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GUADALAJARA - On Tuesday, Grupo Aeroportuario del Pacífico (NYSE:PAC) delivered impressive second quarter results, with combined aeronautical and non-aeronautical revenues surging 30.6% to 8.2 billion pesos despite just a 4.1% increase in passenger traffic, highlighting the company’s significant pricing power.
The Mexican airport operator reported Q2 adjusted earnings of 2.16 pesos per share, while total revenue reached 10.88 billion pesos, up 49.9% from the same period last year. The company’s core revenue growth was primarily driven by a 26.4% increase in aeronautical services revenue, which benefited from higher maximum tariffs approved for the 2025-2029 regulatory period that took effect in March.
Non-aeronautical revenue growth was even more impressive at 41.8%, boosted significantly by the strategic acquisition in cargo and bonded warehouse operations that contributed 477.1 million pesos to the revenue stream.
EBITDA increased by 31.1% to 5.5 billion pesos, while the EBITDA margin (excluding IFRIC-12 effects) improved slightly to 67.1% from 66.8% in the prior year period, indicating disciplined cost management despite a 25.4% increase in service costs.
The company’s comprehensive income decreased by 22.8% to 2.23 billion pesos, primarily due to currency translation effects and higher income taxes, which doubled compared to Q2 2024.
During the quarter, GAP successfully refinanced its maturing GAP 21 bond with a new five-year Banamex facility, extending its debt maturity profile while maintaining a strong liquidity position with 9.7 billion pesos in cash.
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