Contradictions in Tariff Strategy, Traffic Growth, and Revenue Projections: Insights from 2025 Q2 Earnings Call

Revenue and Traffic Growth:
- Grupo Aeroportuario del Pacífico, S.A.B. de C.V. reported revenue excluding IFRIC-12 grew by 30.6% year-over-year, reaching MXN 8.2 billion.
- The growth was driven by a 26.4% increase in aeronautical revenues and a 41.8% increase in non-aeronautical revenues, supported by the implementation of tariffs and Peso depreciation.

International Traffic Concerns:
- Total passenger traffic reached 15.8 million, a 4.1% increase compared to Q2 2024.
- Concerns over international traffic, particularly for the U.S.-Mexico routes, were raised due to restricted U.S. migration policies, impacting approximately 38% of international traffic.

Capital Expenditures and Infrastructure Development:
- GAP executed capital investments of about MXN 12.8 billion in the first half of 2025, aligning with its annual plans.
- Investments were focused on key projects, including airfield improvements and new operational areas, to enhance airport capacity and services.

Dividend Distribution and Financial Position:
- A dividend of MXN 16.84 per share was approved for payment throughout 2025, reflecting GAP's commitment to shareholder value.
- As of June 30, GAP held MXN 9.7 billion in cash and cash equivalents, with a net debt-to-EBITDA ratio of 1.8x, indicating a healthy financial position.