,070,161)(1,365,386)27.6%Interest paid on lease(1,060)(690)(34.9%)(1,060)(690)(35.0%)Payments of obligations for leasing(4,454)(16,332)266.7%(4,455)(16,332)266.6%Net cash flows used in financing activities(1,075,675)117,592 (110.9%)(1,075,676)117,592 (110.9%)       Effects of exchange rate changes on cash held(438,748)(139,660)(68.2%)(438,748)(116,944)(73.3%)Net increase (decrease) in cash and cash equivalents1,486,412 2,761,791 85.8%1,486,412 2,761,791 85.8%Cash and cash equivalents at beginning of the period10,055,211 13,466,026 33.9%10,055,211 13,466,026 33.9%Cash and cash equivalents at the end of the period11,541,623 16,227,819 40.6%11,541,623 16,227,819 40.6%               Exhibit D: Consolidated statements of profit or loss and other comprehensive income (in thousands of pesos): 1Q241Q25ChangeRevenues   Aeronautical services4,962,102 5,999,133 20.9%Non-aeronautical services1,694,405 2,393,875 41.3%Improvements to concession assets (IFRIC-12)1,838,461 2,662,175 44.8%Total revenues8,494,968 11,055,183 30.1%    Operating costs   Costs of services:1,071,927 1,484,855 38.5%Employee costs459,161 613,362 33.6%Maintenance161,797 256,903 58.8%Safety, security & insurance182,220 215,207 18.1%Utilities105,972 125,231 18.2%Business operated directly by us73,611 87,336 18.6%Other operating expenses89,166 186,816 109.5%    Technical assistance fees224,362 283,900 26.5%Concession taxes714,616 1,021,150 42.9%Depreciation and amortization662,948 932,575 40.7%Cost of improvements to concession assets (IFRIC-12)1,838,461 2,662,175 44.8%Other (income)(3,350)(25,683)666.7%Total operating costs4,508,964 6,358,972 41.0%Income from operations3,986,004 4,696,211 17.8%Financial Result(593,735)(929,490)56.5%Income before income taxes 3,392,270 3,766,721 11.0%Income taxes(921,550)(908,605)(1.4%)Net income 2,470,720 2,858,116 15.7%Currency translation effect(291,272)(75,058)(74.2%)Cash flow hedges, net of income tax(15,239)(776)(94.9%)Remeasurements of employee benefit – net income tax(47)32,099 (68395.7%)Comprehensive income 2,164,162 2,814,381 30.0%Non-controlling interest(31,717)(114,926)262.4%Comprehensive income attributable to controlling interest2,132,445 2,699,454 26.6%         E  Exhibit E: Consolidated stockholders’ equity (in thousands of pesos):            Common StockLegal ReseveReserve for Share RepurchaseRetained EarningsOther comprehensive incomeTotal controlling interestNon-controlling interestTotal Stockholders' EquityBalance as of January 1, 20248,197,536 478,185 2,500,000 8,787,568 (181,508)19,781,783 1,162,864 20,944,646 Comprehensive income:            Net income- - - 2,432,748 - 2,432,748 37,979 2,470,727 Foreign currency translation reserve- - - - (285,010)(285,010)(6,262)(291,272)Remeasurements of employee benefit – Net- - - - (47)(47)- (47)Reserve for cash flow hedges – Net of income tax- - - - (15,239)(15,239)- (15,239)Balance as of March 31, 20248,197,536 478,185 2,500,000 11,220,316 (481,804)21,914,233 1,194,581 23,108,813              Balance as of January 1, 20251,194,390 920,187 2,500,000 16,957,723 773,499 22,345,799 2,275,940 24,621,739 Comprehensive income:            Net income- - - 2,748,127 - 2,748,127 109,996 2,858,123 Foreign currency translation reserve- - - - (79,988)(79,988)4,930 (75,058)Remeasurements of employee benefit – Net- - - - 32,099 32,099  32,099 Reserve for cash flow hedges – Net of income tax- - - - (776)(776)- (776)Balance as of March 31, 20251,194,390 920,187 2,500,000 19,705,850 724,834 25,045,258 2,390,866 27,436,126              For presentation purposes, the 25.5% stake in Desarrollo de Concesiones Aeroportuarias, S.L. (“DCA”) held by Vantage and the 48.5% stake in Guadalajara World Trade Center, S.A. de C.V., 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 the purpose 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:  20242025Change20232024ChangeTotal passengers15,609.416,269.44.2%15,609.416,269.44.2%Total cargo volume (in WLUs)640.0650.71.7%640.0650.71.7%Total WLUs16,249.416,920.14.1%16,249.416,920.14.1%       Aeronautical & non aeronautical services per passenger (pesos)426.4515.921.0%426.4515.921.0%Aeronautical services per WLU (pesos)305.4354.616.1%305.4354.616.1%Non aeronautical services per passenger (pesos)108.5147.135.6%108.5147.135.6%Cost of services per WLU (pesos)66.087.833.0%66.087.833.0%       WLU = Workload units represent passenger traffic plus cargo units (1 cargo unit = 100 kilograms of cargo).  Alejandra Soto, Investor Relations and Social Responsibility Officerasoto@aeropuertosgap.com.mxFacebook: AeropuertosGAPGisela Murillo, Investor Relationsgmurillo@aeropuertosgap.com.mx /+52 33 3880 1100 ext. 20294Twitter/X: @aeropuertosGAP  Instagram: @aeropuertosgap 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.

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