• Grupo Aeroportuario del Pacifico Announces Results for the Second Quarter of 2024

    المصدر: Nasdaq GlobeNewswire / 22 يوليو 2024 21:36:09   America/New_York

    GUADALAJARA, Mexico, July 22, 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 second quarter ended June 30, 2024 (2Q24). Figures are unaudited and prepared following International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”).

    Summary of Results 2Q24 vs. 2Q23

    • The sum of aeronautical and non-aeronautical services revenues decreased by Ps. 212.9 million, or 3.3%. Total revenues decreased by Ps. 1,100.6 million, or 13.2%.
    • Cost of services increased by Ps. 179.3 million, or 17.3%.
    • Income from operations decreased by Ps. 444.8 million, or 11.2%.
    • EBITDA decreased by Ps. 378.7 million, or 8.3%, a decrease from Ps. 4,576.8 million in 2Q23 to Ps. 4,198.1 million in 2Q24. EBITDA margin (excluding the effects of IFRIC-12) went from 70.4% in 2Q23 to 66.8% in 2Q24.
    • Comprehensive income increased by Ps. 841.9 million, or 41.0%, from an income of Ps. 2,052.0 million in 2Q23 to an income of Ps. 2,893.9 million in 2Q24.

    Company’s Financial Position:

    During 2Q24, there was a decrease in the Company's income from operations compared to 2Q23, mainly due to the decrease in aeronautical revenues derived from the decline in passenger traffic, as a result of preventive reviews of Pratt & Whitney A320neo and A321neo engines, that started in the third quarter of 2023, offset by an increase in non-aeronautical revenues of 10.6%, compared to the same period in 2023. The Company reports a financial position of cash and cash equivalents as of June 30, 2024, of Ps. 12,584.9 million. During 2Q24, the Company drawdown a credit line with BBVA México, S.A., for Ps. 875.0 million for the acquisition of 51.5% of the shares representing the capital stock of the company Guadalajara World Trade Center, S.A. of C.V. (GWTC). In addition, refinanced two credit facilities with Citibanamex for a total of Ps. 2,500.0 million.

    Passenger Traffic
    During 2Q24, total passengers at the Company’s 14 airports decreased by 621.6 thousand passengers, a decrease of 3.9%, compared to 2Q23.

    During 2Q23, the following new routes were opened:

    Domestic    
         
    AirlineDepartureArrivalOpening dateFrequencies
    MexicanaGuadalajaraLos CabosApril 1, 20244 weekly
    Viva AerobusLos CabosFelipe ÁngelesApril 2, 20241 daily
    Note: Frequencies can vary without prior notice.
         
         
    International    
    AirlineDepartureArrivalOpening dateFrequencies
    FrontierPuerto VallartaDallas-Fort WorthMay 16, 20242 weekly
    FrontierLos CabosPhoenixMay 16, 20242 weekly
    FlairGuadalajaraVancouverMay 31, 20242 weekly
    Note: Frequencies can vary without prior notice.

     

    Domestic Terminal Passengers – 14 airports (in thousands):     
    Airport2Q232Q24Change6M236M24Change
    Guadalajara3,174.42,994.8(5.7%)6,133.25,666.5(7.6%)
    Tijuana *2,236.92,097.8(6.2%)4,303.34,083.4(5.1%)
    Los Cabos741.1690.6(6.8%)1,411.71,328.3(5.9%)
    Puerto Vallarta758.0742.6(2.0%)1,397.61,317.4(5.7%)
    Montego Bay0.00.00.0%0.00.00.0%
    Guanajuato559.3514.3(8.1%)1,066.6998.2(6.4%)
    Hermosillo521.6531.01.8%995.6988.5(0.7%)
    Kingston0.40.535.2%0.61.194.0%
    Mexicali380.6226.3(40.5%)727.2514.6(29.2%)
    Morelia201.2153.3(23.8%)388.0299.5(22.8%)
    La Paz284.0288.11.4%510.6559.49.6%
    Aguascalientes156.4166.26.3%307.0308.60.5%
    Los Mochis118.8141.819.4%213.1268.025.8%
    Manzanillo25.730.317.9%52.866.225.5%
    Total9,158.38,577.6(6.3%)17,507.316,399.8(6.3%)
    *Cross Border Xpress (CBX) users are classified as international passengers.
     
           
    International Terminal Passengers – 14 airports (in thousands):    
    Airport2Q232Q24Change6M236M24Change
    Guadalajara1,290.61,369.96.1%2,506.72,860.014.1%
    Tijuana *1,113.0981.7(11.8%)2,160.61,934.0(10.5%)
    Los Cabos1,222.31,199.9(1.8%)2,603.52,607.80.2%
    Puerto Vallarta886.7897.61.2%2,264.82,441.57.8%
    Montego Bay1,305.91,284.9(1.6%)2,656.82,742.43.2%
    Guanajuato210.7242.214.9%418.1489.317.0%
    Hermosillo17.620.314.8%36.743.618.7%
    Kingston435.4419.2(3.7%)829.5810.6(2.3%)
    Mexicali2.02.17.9%3.53.87.2%
    Morelia143.3156.89.4%294.9313.96.5%
    La Paz4.02.9(27.5%)7.76.1(20.4%)
    Aguascalientes72.681.712.5%132.8151.213.9%
    Los Mochis1.72.015.4%3.54.014.5%
    Manzanillo11.915.933.6%42.756.131.6%
    Total6,717.86,677.1(0.6%)13,961.914,464.43.6%
    *CBX users are classified as international passengers.
           
           
    Total Terminal Passengers – 14 airports (in thousands):     
    Airport2Q232Q24Change6M236M24Change
    Guadalajara4,465.04,364.7(2.2%)8,639.98,526.5(1.3%)
    Tijuana *3,349.93,079.5(8.1%)6,463.96,017.4(6.9%)
    Los Cabos1,963.41,890.5(3.7%)4,015.23,936.2(2.0%)
    Puerto Vallarta1,644.71,640.2(0.3%)3,662.43,758.92.6%
    Montego Bay1,305.91,284.9(1.6%)2,656.82,742.43.2%
    Guanajuato770.1756.5(1.8%)1,484.71,487.50.2%
    Hermosillo539.2551.22.2%1,032.31,032.0(0.0%)
    Kingston435.8419.8(3.7%)830.1811.8(2.2%)
    Mexicali382.6228.5(40.3%)730.7518.4(29.1%)
    Morelia344.6310.1(10.0%)682.9613.4(10.2%)
    La Paz288.0291.01.0%518.3565.69.1%
    Aguascalientes229.0247.98.3%439.8459.84.5%
    Los Mochis120.5143.819.4%216.6272.025.6%
    Manzanillo37.646.222.9%95.4122.428.2%
    Total15,876.115,254.7(3.9%)31,469.130,864.2(1.9%)
    *CBX users are classified as international passengers.
           
           
    CBX Users (in thousands):     
    Airport2Q232Q24Change6M236M24Change
    Tijuana1,103.3965.7(12.5%)2,142.71,907.6(11.0%)
     


    Consolidated Results for the Second Quarter of 2024 (in thousands of pesos):
     2Q232Q24Change
    Revenues   
    Aeronautical services4,939,681 4,560,960 (7.7%)
    Non-aeronautical services1,556,984 1,722,735 10.6%
    Improvements to concession assets (IFRIC-12)1,862,976 975,327 (47.6%)
    Total revenues8,359,641 7,259,022 (13.2%)
        
    Operating costs   
    Costs of services:1,034,528 1,213,842 17.3%
    Employee costs435,239 490,716 12.7%
    Maintenance161,331 180,485 11.9%
    Safety, security & insurance155,476 199,802 28.5%
    Utilities118,412 130,036 9.8%
    Business operated directly by us62,936 72,549 15.3%
    Other operating expenses101,134 140,254 38.7%
        
    Technical assistance fees220,479 202,174 (8.3%)
    Concession taxes657,228 678,595 3.3%
    Depreciation and amortization621,155 687,351 10.7%
    Cost of improvements to concession assets (IFRIC-12)1,862,976 975,327 (47.6%)
    Other (income)7,652 (9,042)(218.2%)
    Total operating costs4,404,018 3,748,247 (14.9%)
    Income from operations3,955,623 3,510,775 (11.2%)
    Financial Result(508,135)(663,157)30.5%
    Income before income taxes 3,447,488 2,847,618 (17.4%)
    Income taxes(959,062)(594,903)(38.0%)
    Net income 2,488,426 2,252,715 (9.5%)
    Currency translation effect(381,807)659,054 (272.6%)
    Cash flow hedges, net of income tax(54,924)(20,164)(63.3%)
    Remeasurements of employee benefit – net income tax318 2,276 615.7%
    Comprehensive income 2,052,013 2,893,881 41.0%
    Non-controlling interest(4,355)(95,925)2102.4%
    Comprehensive income attributable to controlling interest2,047,657 2,797,956 36.6%
        
        
     2Q232Q24Change
    EBITDA4,576,778 4,198,126 (8.3%)
    Comprehensive income2,052,013 2,893,881 41.0%
    Comprehensive income per share (pesos)4.0353 5.7273 41.9%
    Comprehensive income per ADS (US dollars)2.4372 3.4591 41.9%
        
    Operating income margin47.3%48.4%2.2%
    Operating income margin (excluding IFRIC-12)60.9%55.9%(8.2%)
    EBITDA margin54.7%57.8%5.6%
    EBITDA margin (excluding IFRIC-12)70.4%66.8%(5.2%)
    Costs of services and improvements / total revenues34.7%30.2%(13.0%)
    Cost of services / total revenues (excluding IFRIC-12)15.9%19.3%21.3%
        
    - Net income and comprehensive income per share for 2Q24 and 2Q23 were calculated based on 505,277,464 shares outstanding as of June 30, 2024, and June 30, 2023, respectively. U.S. dollar figures presented were converted from pesos to U.S. dollars at a rate of Ps. 18.2610 per U.S. dollar (the noon buying rate on June 28, 2024, as published by the U.S. Federal Reserve Board).
    - For purposes of the consolidation of our Jamaican airports, the average three-month exchange rate of Ps. 17.2106 per U.S. dollar for the three months ended June 30, 2024, was used.


    Revenues (2Q24 vs. 2Q23)

    • Aeronautical services revenues decreased by Ps. 378.7 million, or 7.7%.
    • Non-aeronautical services revenues increased by Ps. 165.8 million, or 10.6%.
    • Revenues from improvements to concession assets decreased by Ps. 887.6 million, or 47.6%.
    • Total revenues decreased by Ps. 1,100.6 million, or 13.2%.
    • The change in aeronautical services revenues was primarily due to the following factors:

      1. Revenues at our Mexican airports decreased by Ps. 380.8 million or 9.0% compared to 2Q23, mainly due to the 4.1% decrease in passenger traffic.
      2. Revenues from Jamaican airports increased by Ps. 2.1 million, or 0.3%, compared to 2Q23. This was mainly due to the increase in revenues in U.S. dollars by US$0.3 million, or 24.6%, offset by the appreciation of the peso versus the U.S. dollar by 2.9%, compared to 2Q23, which went from an average exchange rate of Ps. 17.7225 in 2Q23 to Ps. 17.2106 in 2Q24. Passenger traffic decreased by 2.1%.
    • The change in non-aeronautical services revenues was primarily driven by the following factors:

      1. Revenues at our Mexican airports increased by Ps. 168.7 million, or 12.9%, compared to 2Q23. Revenues from businesses operated by third parties increased by Ps. 103.4 million, or 12.5%, 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, and leasing of space, all of which increased by Ps. 98.5 million, or 23.1%, offset by a combined decrease of Ps. 3.9 million in duty-free stores. Revenues from businesses operated directly by us increased by Ps. 65.9 million, or 15.2%.
      2. Revenues from the Jamaican airports decreased by Ps. 2.9 million, or 1.2%, compared to 2Q23. Revenues in U.S. dollars decreased by US$ 0.3 million, or 2.0%. The peso appreciated versus the U.S. dollar by 2.9%, compared to 2Q23.
     2Q232Q24Change
    Businesses operated by third parties:   
    Food and beverage260,242290,71511.7%
    Car rental139,456204,57846.7%
    Duty-free195,434183,384(6.2%)
    Retail184,636159,927(13.4%)
    Leasing of space88,315120,80436.8%
    Other commercial revenues43,95160,57737.8%
    Times shares59,02055,367(6.2%)
    Ground transportation47,68446,676(2.1%)
    Communications and financial services29,89327,559(7.8%)
    Total1,048,6321,149,5869.6%
        
    Businesses operated directly by us:   
    Car parking174,304169,356(2.8%)
    Convenience stores133,534135,4641.4%
    VIP Lounges107,932120,86212.0%
    Advertising37,49042,40013.1%
    Hangar sublease and related services-31,777100.0%
    Hotel operation-18,608100.0%
    Total453,261518,46714.4%
    Recovery of costs55,09154,681(0.7%)
    Total Non-aeronautical Revenues 1,556,9841,722,73510.6%
        
    Figures expressed in thousands of Mexican pesos.   
    • Revenues from improvements to concession assets 1
      Revenues from improvements to concession assets (IFRIC-12) decreased by Ps. 887.6 million, or 47.6%, compared to 2Q23. The change was composed of:
    1. Improvements to concession assets at the Company’s Mexican airports, which decreased by Ps. 932.0 million, or 51.1%, following investments under the Master Development Program for the 2020-2024 period.
    2. Improvements to concession assets at the Company’s Jamaican airports, which increased Ps. 44.3 million, or 111.5%.

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

    Total operating costs decreased by Ps. 655.8 million, or 14.9%, compared to 2Q23, mainly due to the decrease in the cost of improvements to concession assets (IFRIC-12) by Ps. 887.6 million. This was offset by an increase in the cost of services of Ps. 179.3 million, or 17.3%, a Ps. 66.2 million, or 10.7% increase in depreciation and amortization, and a combined increase of Ps. 3.0 million, or 3.0%, in concession taxes and technical assistance fees (excluding the cost of improvements to concession assets (IFRIC-12), operating costs increased Ps. 231.9 million, or 9.1%).

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

    Mexican airports:

    • Operating costs decreased by Ps. 727.7 million, or 19.8%, compared to 2Q23, primarily due to a decrease in the cost of improvements to the concession assets (IFRIC-12) by Ps. 932.0 million, or 51.1%, offset by an increase in the cost of services by Ps. 143.0 million, or 16.4%, an increase in depreciation and amortization by Ps. 73.1 million, or 14.8%, and a combined increase in technical assistance fees and concession taxes by Ps. 4.3 million, or 0.1% (excluding the cost of improvements to the concession assets (IFRIC-12), operating costs increased by Ps. 204.3 million or 11.0%).

    The change in the cost of services at our Mexican airports during 2Q24 was mainly due to:

    • Employee costs increased Ps. 52.0 million, or 13.5%, compared to 2Q23, mainly due to the hiring of 244 additional personnel during 2023 and 1H24, as well as the adjustments in salaries and cost related to changes in Labor Law.
    • Other operating expenses increased by Ps. 39.1 million, or 34.3%, compared to 2Q23, mainly due to a combined increase in services, professional fees, and travel expenses by Ps. 33.9 million.
    • Safety, security, and insurance increased by Ps. 27.4 million, or 22.0%, compared to 2Q23, mainly due to the increase in the security headcount, minimum wages, and changes in Labor Law, as well as the opening of new operational areas.
    • Utilities increased by Ps. 7.9 million, or 9.4%.

    Jamaican Airport:

    • Operating costs increased by Ps. 71.9 million, or 9.9%, compared to 2Q23, mainly due to a Ps. 44.3 million, or 111.5%, increase in the cost of improvements to concession assets (IFRIC-12), an increase in the cost of services by Ps. 36.3 million, or 22.1%, and an increase in the concession taxes by Ps. 1.2 million, or 0.3%.

    Operating income margin went from 47.3% in 2Q23 to 48.4% in 2Q24. Excluding the effects of IFRIC-12, the operating income margin went from 60.9% in 2Q23 to 55.9% in 2Q24. Income from operations decreased by Ps. 444.8 million, or 11.2%, compared to 2Q23.

    EBITDA margin went from 54.7% in 2Q23 to 57.8% in 2Q24. Excluding the effects of IFRIC-12, EBITDA margin went from 70.4% in 2Q23 to 66.8% in 2Q24. The nominal value of EBITDA decreased by Ps. 378.7 million, or 8.3%, compared to 2Q23.

    Financial results increased by Ps. 155.0 million, or 30.5%, from a net expense of Ps. 508.1 million in 2Q23 to a net expense of Ps. 663.1 million in 2Q24. This change was mainly the result of:

    • Foreign exchange rate fluctuations, which went from a loss of Ps. 189.5 million in 2Q23 to an income of Ps. 80.9 million in 2Q24. This generated a foreign exchange gain of Ps. 270.4 million. This was mainly due to the appreciation of the peso. Currency translation effect gain increased Ps. 1,040.9 million, compared to 2Q23.
    • Interest expenses increased by Ps. 258.5 million, or 32.0%, compared to 2Q23, 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. 166.9 million, or 36.2%, compared to 2Q23, mainly due to a decrease in the cash and cash equivalents average balance and the reference rates.

    In 2Q24, comprehensive income increased by Ps. 841.9 million, or 41.0%, compared to 2Q23. Income before taxes decreased by Ps. 599.9 million, mainly due to the decrease in passenger traffic and partially offset by the revenues generated by the commercial strategy. This decrease generated a decrease in the tax income of Ps. 364.2 million. Net and comprehensive income increased mainly due to the increase of the effect of foreign currency translation by Ps. 1,040.9 million.

    During 2Q24, net income decreased by Ps. 235.7 million, or 9.5%, compared to 2Q23. Taxes for the period decreased by Ps. 364.2 million, tax income decreased by Ps. 26.7 million and the benefit for deferred taxes increased by Ps. 337.5 million, mainly due to the application of fiscal losses for Ps. 347.3 million, offset by a decrease in the inflationary effects, that went from an inflation rate of 0.2% in 2Q23 to 0.1% in 2Q24.

    Consolidated Results for the Six Months of 2024 (in thousands of pesos):
     6M236M24Change
    Revenues   
    Aeronautical services9,968,355 9,523,062 (4.5%)
    Non-aeronautical services3,027,867 3,417,140 12.9%
    Improvements to concession assets (IFRIC-12)3,703,338 2,813,789 (24.0%)
    Total revenues16,699,561 15,753,991 (5.7%)
        
    Operating costs   
    Costs of services:2,001,166 2,285,769 14.2%
    Employee costs832,173 949,877 14.1%
    Maintenance306,998 342,282 11.5%
    Safety, security & insurance322,954 382,022 18.3%
    Utilities222,663 236,008 6.0%
    Business operated directly by us112,095 146,160 30.4%
    Other operating expenses34,173 229,420 571.4%
        
    Technical assistance fees442,717 426,536 (3.7%)
    Concession taxes1,266,621 1,393,211 10.0%
    Depreciation and amortization1,239,226 1,350,300 9.0%
    Cost of improvements to concession assets (IFRIC-12)3,703,338 2,813,789 (24.0%)
    Other (income)12,796 (12,392)(196.8%)
    Total operating costs8,665,865 8,257,212 (4.7%)
    Income from operations8,033,696 7,496,778 (6.7%)
    Financial Result(1,182,435)(1,256,892)6.3%
    Income before income taxes 6,851,260 6,239,887 (8.9%)
    Income taxes(1,797,604)(1,516,453)(15.6%)
    Net income 5,053,656 4,723,435 (6.5%)
    Currency translation effect(814,582)367,782 (145.1%)
    Cash flow hedges, net of income tax(37,751)(35,403)(6.2%)
    Remeasurements of employee benefit – net income tax599 2,229 272.1%
    Comprehensive income 4,201,923 5,058,042 20.4%
    Non-controlling interest(8,217)(127,642)1453.4%
    Comprehensive income attributable to controlling interest4,193,707 4,930,402 17.6%
        
        
     6M236M24Change
    EBITDA9,272,922 8,847,079 (4.6%)
    Comprehensive income4,201,923 5,058,042 20.4%
    Comprehensive income per share (pesos)8.2632 10.0104 21.1%
    Comprehensive income per ADS (US dollars)4.9906 6.0459 21.1%
        
    Operating income margin48.1%47.6%(1.1%)
    Operating income margin (excluding IFRIC-12)61.8%57.9%(6.3%)
    EBITDA margin55.5%56.2%1.1%
    EBITDA margin (excluding IFRIC-12)71.4%68.4%(4.2%)
    Costs of services and improvements / total revenues34.2%32.4%(5.2%)
    Cost of services / total revenues (excluding IFRIC-12)15.4%17.7%14.7%
        
    - Net income and comprehensive income per share for 6M24 and 6M23 were calculated based on 505,277,464 shares outstanding as of June 30, 2024, and June 30, 2023. U.S. dollar figures presented were converted from pesos to U.S. dollars at a rate of Ps. 18.2610 per U.S. dollar (the noon buying rate on June 28, 2024, as published by the U.S. Federal Reserve Board).
    - For purposes of the consolidation of the airports in Jamaica, the average six-month exchange rate of Ps. 17.1042 per U.S. dollar for the six months ended June 30, 2024, was used.


    Revenues (6M24 vs. 6M23)

    • Aeronautical services revenues decreased by Ps. 445.3 million, or 4.5%.
    • Non-aeronautical services revenues increased by Ps. 389.3 million, or 12.9%.
    • Revenues from improvements to concession assets decreased by Ps. 889.5 million, or 24.0%.
    • Total revenues decreased by Ps. 945.6 million, or 5.7%.
    • The change in aeronautical services revenues was composed primarily of the following factors:

      1. Revenues at our Mexican airports decreased by Ps. 449.2 million, or 5.3%, compared to 6M23, mainly due to the 2.4% decrease in passenger traffic, as well as 95.5% compliance with the maximum tariffs.
      2. Revenues from Jamaican airports increased by Ps. 3.9 million, or 0.3%, compared to 6M23. This was mainly due to the 1.9% increase in passenger traffic but offset by an appreciation of the peso against the dollar compared to 6M23 of 10.2%, which went from an average exchange rate of Ps. 18.2123 in 6M23 to Ps. 17.1042 in 6M24, which represented a decrease in revenues in pesos.
    • The change in non-aeronautical services revenues was composed primarily of the following factors :

      1. Revenues at our Mexican airports increased by Ps. 394.9 million, or 15.7%, compared to 6M23. Revenues from businesses operated by third parties increased by Ps. 226.4 million, or 14.0%. 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, retail, and leasing of space, which jointly increased by Ps. 225.8 million, or 21.1%. Revenues from businesses operated directly by us increased by Ps. 168.4 million, or 20.5%, while the recovery of costs increased by Ps. 0.2 million, or 0.2%.
      2. Revenues from the Jamaican airports decreased by Ps. 5.7 million, or 1.1%, compared to 6M23, due to the peso appreciation. Revenues in U.S. dollars increased by US$1.4 million, or 5.2%.
     6M236M24Change
    Businesses operated by third parties:   
    Food and beverage498,691588,08117.9%
    Car rentals282,864403,17642.5%
    Duty-free390,019368,037(5.6%)
    Retail355,770341,779(3.9%)
    Leasing of space173,334207,27719.6%
    Other commercial revenues87,662113,83329.9%
    Time shares116,383110,747(4.8%)
    Ground transportaton98,40593,522(5.0%)
    Communications and financial services59,50654,078(9.1%)
    Total2,062,6352,280,53110.6%
        
    Businesses operated directly by us:   
    Car parking341,061346,7321.7%
    Convenience stores231,754283,37822.3%
    VIP Lounges213,978231,9418.4%
    Advertising64,11977,80721.3%
    Hangar sublease and related services-62,994100.0%
    Hotel operation-18,608100.0%
    Total850,9111,021,46020.0%
    Recovery of costs114,322115,1490.7%
    Total Non-aeronautical Revenues 3,027,8673,417,14012.9%
        
    Figures expressed in thousands of Mexican pesos.   


    • Revenues from improvements to concession assets2
      Revenues from improvements to concession assets (IFRIC12) decreased by Ps. 889.5 million, or 24.0%, compared to 6M23. The change was composed primarily of:
    1. The Company’s Mexican airports, which decreased by Ps. 972.1 million, or 26.7%, following the investments under the Master Development Program for 2020-2024 period.
    2. Improvements to concession assets at the Company’s Jamaican airports, which increased Ps. 82.5 million, or 143.0%.

    Total operating costs decreased by Ps. 408.7 million, or 4.7%, compared to 6M23, mainly due to a Ps. 889.5 million, or 24.0% decrease in the cost of improvements to the concession assets (IFRIC-12). This was offset by an increase in the cost of services by Ps. 284.6 million, or 14.2%, a Ps. 111.1 million, or 9.0%, increase in depreciation and amortization, and a combined increase in concession taxes and technical assistance fees by Ps. 110.4 million, or 6.5% (excluding the cost of improvements to concession assets, operating costs increased Ps. 480.9 million, or 9.7%).

    _____________________________
    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.

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

    Mexican Airports:

    • Operating costs decreased by Ps. 591.8 million, or 8.1%, compared to 6M23, primarily due to a Ps. 972.1 million, or 26.7%, decrease in the cost of improvements to the concession assets (IFRIC-12). This was offset by a Ps. 231.7 million, or 13.9% increase in the cost of services, a combined Ps. 127.1 million, or 12.9%, increase in depreciation and amortization, and a combined Ps. 45.7 million, or 4.7%, increase in technical assistance fees and concession taxes, (excluding the cost of improvements to the concession assets, operating costs increased by Ps. 380.2 million or 10.5%).

    The change in the cost of services during 6M24 was mainly due to:

    • Employee costs increased Ps. 112.7 million, or 15.4%, compared to 6M23, mainly due to the adjustments in salaries and changes in Labor Law.
    • Other operating expenses increased by Ps. 56.6 million, or 20.2%, compared to 6M23, mainly due to a combined increase in services, professional fees, and travel expenses by Ps. 49.5 million.
    • Safety, security, and insurance costs increased Ps. 31.1 million, or 12.3%, compared to 6M23, mainly due to an increase in the number of security staff, an increase in minimum wages, changes in Labor Law, and the opening of additional operational areas.
    • Maintenance increased by Ps. 19.7 million, or 7.9%, compared to 6M23.

    Jamaican Airports:

    • Operating costs increased by Ps. 183.2 million, or 13.1%, compared to 6M23, mainly due to a Ps. 82.5 million, or 143.0%, increase in the cost of improvements to concession assets (IFRIC-12), a Ps. 64.7 million, or 8.7%, increase in concession taxes, Ps. 53.3 million, or 15.8% increase in the cost of services, and a combined increase of Ps. 15.9 million or 6.3% in depreciation and amortization.

    Operating margin went from 48.1% in 6M23 to 47.6% in 6M24. Excluding the effects of IFRIC-12, the operating margin went from 61.8% in 6M23 to 57.9% in 6M24. Operating income decreased Ps. 536.9 million, or 6.7%, compared to 6M23.

    EBITDA margin went from 55.5% in 6M23 to 56.2% in 6M24. Excluding the effects of IFRIC-12, EBITDA margin went from 71.4% in 6M23 to 68.4% in 6M24. The nominal value of EBITDA decreased Ps. 425.8 million, or 4.6%, compared to 6M23.

    Financial cost increased by Ps. 74.5 million, or 6.3%, from a net expense of Ps. 1,182.5 million in 6M23 to a net expense of Ps. 1,257.0 million in 6M24. This change was mainly the result of:

    • Foreign exchange rate fluctuations, which went from a loss of Ps. 356.5 million in 6M23 to an income of Ps.109.9 million in 6M24. This generated an increase in the foreign exchange gain of Ps. 466.4 million, due to the peso appreciation. Currency translation effect gain increased Ps. 1,182.4 million, compared to 6M23.
    • Interest expenses increased by Ps. 338.9 million, or 21.1%, compared to 6M23, 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. 201.9 million, or 26.4%, compared to 6M23, mainly due to a decrease in the cash and cash equivalent average balance and the increase in the reference interest rates.

    In 6M24, comprehensive income increased by Ps. 856.1 million, or 20.4%, compared to 6M23. Income before taxes decreased by Ps. 611.4 million, mainly due to the decrease in traffic, offset by the increase in non-aeronautical revenues resulting from the commercial strategy. Income taxes decreased by Ps. 281.2 million. However, net and comprehensive income increased mainly due to the increase of the effect of foreign currency translation in Ps. 1,182.4 million.

    During 6M24, net income decreased by Ps. 330.2 million, or 6.5%, compared to 6M23. Taxes for the period decreased by Ps. 281.2 million, income taxes increased by Ps. 33.7 million, and the benefit for deferred taxes increased by Ps. 314.8 million, mainly due to the application of fiscal losses by Ps. 347.3 million, offset by the decrease in the inflation rate, from 1.5% in 6M23 to 1.4% in 6M24.

    Statement of Financial Position

    Total assets as of June 30, 2024 increased by Ps. 6,685.6 million compared to June 30, 2023, primarily due to the following items: (i) a Ps. 6,241.8 million increase in net improvements to concession assets; (ii) a Ps. 730.9 million increase in deferred taxes, (iii) a Ps. 621.4 million increase in net machinery, equipment, and leasehold improvements, (iv) a Ps. 408.0 million increase in other current assets, (v) a Ps. 174.0 million increase in account receivables. This was offset by a decrease in cash and cash equivalents by Ps. 2,336.1 million.

    Total liabilities as of June 30, 2024, increased by Ps. 4,317.3 million compared to June 30, 2023. This increase was primarily due to the following items: (i) Ps. 2,338.9 million in bank loans, (ii) Ps. 1,449.7 million in dividends to be paid, and (iii) Ps. 435.6 million increase in income taxes.

    Recent events

    GWTC Acquisition

    On June 11, 2024, GAP acquired 51.5% of the shares representing the capital stock of the company Guadalajara World Trade Center, S.A. de C.V. (“GWTC”), for a total amount of Ps. 875.5 million.

    GWTC is a group consisting of seven companies that specialize in handling, storage, and custody services for international cargo. These services are provided in facilities classified as free trade zone (recinto fiscal) at Guadalajara Airport and Puebla Airport. This acquisition was closed on June 20, 2024, with the payment of the aforementioned amount.

    GWTC will be consolidated as of July 1st of this year, the date on which control of the entity was assumed.

    Revised Guidance

    In accordance with the results as of June 30, 2024, as well as traffic growth expectations, the Company updates the growth guidance for the year 2024:

    GUIDANCE2024 vs 2023
    Passenger traffic(5%) - (3%)
    Aeronautical revenues(4%) - (2%)
    Non-aeronautical revenues20% - 22%
    Total Revenue2% - 4%
    EBITDA(1%) - 1%
    Margin EBITDA67% +- 1%
    CAPEXPs. 9.0 billion


    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):
    Airport2Q232Q24Change6M236M24Change
    Guadalajara      
    Aeronautical services1,350,7691,268,040 (6.1%)2,660,0002,564,649(3.6%)
    Non-aeronautical services255,604317,441 24.2%497,278627,73226.2%
    Improvements to concession assets (IFRIC 12)828,734402,305 (51.5%)1,657,4681,206,914(27.2%)
    Total Revenues2,435,1081,987,785 (18.4%)4,814,7454,399,296(8.6%)
    Operating income1,129,3691,105,607 (2.1%)2,252,4812,357,4304.7%
    EBITDA1,243,7111,238,723 (0.4%)2,479,2742,615,0845.5%
           
    Tijuana      
    Aeronautical services739,753691,854 (6.5%)1,419,2941,330,342(6.3%)
    Non-aeronautical services155,897137,398 (11.9%)302,604290,551(4.0%)
    Improvements to concession assets (IFRIC 12)140,83655,659 (60.5%)281,673166,976(40.7%)
    Total Revenues1,036,487884,911 (14.6%)2,003,5721,787,869(10.8%)
    Operating income542,577416,606 (23.2%)1,084,159910,293(16.0%)
    EBITDA638,273532,909 (16.5%)1,281,2781,139,124(11.1%)
           
    Los Cabos      
    Aeronautical services784,131678,207 (13.5%)1,607,1421,460,930(9.1%)
    Non-aeronautical services306,352333,646 8.9%606,079651,6897.5%
    Improvements to concession assets (IFRIC 12)249,60899,521 (60.1%)499,216298,562(40.2%)
    Total Revenues1,340,0911,111,374 (17.1%)2,712,4362,411,181(11.1%)
    Operating income728,539592,449 (18.7%)1,564,6021,428,213(8.7%)
    EBITDA810,393681,734 (15.9%)1,726,9061,607,296(6.9%)
           
    Puerto Vallarta      
    Aeronautical services653,046554,172 (15.1%)1,457,3071,386,173(4.9%)
    Non-aeronautical services154,164156,084 1.2%312,396324,1603.8%
    Improvements to concession assets (IFRIC 12)403,557247,818 (38.6%)807,114743,455(7.9%)
    Total Revenues1,210,767958,074 (20.9%)2,576,8172,453,787(4.8%)
    Operating income524,201382,539 (27.0%)1,242,4471,184,206(4.7%)
    EBITDA577,211436,696 (24.3%)1,352,4651,293,055(4.4%)
           
    Montego Bay      
    Aeronautical services451,848451,015 (0.2%)956,994965,2700.9%
    Non-aeronautical services199,883199,927 0.0%398,583398,8450.1%
    Improvements to concession assets (IFRIC 12)39,85239,954 0.3%55,04180,68146.6%
    Total Revenues691,584690,896 (0.1%)1,410,6191,444,7972.4%
    Operating income226,072250,207 10.7%536,691541,1050.8%
    EBITDA345,161321,002 (7.0%)776,096681,708(12.2%)
           
           
    Exhibit A: Operating results by airport (in thousands of pesos):
    Airport2Q232Q24Change6M236M24Change
    Guanajuato      
    Aeronautical services229,118209,686 (8.5%)443,007428,065(3.4%)
    Non-aeronautical services47,58546,658 (1.9%)89,47692,6043.5%
    Improvements to concession assets (IFRIC 12)70,72237,025 (47.6%)141,445111,075(21.5%)
    Total Revenues347,425293,369 (15.6%)673,928631,745(6.3%)
    Operating income183,794139,587 (24.1%)358,990339,761(5.4%)
    EBITDA205,235161,425 (21.3%)403,252383,005(5.0%)
           
    Hermosillo      
    Aeronautical services126,924132,431 4.3%243,509250,1432.7%
    Non-aeronautical services22,34128,985 29.7%42,77056,96733.2%
    Improvements to concession assets (IFRIC 12)14,43910,720 (25.8%)28,87932,15911.4%
    Total Revenues163,704172,136 5.2%315,158339,2697.7%
    Operating income77,89165,385 (16.1%)145,821150,6993.3%
    EBITDA102,80190,659 (11.8%)102,801201,27995.8%
           
    Others (1)      
    Aeronautical services604,093575,556 (4.7%)1,181,1021,137,490(3.7%)
    Non-aeronautical services108,619102,998 (5.2%)215,283209,218(2.8%)
    Improvements to concession assets (IFRIC 12)115,22782,326 (28.6%)232,503173,966(25.2%)
    Total Revenues827,940760,880 (8.1%)1,628,8891,520,674(6.6%)
    Operating income185,435(24,265)(113.1%)377,18010,809(97.1%)
    EBITDA266,544125,787 (52.8%)541,237309,264(42.9%)
           
    Total       
    Aeronautical services4,939,6814,560,960 (7.7%)9,968,3559,523,062(4.5%)
    Non-aeronautical services1,250,4461,323,136 5.8%2,464,4682,651,7677.6%
    Improvements to concession assets (IFRIC 12)1,862,976975,327 (47.6%)3,703,3382,813,789(24.0%)
    Total Revenues8,053,1016,859,424 (14.8%)16,136,16214,988,618(7.1%)
    Operating income3,597,8732,928,113 (18.6%)7,562,3716,922,515(8.5%)
    EBITDA4,189,3303,588,935 (14.3%)8,663,3108,229,814(5.0%)
           
    (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 June 30 (in thousands of pesos):
     20232024Change %
    Assets    
    Current assets    
    Cash and cash equivalents14,920,952 12,584,900(2,336,052)(15.7%)
    Trade accounts receivable - Net2,163,559 2,337,543173,984 8.0%
    Other current assets761,775 1,169,781408,006 53.6%
    Total current assets17,846,286 16,092,224(1,754,062)(9.8%)
         
    Advanced payments to suppliers2,262,121 1,774,646(487,475)(21.5%)
    Machinery, equipment and improvements to leased buildings - Net3,748,101 4,369,470621,369 16.6%
    Improvements to concession assets - Net25,115,894 31,357,6616,241,767 24.9%
    Airport concessions - Net9,032,955 9,167,056134,101 1.5%
    Rights to use airport facilities - Net1,098,311 1,024,916(73,395)(6.7%)
    Deferred income taxes - Net6,936,249 7,667,150730,901 10.5%
    Other non-current assets592,131 1,864,5921,272,461 214.9%
    Total assets66,632,049 73,317,7156,685,666 10.0%
         
    Liabilities     
    Current liabilities15,917,020 16,313,310396,290 2.5%
    Long-term liabilities34,183,379 38,104,3473,920,968 11.5%
    Total liabilities50,100,399 54,417,6574,317,258 8.6%
         
    Stockholders' Equity    
    Common stock8,197,536 1,194,390(7,003,146)(85.4%)
    Legal reserve478,185 920,187442,002 92.4%
    Net income4,971,095 4,648,636(322,459)(6.5%)
    Retained earnings244,657 8,345,5648,100,907 3311.1%
    Reserve for share repurchase1,500,000 2,500,0001,000,000 66.7%
    Foreign currency translation reserve(164,704)74,634239,338 (145.3%)
    Remeasurements of employee benefit – Net14,613 311(14,302)(97.9%)
    Cash flow hedges- Net92,871 25,315(67,556)(72.7%)
    Total controlling interest15,334,253 17,709,0372,374,784 15.5%
    Non-controlling interest1,197,396 1,191,020(6,375)(0.5%)
    Total stockholder's equity16,531,649 18,900,0572,368,409 14.3%
         
    Total liabilities and stockholders' equity66,632,049 73,317,7156,685,666 10.0%
         
    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):
     2Q232Q24Change6M236M24Change
    Cash flows from operating activities:      
    Consolidated net income2,488,426 2,252,715 (9.5%)5,053,657 4,723,435 (6.5%)
           
    Postemployment benefit costs11,236 13,776 22.6%22,450 27,552 22.7%
    Allowance expected credit loss(10,478)21,328 (303.6%)6,397 18,527 189.6%
    Depreciation and amortization621,155 687,351 10.7%1,239,226 1,350,300 9.0%
    Loss on sale of machinery, equipment and improvements to leased assets674 11,215 1563.9%684 11,760 1619.1%
    Interest expense990,273 981,033 (0.9%)1,810,604 1,977,891 9.2%
    Provisions6,079 9,970 64.0%11,904 16,250 36.5%
    Income tax expense959,062 594,903 (38.0%)1,797,604 1,516,453 (15.6%)
    Unrealized exchange loss(163,141)309,521 (289.7%)(327,129)225,863 (169.0%)
     4,903,286 4,881,812 (0.4%)9,615,397 9,868,031 2.6%
    Changes in working capital:      
    (Increase) decrease in      
    Trade accounts receivable(42,086)128,758 (405.9%)164,377 (83,124)(150.6%)
    Recoverable tax on assets and other assets(297,851)394,674 (232.5%)(192,452)791,223 (511.1%)
    Increase (decrease)      
    Concession taxes payable121,674 (258,431)(312.4%)116,165 (109,032)(193.9%)
    Accounts payable(484,204)(400,002)(17.4%)(361,662)(474,606)31.2%
    Cash generated by operating activities4,200,819 4,746,811 13.0%9,341,825 9,992,492 7.0%
    Income taxes paid(1,684,760)(875,615)(48.0%)(2,780,052)(1,586,948)(42.9%)
    Net cash flows provided by operating activities2,516,059 3,871,196 53.9%6,561,772 8,405,543 28.1%
           
    Cash flows from investing activities:      
    Machinery, equipment and improvements to concession assets(2,757,380)(1,701,189)(38.3%)(5,634,368)(3,109,274)(44.8%)
    Cash flows from sales of machinery and equipment273 2,878 954.2%841 4,235 403.3%
    Other investment activities4,476 199,053 4347.1%15,967 72,270 352.6%
    Business acquisition- (875,504)100.0%- (875,504)100.0%
    Net cash used by investment activities(2,752,631)(2,374,762)(13.7%)(5,617,560)(3,908,274)(30.4%)
           
    Cash flows from financing activities:      
    Dividends declared and paid(1,874,579)- (100.0%)(1,874,579)- (100.0%)
    Dividends declared and paid non-controlling interest- (65,424)100.0%- (65,424)(100.0%)
    Bond certificates issued- - 0.0%5,400,000 3,000,000 (44.4%)
    Bond certificates paid(602,000)- (100.0%)(602,000)(3,000,000)398.3%
    Bank loans paid(72,849)(68,417)(6.1%)(72,849)(68,417)(6.1%)
    Banks loans- 875,000 100.0%1,000,000 875,000 (12.5%)
    Interest paid(900,997)(1,314,322)45.9%(1,675,270)(2,384,483)42.3%
    Interest paid on lease(1,169)(971)(16.9%)(2,417)(2,031)(16.0%)
    Payments of obligations for leasing(4,161)(4,454)7.0%(8,325)(8,907)7.0%
    Net cash flows used in financing activities(3,455,755)(578,588)(83.3%)2,164,559 (1,654,262)(176.4%)
           
    Effects of exchange rate changes on cash held(277,594)125,431 (145.2%)(559,286)(313,317)(44.0%)
    Net increase (decrease) in cash and cash equivalents(3,969,921)1,043,277 (126.3%)2,549,488 2,529,691 (0.8%)
    Cash and cash equivalents at beginning of the period18,890,873 11,541,621 (38.9%)12,371,464 10,055,211 (18.7%)
    Cash and cash equivalents at the end of the period14,920,952 12,584,900 (15.7%)14,920,952 12,584,900 (15.7%)
           


    Exhibit D: Consolidated statements of profit or loss and other comprehensive income (in thousands of pesos):
     2Q232Q24Change6M236M24Change
    Revenues      
    Aeronautical services4,939,681 4,560,960 (7.7%)9,968,355 9,523,062 (4.5%)
    Non-aeronautical services1,556,984 1,722,735 10.6%3,027,867 3,417,140 12.9%
    Improvements to concession assets (IFRIC-12)1,862,976 975,327 (47.6%)3,703,338 2,813,789 (24.0%)
    Total revenues8,359,641 7,259,022 (13.2%)16,699,561 15,753,991 (5.7%)
           
    Operating costs      
    Costs of services:1,034,528 1,213,842 17.3%2,001,166 2,285,769 14.2%
    Employee costs435,239 490,716 12.7%832,173 949,877 14.1%
    Maintenance161,331 180,485 11.9%306,998 342,282 11.5%
    Safety, security & insurance155,476 199,802 28.5%322,954 382,022 18.3%
    Utilities118,412 130,036 9.8%222,663 236,008 6.0%
    Business operated directly by us62,936 72,549 15.3%112,095 146,160 30.4%
    Other operating expenses101,134 140,254 38.7%34,173 229,420 571.4%
           
    Technical assistance fees220,479 202,174 (8.3%)442,717 426,536 (3.7%)
    Concession taxes657,228 678,595 3.3%1,266,621 1,393,211 10.0%
    Depreciation and amortization621,155 687,351 10.7%1,239,226 1,350,300 9.0%
    Cost of improvements to concession assets (IFRIC-12)1,862,976 975,327 (47.6%)3,703,338 2,813,789 (24.0%)
    Other (income)7,652 (9,042)(218.2%)12,796 (12,392)(196.8%)
    Total operating costs4,404,018 3,748,247 (14.9%)8,665,865 8,257,212 (4.7%)
    Income from operations3,955,623 3,510,775 (11.2%)8,033,696 7,496,778 (6.7%)
    Financial Result(508,135)(663,157)30.5%(1,182,435)(1,256,892)6.3%
    Income before income taxes 3,447,488 2,847,618 (17.4%)6,851,260 6,239,887 (8.9%)
    Income taxes(959,062)(594,903)(38.0%)(1,797,604)(1,516,453)(15.6%)
    Net income 2,488,426 2,252,715 (9.5%)5,053,656 4,723,435 (6.5%)
    Currency translation effect(381,807)659,054 (272.6%)(814,582)367,782 (145.1%)
     Cash flow hedges, net of income tax(54,924)(20,164)(63.3%)(37,751)(35,403)(6.2%)
    Remeasurements of employee benefit – net income tax318 2,276 615.7%599 2,229 272.1%
    Comprehensive income 2,052,013 2,893,881 41.0%4,201,923 5,058,042 20.4%
    Non-controlling interest(4,355)(95,925)2102.4%(8,217)(127,642)1453.4%
    Comprehensive income attributable to controlling interest2,047,657 2,797,956 36.6%4,193,707 4,930,402 17.6%
           
    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 StockLegal ReserveReserve for Share RepurchaseRepurchased SharesRetained EarningsOther comprehensive incomeTotal controlling interestNon-controlling interestTotal Stockholders' Equity
    Balance as of January 1, 20238,197,536 34,0762,499,473 (1,999,986)9,187,597 720,171 18,638,867 1,189,179 19,828,046 
    Legal Reserve cancellation- 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- -- - 4,971,095 - 4,971,095 82,560 5,053,655 
    Foreign currency translation reserve- -- - - (740,239)(740,239)(74,343)(814,582)
    Remeasurements of employee benefit – Net- -- - - 599 599 - 599 
    Reserve for cash flow hedges – Net of income tax- -- - - (37,751)(37,751)- (37,751)
    Balance as of June 30, 20238,197,536 478,1851,500,000 - 5,215,751 (57,220)15,334,251 1,197,396 16,531,649 
              
    Balance as of January 1, 20248,197,536 478,1852,500,000 - 8,787,568 (181,508)19,781,783 1,162,864 20,944,646 
    Legal reserve cancellation- 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- -- - 4,648,635 - 4,648,635 74,803 4,723,438 
    Foreign currency translation reserve- -- - - 314,940 314,940 52,839 367,779 
    Remeasurements of employee benefit – Net- -- - - 2,229 2,229 - 2,229 
    Reserve for cash flow hedges – Net of income tax- -- - - (35,403)(35,403)- (35,403)
    Balance as of June 30, 20241,194,390 920,1872,500,000 - 12,994,200 100,259 17,709,039 1,191,020 18,900,057 
     
    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:
     2Q232Q24Change6M236M24Change
    Total passengers15,876.115,254.7(3.9%)31,469.130,864.2(1.9%)
    Total cargo volume (in WLUs)621.3703.113.2%1,253.71,343.17.1%
    Total WLUs16,497.415,957.8(3.3%)32,722.932,207.3(1.6%)
           
    Aeronautical & non aeronautical services per passenger (pesos)409.2411.90.7%413.0419.31.5%
    Aeronautical services per WLU (pesos)299.4285.8(4.5%)304.6295.7(2.9%)
    Non aeronautical services per passenger (pesos)98.1112.915.2%96.2110.715.1%
    Cost of services per WLU (pesos)62.776.121.3%61.271.016.1%
           
    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.mx
    Gisela Murillo, Investor Relationsgmurillo@aeropuertosgap.com.mx/+52 33 3880 1100 ext. 20294

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