Group 1 - The article highlights a positive outlook for Grupo Aeroportuario del Pacifico (PAC), anticipating strong performance in 2025 [1] - The author, Ian Bezek, has extensive experience in Latin American markets, particularly in Mexico, Colombia, and Chile, focusing on high-quality growth stocks [2] - The article emphasizes the author's long position in PAC shares, indicating a personal investment interest [3]

Group 1 - The company Grupo Aeroportuario del Pacífico (GAP) has drawn down a credit facility of Ps. 3,375 million from Banamex with a five-year term, to be repaid by May 30, 2030 [1] - The interest on the credit facility will be paid monthly at a variable rate of TIIE-28 plus 54 basis points, with no fees [1] - The proceeds from this credit will be utilized to repay existing loans of Ps. 2,500 million from Banamex and Ps. 875 million from BBVA [1] Group 2 - GAP operates 12 airports in Mexico's Pacific region, including major cities like Guadalajara and Tijuana, and tourist destinations such as Puerto Vallarta and Los Cabos [2] - The company was listed on the New York Stock Exchange in February 2006 and on the Mexican Stock Exchange in the same year [2] - GAP acquired a majority stake in MBJ Airports Limited in April 2015, which operates Sangster International Airport in Jamaica, and entered into a concession agreement for Norman Manley International Airport in October 2018 [2]

Core Viewpoint - Grupo Aeroportuario del Pacífico (GAP) announced a total dividend payment of Ps. 16.84 per outstanding share, to be paid in two installments following the resolution from the Annual General Ordinary Shareholders' Meeting held on April 24, 2025 [1][2]. Company Overview - Grupo Aeroportuario del Pacífico operates 12 airports in Mexico's Pacific region, including major cities like Guadalajara and Tijuana, and tourist destinations such as Puerto Vallarta and Los Cabos [3]. - GAP's shares are listed on both the New York Stock Exchange (ticker symbol "PAC") and the Mexican Stock Exchange (ticker symbol "GAP") [3]. - The company has expanded its operations internationally, acquiring a majority stake in MBJ Airports Limited, which operates Sangster International Airport in Jamaica, and entering into a concession agreement for the Norman Manley International Airport in Kingston, Jamaica [3].

Core Insights - Grupo Aeroportuario del Pacífico (GAP) reported a 9.9% increase in total terminal passenger traffic for April 2025 compared to April 2024, with significant growth at major airports [2][3] - The total number of terminal passengers across GAP's 12 airports reached approximately 3.13 million in April 2025, up from 2.79 million in April 2024 [3][7] - Domestic passenger traffic increased by 5.2% year-over-year, while international passenger traffic saw a 0.6% increase during the same period [5][6] Passenger Traffic Breakdown - Tijuana, Guadalajara, Los Cabos, and Puerto Vallarta airports experienced passenger traffic increases of 10.0%, 9.0%, 8.7%, and 5.7% respectively [2][3] - Montego Bay airport saw a decrease in passenger traffic of 1.3% compared to April 2024 [2][3] - The total number of domestic terminal passengers was approximately 2.40 million in April 2025, compared to 2.28 million in April 2024 [5][6] Year-to-Date Performance - For the January to April 2025 period, total terminal passengers increased by 10.0% year-over-year, reaching approximately 11.67 million [3][7] - Notable year-to-date growth was observed at Puerto Vallarta (15.4%), Los Cabos (8.2%), and Guanajuato (9.7%) [3][7] - The total number of international terminal passengers for the same period was approximately 10.13 million, reflecting a slight increase from 10.07 million in 2024 [5][6] Operational Metrics - The number of available seats in April 2025 increased by 11.0% compared to April 2024, while the load factor decreased from 81.8% to 80.4% [9] - The company operates 12 airports in Mexico's Pacific region, including major cities and tourist destinations [10]

Group 1 - The company Grupo Aeroportuario del Pacífico (GAP) made a payment of Ps. 2,500.0 million for the maturity of the debt securities "GAP 21" on May 2, 2025, which corresponds to 25 million long-term debt securities with a face value of Ps. 100.0 each [1] - GAP operates 12 airports in Mexico's Pacific region, including major cities like Guadalajara and Tijuana, and tourist destinations such as Puerto Vallarta and Los Cabos [2] - The company was listed on the New York Stock Exchange in February 2006 and acquired a majority stake in MBJ Airports Limited in April 2015, which operates Sangster International Airport in Jamaica [2] Group 2 - GAP entered into a concession agreement for the operation of Norman Manley International Airport in Kingston, Jamaica, in October 2018 and took control of the operation in October 2019 [2] - The company has implemented a whistleblower program in accordance with the Sarbanes-Oxley Act, allowing anonymous reporting of suspected criminal conduct or violations [4]

Core Viewpoint - Grupo Aeroportuario del Pacífico (GAP) reported strong financial results for the first quarter of 2025, with significant increases in revenues, passenger traffic, and comprehensive income compared to the same period in 2024. Financial Position - As of March 31, 2025, the company had cash and cash equivalents of Ps. 16,227.8 million. It issued long-term bonds for Ps. 6,000.0 million to refinance debt and fund capital investments [3] - The company refinanced its credit facility with Banamex for USD$40.0 million and extended the maturity date of another credit facility until October 4, 2029 [3] Passenger Traffic - Total passengers at GAP's 14 airports increased by 660.0 thousand, or 4.2%, compared to 1Q24 [4] - New domestic and international routes were opened, enhancing connectivity [4][5] Revenue Growth - Total revenues increased by Ps. 2,560.2 million, or 30.1%, driven by a 26.1% increase in aeronautical and non-aeronautical services revenues [6][17] - Aeronautical services revenues rose by Ps. 1,037.0 million, or 20.9%, while non-aeronautical services revenues increased by Ps. 699.5 million, or 41.3% [17] Cost and Income Analysis - Cost of services increased by Ps. 412.9 million, or 38.5%, leading to total operating costs rising by Ps. 1,850.0 million, or 41.0% [6][19] - Income from operations increased by Ps. 710.2 million, or 17.8%, with EBITDA rising by Ps. 979.8 million, or 21.1% [6][25] Comprehensive Income - 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 [6][26] Financial Metrics - EBITDA margin (excluding IFRIC-12 effects) decreased from 69.8% in 1Q24 to 67.1% in 1Q25 [6][25] - Net income increased by Ps. 387.4 million, or 15.7%, compared to 1Q24 [26] Asset and Liability Overview - Total assets increased by Ps. 14,765.7 million, primarily due to improvements to concession assets and cash equivalents [27] - Total liabilities rose by Ps. 10,438.4 million, mainly due to long-term bond certificates and bank loans [28] Company Overview - Grupo Aeroportuario del Pacífico operates 12 airports in Mexico's Pacific region and has expanded its operations to include airports in Jamaica [29]

Core Points - Grupo Aeroportuario del Pacífico (GAP) held its Annual General Ordinary Shareholders' Meeting with a quorum of 88.5% and approved several key resolutions regarding financial statements, dividend payments, and board member appointments [1][2][3]. Financial Resolutions - The financial statements for the fiscal year 2024 were approved on both unconsolidated and consolidated bases, adhering to MFRS and IFRS standards respectively [2]. - The net income for the fiscal year ended December 31, 2024, was reported as Ps. 8,279,790,417 (approximately 8.28 billion pesos), with the entire amount allocated to retained earnings without separating for legal reserves [3]. - A dividend of Ps. 16.84 per share was approved, to be paid from the retained earnings account totaling Ps. 18,864,285,272 (approximately 18.86 billion pesos) [4][6]. Share Repurchase and Board Appointments - The cancellation of outstanding amounts under the previous share repurchase program was approved, along with a new allocation of Ps. 2,500,000,000 (approximately 2.5 billion pesos) for share repurchases over the next 12 months [7]. - The board of directors was ratified, including the appointment of Laura Díez Barroso Azcárraga as Chairwoman and the designation of Claudia Laviada Díez Barroso as Alternate [8][10]. Compliance and Reporting - Reports regarding the company's compliance with tax obligations and the activities of the Audit and Corporate Practices Committee were presented, ensuring adherence to Mexican regulations [5][14]. - The company has implemented a whistleblower program to report suspected violations, enhancing corporate governance and compliance [17]. Company Overview - Grupo Aeroportuario del Pacífico operates 12 airports in Mexico's Pacific region, including major cities and tourist destinations, and has expanded its operations internationally [16].

Company Overview - Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (GAP) operates 12 airports in Mexico's Pacific region, including major cities like Guadalajara and Tijuana, and tourist destinations such as Puerto Vallarta and Los Cabos [3] - GAP's shares are listed on the New York Stock Exchange under the ticker symbol "PAC" and on the Mexican Stock Exchange under "GAP" [3] - The company acquired 100% of Desarrollo de Concesiones Aeroportuarias, S.L. in April 2015, which holds a majority stake in MBJ Airports Limited, operating Sangster International Airport in Jamaica [3] - GAP entered into a concession agreement for Norman Manley International Airport in Kingston, Jamaica, in October 2018 and took control of operations in October 2019 [3] Financial Reporting - GAP filed its annual report for the year ended December 31, 2024, with the Mexican National Banking and Securities Commission, the Mexican Stock Exchange, and the U.S. Securities and Exchange Commission [1] - The documents are accessible on the respective websites of BMV, BIVA, SEC, and GAP's corporate website [2] Compliance and Governance - GAP has implemented a "whistleblower" program in accordance with the Sarbanes-Oxley Act of 2002, allowing anonymous reporting of suspected criminal conduct or violations [6]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Table of Contents WASHINGTON, D.C. 20549 FORM 20-F ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 Commission File Number: 001-32751 Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (Exact name of registrant as specified in its charter) Pacific Airport Group United Mexican States (Translation of registrant's name into English) (Jurisdiction of incorporation or organization) Aveni ...

Core Insights - Grupo Aeroportuario del Pacífico (GAP) reported a 7.0% increase in total terminal passenger traffic for March 2025 compared to March 2024, with significant growth at major airports like Guadalajara, Tijuana, and Los Cabos [2][3] Passenger Traffic Summary - Total terminal passengers at GAP's 12 airports reached 3,040.6 thousand in March 2025, up from 2,699.5 thousand in March 2024, marking a 12.6% increase [3][6] - Guadalajara airport saw the highest growth with an 18.0% increase in passenger traffic, totaling 1,088.8 thousand in March 2025 [3][6] - Tijuana and Puerto Vallarta airports reported increases of 5.3% and 12.8% respectively, while Los Cabos increased by 8.8% [3][6] - Montego Bay experienced a decline of 7.7% in passenger traffic, totaling 0.0 thousand in March 2025 [2][3] Domestic vs. International Passengers - Domestic terminal passengers decreased by 1.3% to 2,707.2 thousand in March 2025, while international terminal passengers also saw a decline of 1.3% [5][6] - Notable changes in international passenger traffic included a 3.7% decrease at Guadalajara and a 7.7% decrease at Montego Bay [5][6] Load Factors and Seat Availability - The number of available seats increased by 9.0% in March 2025 compared to March 2024, but the load factor decreased from 84.0% to 81.5% [9] New Routes - GAP has introduced new routes including Guanajuato to Monterrey and Puerto Vallarta to Sacramento, enhancing connectivity [12]