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

GUADALAJARA, Mexico, Feb. 23, 2026 (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 fourth quarter ended December 31, 2025 (4Q25). Figures are unaudited and prepared following International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”).

Summary of Results 4Q25 vs. 4Q24

Company’s Financial Position:

During the 4Q25, total aeronautical revenues increased compared to 4Q24, primarily driven by the implementation in Mexico of the airport tariffs approved for the 2025–2029 period, as well as the opening of new routes. This effect was partially offset by the decrease in passenger traffic in Jamaica, resulting from the impact of Hurricane Melissa on the island in October 2025. Montego Bay Airport was affected, sustaining damage to the terminal building, equipment, and operational areas. As a precautionary measure, the airport suspended operations on October 26, 2025, resuming them on November 1. Kingston Airport experienced minor impacts and only required the preventive closure of its facilities on October 25, resuming regular operations on October 29. The recovery of passenger traffic in Jamaica will largely depend on the pace of restoration of the country’s hotel and tourism infrastructure.

As of December 31, 2025, the Company reported a financial position of Ps. 10,453.2 million in cash and cash equivalents.

Passenger Traffic

During 4Q25, the 14 airports operated by GAP recorded a decrease of 139.6 thousand total passengers, representing a 0.9% decrease compared to 4Q24.

During this period, the following new routes were inaugurated:

Domestic:

Note: Frequencies can vary without prior notice.

International:

Note: Frequencies can vary without prior notice.

Domestic Terminal Passengers – 14 airports (in thousands):

International Terminal Passengers – 14 airports (in thousands):

*CBX users are classified as international passengers.

Total Terminal Passengers – 14 airports (in thousands):

*CBX users are classified as international passengers.

CBX Users (in thousands):

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

- Net income and comprehensive income per share for 4Q25 and 4Q24 were calculated based on 505,277,464 shares outstanding as of December 31, 2025, and December 31, 2024, respectively. Figures in U.S. dollar were converted from pesos using an exchange rate of Ps. 18.0057 per U.S. dollar, as published by the U.S. Federal Reserve Board (noon buying rate) on December 31, 2025.

- For consolidating the Jamaican airports, an average exchange rate of Ps. 18.3151 per U.S. dollar was used, corresponding to the three-month period ended December 31, 2025.

Revenues (4Q25 vs. 4Q24)

• Aeronautical services revenues increased by Ps. 626.0 million, or 12.6%.

• Non-aeronautical services revenues increased by Ps. 285.3 million, or 13.3%.

• Revenues from improvements to concession assets decreased by Ps. 644.3 million, or 25.6%.

• Total revenues increased by Ps. 267.1 million, or 2.8%.

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

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

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. 644.3 million, or 25.6%, compared to 4Q24. The change was composed of:

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. 55.0 million, or 0.9%, compared to 4Q24, mainly due to a Ps. 644.3 million, or 25.6%, decrease in the cost of improvements to concession assets (IFRIC-12). This effect was partially offset by higher technical assistance and concession fees, which together increased by Ps. 87.5 million, or 9.6%; a Ps. 426.8 million, or 28.1%, increase in the cost of services; and a Ps. 35.3 million, or 3.8%, increase in depreciation and amortization. Excluding the cost of improvements to concession assets (IFRIC-12), operating costs increased by Ps. 589.3 million, or 18.0%, compared to 4Q24.

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

Mexican airports:

The change in the cost of services at our Mexican airports during 4Q25 was mainly due to:

Jamaican Airports:

Operating income margin increased from 39.8% in 4Q24 to 42.0% in 4Q25. Excluding the effects of IFRIC-12, the operating income margin declined from 53.9% in 4Q24 to 51.8% in 4Q25. Income from operations increased by Ps. 322.1 million, or 8.4%, compared to 4Q24.

EBITDA margin went from 49.4% in 4Q24 to 51.7% in 4Q25. Excluding the effects of IFRIC-12, EBITDA margin went from 66.9% in 4Q24 to 63.8% in 4Q25. The nominal value of EBITDA increased by Ps. 357.3 million, or 7.5%, compared to 4Q24.

Financial results increased in expenses by Ps. 523.4 million, or 84.7%, going from a net expense of Ps. 618.0 million in 4Q24 to a net expense of Ps. 1,141.4 million in 4Q25. This change was mainly the result of:

In 4Q25, net and comprehensive income decreased by Ps. 735.9 million, or 32.4%, compared to 4Q24, mainly due to a Ps. 351.6 million increase in foreign currency translation losses versus the same period of last year.

During 4Q25, net income decreased by Ps. 377.8 million, or 17.4%, compared to 4Q24. Income tax for the period increased by Ps. 176.5 million, composed of a Ps. 108.3 million increase in current income tax and a Ps. 68.2 million decrease in deferred tax benefit. This was mainly due to a decrease in the application of tax loss carryforwards for Ps. 80.1 million, compared to 4Q24, and a lower inflation effect, which decreased from 1.5% in 4Q24 to 1.3% in 4Q25.

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

- Net income and comprehensive income per share for 2025 and 2024 were calculated based on 505,277,464 shares outstanding. U.S. dollar figures were converted from pesos using an exchange rate of Ps. 18.0057 per U.S. dollar, as published by the U.S. Federal Reserve Board (noon buying rate) on December 31, 2025.

- For the purpose of consolidating Jamaican airports, an average exchange rate of Ps. 19.2324 per U.S. dollar was used, corresponding to the twelve months ended December 31, 2025.

Revenues (2025 vs. 2024)

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

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

Figures expressed in thousands of Mexican pesos.

‐ Revenues from improvements to concession assets 1

Revenues from improvements to concession assets (IFRIC-12) increased by Ps. 2,050.1 million, or 30.0%, compared to 2024. The change was composed of:

Total operating costs increased by Ps. 5,264.7 million, or 28.4%, compared to 2024, primarily due to a Ps. 2,050.1 million, or 30.0%, increase in the cost of improvements to concession assets (IFRIC-12); a combined Ps. 1,229.2 million, or 34.5%, increase in concession fees and technical assistance fees; a Ps. 1,275.8million, or 24.5%, increase in the cost of services; and a Ps. 690.9 million, or 22.6%, increase in depreciation and amortization. Excluding the cost of improvements to concession assets (IFRIC-12), operating costs increased by Ps. 3,214.6 million, or 27.4%.

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

Mexican airports:

The change in the cost of services at our Mexican airports during 2025 was mainly due to:

Jamaican Airports:

Operating costs increased by Ps. 217.6 million, or 6.1%, compared to 2024, mainly due to an increase in the cost of services by Ps. 77.3 million, or 8.7%; a Ps. 71.7 million, or 11.2%, increase in the cost of improvements to concession assets (IFRIC-12); an increase in depreciation and amortization by Ps. 62.3 million, or 12.0%; and an increase in concession fees by Ps. 4.9 million, or 0.3%.

Operating income margin went from 44.8% in 2024 to 42.5% in 2025. Excluding the effects of IFRIC-12, the operating income margin went from 56.2% in 2024 to 54.0% in 2025. Income from operations increased by Ps. 2,529.5 million, or 16.8%, compared to 2024.

EBITDA margin went from 53.9% in 2024 to 51.5% in 2025. Excluding the effects of IFRIC-12, EBITDA margin went from 67.6% in 2024 to 65.6% in 2025. The nominal value of EBITDA increased by Ps. 3,220.4 million, or 17.8%, compared to 2024.

Financial results increased expenses by Ps. 531.4 million, or 18.1%, from a net expense of Ps. 2,934.9 million in 2024 to a net expense of Ps. 3,466.3 million in 2025. This change was mainly the result of:

In 2025, net and comprehensive income decreased by Ps. 952.6 million, or 9.6%, compared to 2024, mainly due to a foreign currency translation effect of Ps. 2,147.0 million, moving from income of Ps. 1,132.6 million to an expense of Ps. 1,014.4 million, partially offset by the increase in EBITDA described above.

During 2025, net income increased by Ps. 1,125.2 million, or 12.7%, compared to 2024, mainly due to the increase in EBITDA, partially offset by higher depreciation and amortization expenses. Income tax expense for the period increased by Ps. 872.9 million, composed of a Ps. 823.2 million increase in current income tax, partially offset by a Ps. 49.7 million decrease in deferred tax benefit.

Statement of Financial Position

As of December 31, 2025, total assets increased by Ps. 6,487.2 million compared to the same period in 2024, mainly due to: (i) an increase in improvements to concession assets of Ps. 7,668.0 million; (ii) an increase in advanced payments to suppliers of Ps. 2,035.5 million; (iii) an increase in trade accounts receivable of Ps. 794.8 million; and (iv) an increase in deferred income taxes of Ps. 627.6 million. This effect was partially offset by decreases in (i) cash and cash equivalents of Ps. 3,012.8 million and (ii) airport concessions of Ps. 882.1 million, among others.

As of December 31, 2025, total liabilities increased by Ps. 6,273.0 million compared to the same period in 2024. This increase was mainly attributable to: (i) an increase in bond certificates of Ps. 7,500.0 million; (ii) accounts payable of Ps. 1,186.9 million; (iii) security deposits received of Ps. 99.3 million; (iv) taxes payable of Ps. 98.3 million; and (v) retirement employee benefit obligations of Ps. 75.5 million. This effect was partially offset by decreases in (i) bank loans of Ps. 2,492.7 million, (ii) income taxes payable of Ps. 149.5 million, and (iii) concession fees of Ps. 103.2 million, among others.

Recent events

Cancellation of the Howard Hamilton International Airport Tender

At the beginning of this year, the Government of the Turks and Caicos Islands announced through its official communication channels the cancellation of the redevelopment project for Howard Hamilton International Airport. The Government indicated that the airport’s long-term objectives will be achieved through an alternative execution model, different from the originally proposed scheme. With this decision, the bidding process in which the Company was participating has concluded.

Information on airport operations in Jalisco

As a result of the events that took place in various locations of the State of Jalisco on February 22, 2026, and in light of the different alerts issued yesterday and today by the various levels of government, Guadalajara and Puerto Vallarta International Airports have remained operational and have been providing services to airlines and passengers.

The situations reported in different areas of the state have not impacted the internal operations of the terminals or security within the airport facilities. The terminals remain under the protection of personnel from the National Guard (GN) and the Ministry of National Defense (SEDENA), as part of ongoing coordination efforts with federal authorities. It is important to clarify that no incidents have been recorded within the facilities, nor have there been any situations posing a risk to passengers, employees, or visitors.

Yesterday, February 22, 120 cancellations were recorded at Guadalajara Airport, 87 at Puerto Vallarta Airport, and two at Manzanillo Airport. Today, February 23, 71 cancellations have been announced in Guadalajara, 47 in Puerto Vallarta, and two in Manzanillo. It is expected that the full flight schedule will be gradually restored in the coming days.

It is important to highlight that the rest of our airports continue to operate normally and have not been affected by flight cancellations.

Guidance growth for 2026

The Company hereby provides its growth outlook for the period from January 1 to December 31, 2026, compared to fiscal year 2025.

This guidance does not include the business combination related to Cross Border Xpress (CBX) and the provision of technical assistance and technology transfer services approved by the Shareholders’ Meeting on December 11, 2025, as the transaction is currently in the process of formalization. Upon completion of the business combination, the Company will inform the market accordingly, including the expected consolidation date in the Company’s financial statements. (For reference, January to December 2025 revenues for CBX totaled USD 158.0 million, with an EBITDA margin of 68.7%. For 2026, revenue growth is expected to range from 9% to11%.)

Company Description

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

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):

(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 December 31 (in thousands of pesos):

The non-controlling interest corresponds to the 25.5% stake held in the Montego Bay airport by Vantage Airport Group Limited (“Vantage”), as well as the 48.5% held by the shareholders of GWTC.

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

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

The non-controlling interest corresponds to the 25.5% stake held in the Montego Bay airport by Vantage Airport Group Limited (“Vantage”), as well as the 48.5% held by the shareholders of GWTC.

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

The non-controlling interest corresponds to the 25.5% stake held in the Montego Bay airport by Vantage Airport Group Limited (“Vantage”), as well as the 48.5% held by the shareholders of GWTC.

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

Exhibit F: Other operating data:

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