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Grupo Aeroportuario del Pacifico (PAC) appears an attractive pick, as it has been recently upgraded to a Zacks Rank #2 (Buy). An upward trend in earnings estimates -- one of the most powerful forces impacting stock prices -- has triggered this rating change.The sole determinant of the Zacks rating is a company's changing earnings picture. The Zacks Consensus Estimate -- the consensus of EPS estimates from the sell-side analysts covering the stock -- for the current and following years is tracked by the syst ...

Grupo Aeroportuario del Pacífico (NYSE:PAC) Q4 2025 Earnings call February 25, 2026 10:00 AM ET Company ParticipantsAlejandra Soto - Investor Relations OfficerGabriel Himelfarb - Associate DirectorJulia Orsi - Equity Research AssociateRaúl Revuelta - CEOConference Call ParticipantsEnrique Cantú - AnalystOperatorGood morning, everyone. Welcome to GAP's fourth quarter of 2025 conference call. All lines have been placed on mute to prevent any background noise. After the presentation, we will open the floor for ...

Financial Data and Key Metrics Changes - Passenger traffic decreased by 0.9% in Q4 2025 compared to Q4 2024, with a notable decline in Jamaica due to Hurricane Melissa [3][4] - Combined aeronautical and non-aeronautical service revenues increased by 12.8%, with aeronautical revenues growing by 12.6% and non-aeronautical revenues by 13.3% [5][6] - EBITDA increased by 7.5% to MXN 5.1 billion, with an EBITDA margin of 63.8%, reflecting higher concession fees and increased operational costs [6][7] - Net income declined due to higher financial expenses and lower interest income, alongside deferred tax adjustments [7] Business Line Data and Key Metrics Changes - In Mexico, commercial revenues were strong, particularly in cargo and warehouse operations, with significant contributions from food and beverage, retail, and ground transportation [6] - Non-aeronautical revenue per passenger increased to MXN 152 in 2025 from MXN 123 in 2024, indicating improved commercial execution and pricing optimization [8] Market Data and Key Metrics Changes - The impact of Hurricane Melissa led to a nearly 35% decrease in traffic in Jamaica during the quarter, although recovery is expected by the 2026 winter season [4][5] - The company anticipates passenger traffic growth of 2% to 5% in 2026, with aeronautical revenues projected to increase by 9% to 12% [14] Company Strategy and Development Direction - The company is focused on four growth pillars: strengthening connectivity, expanding commercial revenues, disciplined execution of infrastructure programs, and maintaining a long-term leverage strategy [15] - The business combination with CBX is expected to enhance operational efficiency and expand service capabilities, contributing positively to long-term value creation [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term fundamentals of the Jamaican market despite recent challenges, with expectations for hotel capacity recovery [5][10] - The company remains disciplined in capital allocation, focusing on projects that align with strategic and financial return criteria [10][36] Other Important Information - The company closed 2025 with MXN 10.5 billion in cash and cash equivalents, having strengthened its capital structure through bond issuance [8][9] - CapEx for 2025 was MXN 12.4 billion, focusing on major terminal expansions and capacity enhancements [9] Q&A Session Summary Question: Can you provide details on Guadalajara and Puerto Vallarta cancellations and bookings? - Management reported significant cancellations initially but noted a recovery with only four cancellations in Puerto Vallarta and eleven in Guadalajara the following day [18][19] Question: Will there be an expansion in the U.S. beyond CBX? - Management indicated that the CBX platform opens opportunities for new investments in the U.S., with a focus on projects that generate shareholder value [20] Question: What is the expected timing for pending tariff adjustments? - Management outlined a series of tariff increases implemented throughout 2025, with additional increases expected in the summer [26][27] Question: Can you break down traffic increase expectations for Mexico and Jamaica? - Management expects a traffic increase of 2% to 5% in Mexico, while Jamaica is projected to see a recovery with a potential increase of -2% to 0% in passenger numbers [30][33] Question: What are the priorities for capital allocation now that the Turks and Caicos process is over? - Management emphasized a focus on the CBX project and exploring other opportunities in the cargo facilities business, maintaining a disciplined approach to capital allocation [36][37]

Grupo Aeroportuario del Pacífico (NYSE:PAC) Q4 2025 Earnings call February 25, 2026 10:00 AM ET Speaker4Good morning, everyone. Welcome to GAP's fourth quarter of 2025 conference call. All lines have been placed on mute to prevent any background noise. After the presentation, we will open the floor for questions. At that time, instructions will be given if you'd like to ask a question. Now, it's my pleasure to turn the call over to GAP's Investor Relations team. Please go ahead.Speaker0Thank you, welcome to ...

Core Insights - Grupo Aeroportuario del Pacífico (GAP) reported its consolidated results for the fourth quarter of 2025, showing a mixed performance in revenues and passenger traffic, influenced by external factors such as Hurricane Melissa impacting Jamaican airports [1][3]. Financial Performance - Total aeronautical revenues increased by Ps. 626.0 million, or 12.6%, primarily due to new airport tariffs and increased passenger traffic in Mexico [19]. - Non-aeronautical services revenues rose by Ps. 285.3 million, or 13.3%, driven by growth in various business lines [19]. - Total revenues increased by Ps. 267.1 million, or 2.8%, despite a significant decrease in revenues from improvements to concession assets, which fell by Ps. 644.3 million, or 25.6% [19][21]. - The company reported a comprehensive income decrease of Ps. 781.1 million, or 34.3%, from Ps. 2,274.3 million in 4Q24 to Ps. 1,493.3 million in 4Q25 [7]. Passenger Traffic - Total passenger traffic across the 14 airports operated by GAP decreased by 139.6 thousand, or 0.9%, compared to 4Q24 [5]. - The opening of new domestic and international routes contributed to the overall passenger traffic dynamics, although the impact of Hurricane Melissa led to a significant decline in Jamaican airport traffic [3][5][6]. Cost Structure - Cost of services increased by Ps. 426.8 million, or 28.1%, reflecting higher operational costs [7]. - Total operating costs decreased by Ps. 55.0 million, or 0.9%, mainly due to a reduction in costs associated with improvements to concession assets [22]. EBITDA and Income Metrics - EBITDA increased by Ps. 357.3 million, or 7.5%, with an EBITDA margin of 51.7% [15][26]. - Income from operations rose by Ps. 322.1 million, or 8.4%, indicating improved operational efficiency despite rising costs [7][25]. Yearly Overview - For the full year 2025, total revenues increased by Ps. 7,794.2 million, or 23.2%, with significant growth in both aeronautical and non-aeronautical services [34]. - Aeronautical services revenues for the year rose by Ps. 3,711.8 million, or 19.4%, while non-aeronautical services revenues increased by Ps. 2,032.3 million, or 26.5% [34].

Core Viewpoint - Grupo Aeroportuario del Pacífico (GAP) reported a 1.2% increase in total passenger traffic across its 12 Mexican airports in January 2026 compared to January 2025, despite some airports experiencing declines due to external factors like Hurricane Melissa [2][3]. Passenger Traffic Summary - Total passenger traffic for January 2026 reached 2,965.3 thousand, up from 2,899.1 thousand in January 2025, marking a 2.3% increase [3]. - Guadalajara airport saw a significant increase of 6.0%, with passenger numbers rising from 1,006.2 thousand to 1,066.3 thousand [3]. - Puerto Vallarta reported a growth of 5.7%, increasing from 229.5 thousand to 242.5 thousand [3]. - In contrast, Tijuana and Los Cabos airports experienced declines of 0.5% and 5.6%, respectively [3]. International Passenger Traffic Summary - International passenger traffic decreased by 6.9%, from 2,747.0 thousand in January 2025 to 2,556.4 thousand in January 2026 [5]. - Montego Bay airport faced a drastic decline of 37.7%, with numbers dropping from 456.2 thousand to 284.2 thousand due to Hurricane Melissa [5][6]. - Morelia airport showed a notable increase of 25.6%, rising from 67.8 thousand to 85.2 thousand [5]. Load Factors and Capacity - The number of available seats increased by 3.0% in January 2026 compared to January 2025 [8]. - Load factors decreased from 83.9% in January 2025 to 79.7% in January 2026, indicating a drop in the efficiency of seat utilization [8]. 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 [9]. - The company has been publicly traded since February 2006 on the New York Stock Exchange and the Mexican Stock Exchange [9].

Group 1 - The company Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (GAP) has refinanced a USD$95.5 million bank loan that matured on January 20, 2026, with a new financing agreement for a twelve-month term [1][2] - The new loan will accrue interest at a variable rate equivalent to 1-month SOFR plus 50 basis points, with monthly interest payments and an option for early repayment [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 [3] Group 2 - GAP's shares are listed on both the New York Stock Exchange under the ticker symbol "PAC" and the Mexican Stock Exchange under "GAP" [3] - The company acquired a majority stake in MBJ Airports Limited, which operates Sangster International Airport in Jamaica, and entered into a concession agreement for the Norman Manley International Airport in Kingston, Jamaica [3]

Core Insights - Grupo Aeroportuario del Pacífico (GAP) reported a 4.2% increase in total passenger traffic across its 12 Mexican airports for December 2025 compared to December 2024, with notable growth in Guadalajara and Puerto Vallarta airports [2][3] Passenger Traffic Summary - Total passenger traffic for December 2025 reached 3,264.5 thousand, up from 3,084.7 thousand in December 2024, marking a 5.8% increase [3][6] - Guadalajara airport saw a significant increase of 12.0% in passenger traffic, totaling 1,214.3 thousand in December 2025 [3][7] - Puerto Vallarta airport reported a 7.9% increase, reaching 268.0 thousand passengers [3][7] - In contrast, Tijuana and Los Cabos airports experienced declines of 2.7% and 1.2%, respectively [2][3] International and Domestic Passenger Trends - International passenger traffic decreased by 6.2% in December 2025, totaling 2,609.6 thousand compared to 2,782.3 thousand in December 2024 [5][6] - Domestic passenger traffic increased slightly by 0.1%, reaching 5,874.0 thousand in December 2025 [7][6] - Montego Bay airport in Jamaica faced a drastic decline of 43.8% in international passengers due to Hurricane Melissa [2][5] Yearly Performance - For the full year 2025, total passenger traffic increased by 5.8% to 36,444.7 thousand compared to 34,443.8 thousand in 2024 [3][6] - Guadalajara airport's yearly traffic rose by 6.6%, while Tijuana's increased by 1.5% [3][7] Operational Highlights - The number of available seats in December 2025 increased by 10.6% compared to December 2024, but the load factor decreased from 85.5% to 77.4% [9]

Core Insights - Lockheed Martin signed a landmark framework agreement with the U.S. Department of War to accelerate the production of PAC-3 MSE interceptors, increasing annual capacity from approximately 600 to 2,000 over a seven-year period [1][3][7] Group 1: Agreement Details - The agreement is a direct result of the Department of War's Acquisition Transformation Strategy, aimed at tripling production capacity to meet the needs of U.S. forces and partner nations [2][3][7] - The framework introduces a new model providing long-term demand certainty, enabling industry investment and increasing production rates [7] Group 2: Economic Impact - The agreement is expected to add thousands of American jobs across the supply chain [2][3] - In 2025, Lockheed Martin delivered over 24,000 Missiles and Fire Control products to the U.S. and its allies, indicating strong demand [4] Group 3: Production Capacity and Investment - Lockheed Martin has increased PAC-3 MSE production by over 60% in the past two years, delivering 620 units in 2025, which is more than a 20% increase from the previous year [7] - The company will support necessary investments to drive the production increase, benefiting from long-term demand certainty for PAC-3 MSE interceptors [7]