Grupo Aeroportuario Del Pacifico Sa De Cv Stock Earnings Reports

GAP reported a solid Q3 2025 despite headwinds in international/VFR traffic tied to U.S. immigration perception and Pratt & Whitney engine issues limiting some carriers' capacity. Total passengers across GAP's 14 airports rose 2.5% YoY to 15.8 million, supported by new routes and domestic demand. Revenue grew 17.4% YoY, with aeronautical up 18.3% (driven by tariff increases implemented in March and accelerated a further ~7.5% on Sept 1) and non-aeronautical revenue up 15.6%, led by directly operated businesses (cargo, bonded warehouse, F&B, retail, duty-free). EBITDA rose 12.8% to MXN 5.1 billion (64.3% margin, excl. IFRIC-12); margin compression reflects concession fee changes (5% to 9%) recognized in 2025. Cost of services rose 14.1%, largely due to in-sourcing of jet bridges and buses; excluding those items cost growth would be ~4.8%. GAP ended the quarter with strong liquidity (MXN 11.7 billion), issued MXN 8.5 billion in bonds to fund capex and repay bank debt, and invested ~MXN 7 billion YTD in CapEx under its master development plan (terminal expansions and commercial area growth). Management reiterated guidance ranges and highlighted strategic priorities: connectivity expansion (new international routes including first direct Los Cabos–Panama), commercial revenue growth via expanded retail/cargo/FBO/hotel initiatives, ongoing evaluation of Motiva Airports acquisition (potentially financed with leverage), and participation in other tenders (Turks & Caicos). Risks include macro uncertainty, exchange-rate volatility, slower VFR recovery in the near term, and Pratt & Whitney-related fleet constraints through 2027.