{"product_id":"pac-vrio-analysis","title":"Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC): VRIO Analysis [Mar-2026 Updated]","description":"\u003cbr\u003e\u003cp\u003eIs Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC) truly built to last? This VRIO analysis distills the essence of their competitive edge, scrutinizing whether their core assets are Valuable, Rare, Inimitable, and Organized for sustained success. Dive in now to see the definitive verdict on their market dominance.\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003eGrupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC) - VRIO Analysis: 1. Exclusive Airport Concession Rights (Portfolio)\n\u003c\/h2\u003e\n\u003cp\u003eYou’re looking at the core moat for Grupo Aeroportuario del Pacífico (PAC), and it’s built on government contracts, not just better coffee shops. This portfolio of exclusive rights is what locks in their market position. Honestly, this is where the real, durable value is created.\u003c\/p\u003e\n\u003cp\u003eThe Value here is clear: control over critical infrastructure. PAC manages 14 airports across Mexico and Jamaica. For context, in the first half of 2025, the company generated MXP 16.6 billion in total revenues, showing how vital these operations are to their top line. They operate 5 of Mexico’s 10 busiest airports, giving them a near-monopoly on air traffic in those key regions.\u003c\/p\u003e\n\u003cp\u003eThe Rarity comes from the nature of these assets. You can’t just decide to build a competing major airport next door; the government controls that. Securing these long-term agreements is incredibly tough. For instance, the Kingston Airport concession in Jamaica is for 25 years with a possible 5-year extension.\u003c\/p\u003e\n\u003cp\u003eImitability is where this advantage really shines. It’s not about copying their management style - it’s about replicating the legal and political hurdles. You need massive capital commitments and years of relationship building with sovereign entities. What this estimate hides is the sheer difficulty of winning a competitive public bidding process against other consortia, as happened for the Norman Manley International Airport.\u003c\/p\u003e\n\u003cp\u003eThe Organization at PAC is geared to manage these long-term, regulated assets. They are actively investing to maintain these concessions, committing MXP 43,185 million for Mexican airport capital investment between 2025-2029. This shows they are organized to maximize the value within the contractual boundaries.\u003c\/p\u003e\n\u003cp\u003eThis structure translates directly into a Sustained Competitive Advantage. The legal framework of the concessions acts as a durable barrier to entry. While they face operational risks, the right to operate is theirs for the long haul, creating predictable cash flows, even with concession fee adjustments, like the one in Kingston moving from 62.01% to 53.22% of Gross Revenues.\u003c\/p\u003e\n\u003cp\u003eHere’s a quick look at the portfolio underpinning this advantage:\u003c\/p\u003e\n\u003ctable border=\"1\"\u003e\n  \u003ctr\u003e\n    \u003ctd\u003eMetric\u003c\/td\u003e\n    \u003ctd\u003eValue\/Detail\u003c\/td\u003e\n    \u003ctd\u003eSource\/Context\u003c\/td\u003e\n  \u003c\/tr\u003e\n  \u003ctr\u003e\n    \u003ctd\u003eTotal Airports Operated\u003c\/td\u003e\n    \u003ctd\u003e\u003cstrong\u003e14\u003c\/strong\u003e\u003c\/td\u003e\n    \u003ctd\u003eMexico (12) and Jamaica (2)\u003c\/td\u003e\n  \u003c\/tr\u003e\n  \u003ctr\u003e\n    \u003ctd\u003eH1 2025 Total Revenue\u003c\/td\u003e\n    \u003ctd\u003e\u003cstrong\u003eMXP 16.6 billion\u003c\/strong\u003e\u003c\/td\u003e\n    \u003ctd\u003eFirst half of 2025 performance\u003c\/td\u003e\n  \u003c\/tr\u003e\n  \u003ctr\u003e\n    \u003ctd\u003eKingston Concession Term\u003c\/td\u003e\n    \u003ctd\u003e\n\u003cstrong\u003e25 years\u003c\/strong\u003e (+ 5-year option)\u003c\/td\u003e\n    \u003ctd\u003eInitial term structure\u003c\/td\u003e\n  \u003c\/tr\u003e\n  \u003ctr\u003e\n    \u003ctd\u003eMontego Bay Concession Expiry\u003c\/td\u003e\n    \u003ctd\u003eMarch \u003cstrong\u003e2034\u003c\/strong\u003e (extended)\u003c\/td\u003e\n    \u003ctd\u003eRevised expiry date\u003c\/td\u003e\n  \u003c\/tr\u003e\n  \u003ctr\u003e\n    \u003ctd\u003e2025-2029 Capital Commitment (Mexico)\u003c\/td\u003e\n    \u003ctd\u003e\u003cstrong\u003eMXP 43,185 million\u003c\/strong\u003e\u003c\/td\u003e\n    \u003ctd\u003eInvestment plan for Mexican assets\u003c\/td\u003e\n  \u003c\/tr\u003e\n\u003c\/table\u003e\n\u003cp\u003eThe company’s focus on non-aeronautical revenue, which hit 29% of total revenue in Q1 2025, shows they are maximizing value within their controlled domain. They defintely know how to work the asset base they have secured.\u003c\/p\u003e\n\u003cp\u003eFinance: review the cash flow impact of the MXP 43,185 million capital plan against the Q3 2025 cash position of 11.7 billion pesos by next Tuesday.\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003eGrupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC) - VRIO Analysis: 2. Guadalajara Airport Hub Status\n\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e Positions the company to capture high-growth, high-yield traffic linked to the expanding technology and nearshoring sectors in Jalisco.\u003c\/p\u003e\n\u003cp\u003eGuadalajara International Airport (GDL) was Mexico's \u003cstrong\u003ethird-busiest\u003c\/strong\u003e airport in passenger traffic in 2024, handling \u003cstrong\u003e17,877,100\u003c\/strong\u003e passengers for the January-December period, an increase of \u003cstrong\u003e1.1%\u003c\/strong\u003e compared to 2023's \u003cstrong\u003e17,678,800\u003c\/strong\u003e passengers. International traffic showed significant growth, increasing by \u003cstrong\u003e13.2%\u003c\/strong\u003e from \u003cstrong\u003e4,262,000\u003c\/strong\u003e passengers in January-October 2023 to \u003cstrong\u003e4,823,800\u003c\/strong\u003e in the same period of 2024.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e Moderately rare; while other cities have growth, Guadalajara’s specific positioning as The Mexican Silicon Valley gateway is unique.\u003c\/p\u003e\n\u003cp\u003eGDL ranks \u003cstrong\u003eninth\u003c\/strong\u003e in Latin America and \u003cstrong\u003e39th\u003c\/strong\u003e in North America by passenger traffic.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e Difficult; imitation requires replicating the entire regional economic ecosystem and connectivity.\u003c\/p\u003e\n\u003cp\u003eThe airport's connectivity as of 2023 included direct route connections with \u003cstrong\u003e26 international\u003c\/strong\u003e destinations and \u003cstrong\u003e31 domestic\u003c\/strong\u003e destinations.\u003c\/p\u003e\n\u003cp\u003e\u003c\/p\u003e\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eValue\u003c\/th\u003e\n\u003cth\u003eContext\/Year\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Direct Destinations\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e63\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eScheduled passenger traffic\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eDomestic Routes\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e31\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eAs of 2023\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eInternational Routes\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e26\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eAs of 2023\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Airlines Operating\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e14\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eFlying to\/from GDL\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eLongest Direct Flight\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e5,790 miles\u003c\/strong\u003e (to Madrid, MAD)\u003c\/td\u003e\n\u003ctd\u003eOperated by Aeromexico\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e High; management is heavily focused on expanding this hub, allocating a significant portion of CAPEX to Guadalajara.\u003c\/p\u003e\n\u003cp\u003eGrupo Aeroportuario del Pacífico (GAP) has designated GDL to receive the largest share of its planned investment for Mexican airports between 2025 and 2029.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eGuadalajara's allocated investment: \u003cstrong\u003e18,884 million pesos\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003ePercentage of GAP's Mexican CAPEX (2025-2029): Approximately \u003cstrong\u003e43%\u003c\/strong\u003e of the \u003cstrong\u003e43,185 million pesos\u003c\/strong\u003e total announced for Mexican airports.\u003c\/li\u003e\n\u003cli\u003eTotal GAP investment across 12 airports (2025-2029): \u003cstrong\u003e52,311 million pesos\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eInfrastructure focus: Construction of a second parallel runway (\u003cstrong\u003e3,538m\u003c\/strong\u003e long, \u003cstrong\u003e45m\u003c\/strong\u003e wide) designed to increase capacity by \u003cstrong\u003e50-70%\u003c\/strong\u003e long term.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e Temporary; sustained only if the regional economic trend continues and capacity keeps pace with demand.\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003eGrupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC) - VRIO Analysis: 3. Non-Aeronautical Revenue Diversification\n\u003c\/h2\u003e\n\u003ch3\u003eValue\u003c\/h3\u003e\n\u003cp\u003eNon-aeronautical revenues reached \u003cstrong\u003e29%\u003c\/strong\u003e of total revenues in Q1 2025. \u003cstrong\u003e43%\u003c\/strong\u003e of non-aeronautical revenues stemmed from business lines operated directly by GAP in Q1 2025, an increase from \u003cstrong\u003e30%\u003c\/strong\u003e in Q1 2024. Total revenues for Q1 2025 were \u003cstrong\u003eMXP 8.4 billion\u003c\/strong\u003e, a \u003cstrong\u003e26.1%\u003c\/strong\u003e increase compared to Q1 2024.\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eFinancial Metric (Q1 2025)\u003c\/th\u003e\n\u003cth\u003eAmount\/Percentage\u003c\/th\u003e\n\u003cth\u003eContext\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Revenues\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003eMXP 8.4 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eYear-over-year increase of \u003cstrong\u003e26.1%\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eNon-Aeronautical Revenue Share of Total\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e29%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eIndicates diversification level\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eDirectly Operated Non-Aero Share of Total Non-Aero\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e43%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eUp from \u003cstrong\u003e30%\u003c\/strong\u003e in Q1 2024\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eNon-Aeronautical Revenue Growth (Mexican Airports)\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e41.3%\u003c\/strong\u003e Year-over-Year\u003c\/td\u003e\n\u003ctd\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAeronautical Revenue Growth (Mexican Airports)\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e20.9%\u003c\/strong\u003e Year-over-Year\u003c\/td\u003e\n\u003ctd\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003ePassenger Traffic Growth\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e4.2%\u003c\/strong\u003e Year-over-Year\u003c\/td\u003e\n\u003ctd\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003ch3\u003eRarity\u003c\/h3\u003e\n\u003cp\u003eThe direct operation model is a strong differentiator, with directly operated business lines comprising \u003cstrong\u003e43%\u003c\/strong\u003e of non-aeronautical revenues in Q1 2025.\u003c\/p\u003e\n\u003ch3\u003eImitability\u003c\/h3\u003e\n\u003cp\u003ePhysical asset development creates barriers to immediate replication. The Mixed-Use Building at Guadalajara Airport includes specific components:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eHotel Rooms: \u003cstrong\u003e180\u003c\/strong\u003e-room Hilton Garden Inn Hotel (opened March 2024).\u003c\/li\u003e\n\u003cli\u003eOffice Space Completion: Scheduled for \u003cstrong\u003e2025\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eCommercial Areas Completion: Scheduled for the second half of \u003cstrong\u003e2024\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eTotal New Commercial Space: \u003cstrong\u003e44,189 square meters\u003c\/strong\u003e.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003ch3\u003eOrganization\u003c\/h3\u003e\n\u003cp\u003eThe company is actively developing assets and executing strategic acquisitions to capture this value. The acquisition of a \u003cstrong\u003e51.5%\u003c\/strong\u003e stake in GWTC for \u003cstrong\u003eMXP 875.5 million\u003c\/strong\u003e in June 2024 is noted, with expected revenue contribution over \u003cstrong\u003eMXP 699.7 million\u003c\/strong\u003e in 2024 at an approximate \u003cstrong\u003e50%\u003c\/strong\u003e EBITDA margin.\u003c\/p\u003e\n\u003ch3\u003eCompetitive Advantage\u003c\/h3\u003e\n\u003cp\u003eThe specific, recently developed physical assets and consolidated cargo business provide a temporary edge, while the overall strategy is becoming more common among peers. In Q3 2025, EBITDA reached \u003cstrong\u003ePs. 5,085.6 million\u003c\/strong\u003e, with an EBITDA margin of \u003cstrong\u003e64.3%\u003c\/strong\u003e (excluding IFRIC-12 effects).\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003eGrupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC) - VRIO Analysis: 4. Cross-Border Traffic Management (Tijuana)\n\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e Allows for capturing high-yield U.S.-Mexico flows and maximizing throughput via the Cross Border Xpress (CBX) facility.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eCBX passenger traffic was 4.0 million in 2024.\u003c\/li\u003e\n\u003cli\u003eCBX passenger traffic for the first 9 months of 2025 was 3.0 million.\u003c\/li\u003e\n\u003cli\u003eThe proportion of Tijuana airport passengers utilizing CBX was 32.3% in 2024.\u003c\/li\u003e\n\u003cli\u003eThe proportion of Tijuana airport passengers utilizing CBX was 31.5% in the first 9 months of 2025.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e Rare; the CBX integration is a unique, high-throughput solution not easily replicated at other border airports.\u003c\/p\u003e\n\u003cp\u003eThe CBX is designated as a U.S. Port of Entry of San Ysidro, California, under United States law.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e Very difficult; requires complex bilateral agreements and significant infrastructure investment at a sensitive border crossing.\u003c\/p\u003e\n\u003cp\u003eThe proposed business combination to integrate CBX into GAP involves issuing approximately 90 million additional shares.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e High; specific capital investments are targeted at TIJ expansions to improve CBX throughput by 2025–2026.\u003c\/p\u003e\n\u003cp\u003eGAP's Master Development Plan 2025-2029 includes a total investment of US$569 million for Tijuana and Mexicali airports. The investment specifically allocated to the Tijuana International Airport is US$489 million.\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003ctd\u003eMetric\u003c\/td\u003e\n\u003ctd\u003e2024 (Full Year)\u003c\/td\u003e\n\u003ctd\u003eFirst 9 Months of 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eCBX Passenger Throughput\u003c\/td\u003e\n\u003ctd\u003e4.0 million\u003c\/td\u003e\n\u003ctd\u003e3.0 million\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCBX Adjusted Pro Forma EBITDA (UAFIDA)\u003c\/td\u003e\n\u003ctd\u003eApproximately 94 million dollars\u003c\/td\u003e\n\u003ctd\u003eApproximately 75 million dollars\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTIJ Passenger % Utilizing CBX\u003c\/td\u003e\n\u003ctd\u003e32.3%\u003c\/td\u003e\n\u003ctd\u003e31.5%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003eThe US$489 million investment for Tijuana includes a 47% expansion of the terminal, adding seven new boarding gates, 46 check-in counters, and eight new passenger inspection lines.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e Sustained; the physical and regulatory integration of the CBX is a significant, hard-to-replicate asset.\u003c\/p\u003e\n\u003cp\u003eThe CBX business is noted for being highly strategic and generating strong free cash flows without minimal investment commitments.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eTijuana represented the second most important route in GAP's network, only behind Mexico City.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cbr\u003e\u003ch2\u003eGrupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC) - VRIO Analysis: 5. Long-Term Capital Program Execution\u003c\/h2\u003e\n\u003ch3\u003eValue\u003c\/h3\u003e\n\u003cp\u003eEnsures capacity keeps up with demand, supporting tariff increases and operational efficiency; \u003cstrong\u003eMXP 43,185 million\u003c\/strong\u003e committed for 2025-2029 in Mexico.\u003c\/p\u003e\n\u003ch3\u003eRarity\u003c\/h3\u003e\n\u003cp\u003eModerate; many peers have plans, but PAC is executing with clear targets, like adding over 54% more terminal square meters by 2029.\u003c\/p\u003e\n\u003ch3\u003eImitability\u003c\/h3\u003e\n\u003cp\u003eDifficult; requires securing financing, such as the Ps. 8,500.0 million in bond issuances in Q3 2025, and managing massive, multi-year construction projects. The company maintains credit ratings of 'Aaa.mx' by Moody's and 'mxAAA' by S\u0026amp;P.\u003c\/p\u003e\n\u003ch3\u003eOrganization\u003c\/h3\u003e\n\u003cp\u003eHigh; the program is central to their strategy, with clear allocation across terminal buildings (37%) and airfields (18%).\u003c\/p\u003e\n\u003cp\u003eThe Master Development Program (MDP) for 2025-2029 allocates capital across key areas:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eTerminal building expansions: \u003cstrong\u003e37%\u003c\/strong\u003e\n\u003c\/li\u003e\n\u003cli\u003eAirfield improvements: \u003cstrong\u003e18%\u003c\/strong\u003e\n\u003c\/li\u003e\n\u003cli\u003eEquipment renovation: \u003cstrong\u003e13%\u003c\/strong\u003e\n\u003c\/li\u003e\n\u003cli\u003eLand acquisition: \u003cstrong\u003e12%\u003c\/strong\u003e\n\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp\u003eKey project investments within the MXP 43,185 million commitment include:\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003ctd\u003eAirport\u003c\/td\u003e\n\u003ctd\u003eCommitted Investment (MXP)\u003c\/td\u003e\n\u003ctd\u003eTerminal Expansion (sq. meters)\u003c\/td\u003e\n\u003ctd\u003eCapacity Increase\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eGuadalajara (GDL)\u003c\/td\u003e\n\u003ctd\u003eClose to \u003cstrong\u003eMX$19 billion\u003c\/strong\u003e or \u003cstrong\u003e22.4 billion pesos\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003ctd\u003eNew \u003cstrong\u003e69,000m²\u003c\/strong\u003e terminal building\u003c\/td\u003e\n\u003ctd\u003eAround \u003cstrong\u003e70%\u003c\/strong\u003e or \u003cstrong\u003e73%\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003ePuerto Vallarta (PVR)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003eMX$2.9 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eNew \u003cstrong\u003e74,000m²\u003c\/strong\u003e terminal building\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e132%\u003c\/strong\u003e or doubling capacity\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTijuana (TIJ)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003eMX$8.6 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eExpansion of \u003cstrong\u003e34,000m²\u003c\/strong\u003e new terminal space or \u003cstrong\u003e47%\u003c\/strong\u003e expansion\u003c\/td\u003e\n\u003ctd\u003eNew boarding area with \u003cstrong\u003eseven\u003c\/strong\u003e additional positions\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eLos Cabos (SJD)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003eMX$1.9 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e18,700m²\u003c\/strong\u003e expansion or Terminal 2 expanded by \u003cstrong\u003e32%\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003ctd\u003eCapacity increase by \u003cstrong\u003e32%\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003ch3\u003eCompetitive Advantage\u003c\/h3\u003e\n\u003cp\u003eTemporary; advantage lasts as long as they execute faster and better than competitors in capacity deployment, evidenced by the 50% average terminal capacity increase target.\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003eGrupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC) - VRIO Analysis: 6. High Operational Efficiency\/Margin Structure\n\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eValue\u003c\/strong\u003e: Translates high traffic volumes directly into strong profitability, evidenced by an EBITDA margin near \u003cstrong\u003e67.1%\u003c\/strong\u003e in Q2 2025 (excluding IFRIC-12) and a gross profit margin of \u003cstrong\u003e81.66%\u003c\/strong\u003e in Q3 2025.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eRarity\u003c\/strong\u003e: Moderate; while high margins are sought, achieving this level consistently across a diverse portfolio is not common.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eImitability\u003c\/strong\u003e: Moderate; operational best practices can be copied, but the underlying cost structure and tariff negotiation power are harder to match.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization\u003c\/strong\u003e: High; management focuses on cost control, with the Cost of Services increasing by only \u003cstrong\u003e14.1%\u003c\/strong\u003e in Q3 2025 compared to Q3 2024.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage\u003c\/strong\u003e: Temporary; margins can erode if input costs rise faster than tariffs. The Q3 2025 EBITDA margin was \u003cstrong\u003e64.3%\u003c\/strong\u003e (excluding IFRIC-12), a decrease from \u003cstrong\u003e67.0%\u003c\/strong\u003e in Q3 2024, reflecting mainly the impact of the change in concession fees.\u003c\/p\u003e\n\u003cp\u003eKey Financial Metrics for Operational Efficiency:\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003ctd\u003eMetric\u003c\/td\u003e\n\u003ctd\u003ePeriod\u003c\/td\u003e\n\u003ctd\u003eValue\u003c\/td\u003e\n\u003ctd\u003eComparison\/Context\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eEBITDA Margin (excl. IFRIC-12)\u003c\/td\u003e\n\u003ctd\u003eQ2 2025\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e67.1%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eIncrease from 66.8% in Q2 2024\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eEBITDA Margin (excl. IFRIC-12)\u003c\/td\u003e\n\u003ctd\u003eQ3 2025\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e64.3%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eDecrease from 67.0% in Q3 2024\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eGross Profit Margin\u003c\/td\u003e\n\u003ctd\u003eQ3 2025\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e81.66%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003ePositioning among top performers\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCost of Services Increase\u003c\/td\u003e\n\u003ctd\u003eQ3 2025 vs Q3 2024\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e14.1%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003ePs. 201.8 million increase\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Revenues Increase\u003c\/td\u003e\n\u003ctd\u003eQ3 2025 vs Q3 2024\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e16.3%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003ePs. 1,343.9 million increase\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003eOrganizational focus on cost management is further detailed by the following financial outcomes:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eEBITDA for Q3 2025 reached Ps. \u003cstrong\u003e5,085.6 million\u003c\/strong\u003e, an increase of \u003cstrong\u003e12.8%\u003c\/strong\u003e year-over-year.\u003c\/li\u003e\n\u003cli\u003eIncome from Operations increased by \u003cstrong\u003e11.5%\u003c\/strong\u003e in Q3 2025.\u003c\/li\u003e\n\u003cli\u003eCash and cash equivalents as of September 30, 2025, stood at Ps. \u003cstrong\u003e11,699.5 million\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eCapital investments financed by new issuances amounted to Ps. \u003cstrong\u003e7,000.0 million\u003c\/strong\u003e during 3Q25.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cbr\u003e\u003ch2\u003eGrupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC) - VRIO Analysis: 7. Geographic and Currency Mix\n\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eValue\u003c\/strong\u003e: The operational exposure to USD-denominated items is evidenced by the exchange rate movement, such as the depreciation of the Mexican peso against the U.S. dollar moving from an average of Ps. 17.2106 in 2Q24 to Ps. 19.5453 in 2Q25, which resulted in higher revenues in pesos from Jamaican operations in 4Q24.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eRarity\u003c\/strong\u003e: The portfolio's reliance on key international corridors is reflected in recent traffic trends, such as the 10.8% fall in international terminal passengers in November 2025, contrasted with a 4.8% rise in domestic passenger counts for the same period.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eImitability\u003c\/strong\u003e: The geographic footprint, including major US-linked hubs like Tijuana and tourist destinations like Los Cabos, dictates the mix; for instance, in October 2025, Tijuana and Los Cabos airports saw traffic decreases of 4.2% and 2.1%, respectively.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization\u003c\/strong\u003e: Management must navigate the differential impact of traffic segments, as international traffic carries the highest passenger charges.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage\u003c\/strong\u003e: Temporary; shifts in global travel patterns or currency policy could alter the benefit of this mix.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eLatest Statistical and Financial Data\u003c\/strong\u003e:\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eValue\u003c\/th\u003e\n\u003cth\u003ePeriod\/Context\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Terminal Passengers Increase\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e3.5%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eNovember 2025 vs. November 2024\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eDomestic Passenger Counts Change\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e+4.8%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eNovember 2025 vs. November 2024\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eInternational Passenger Counts Change\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e-10.8%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eNovember 2025 vs. November 2024\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTijuana Airport Passenger Change\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e-4.2%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eOctober 2025 vs. October 2024\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eLos Cabos Airport Passenger Change\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e-2.1%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eOctober 2025 vs. October 2024\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAverage Exchange Rate (MXN\/USD)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003ePs. 19.5453\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e2Q25\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAverage Exchange Rate (MXN\/USD)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003ePs. 17.2106\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e2Q24\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Revenues Increase\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e17.4%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e3Q25 vs. 3Q24\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eEBITDA\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003ePs. 5,085.6 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e3Q25\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003e\u003cstrong\u003eKey Operational and Financial Metrics\u003c\/strong\u003e:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eTotal terminal passengers at GAP's 12 Mexican airports increased by \u003cstrong\u003e3.5%\u003c\/strong\u003e in November 2025 compared to November 2024.\u003c\/li\u003e\n\u003cli\u003eGuadalajara airport passenger traffic increased by \u003cstrong\u003e6.7%\u003c\/strong\u003e in November 2025.\u003c\/li\u003e\n\u003cli\u003eKingston airport (Jamaica) traffic declined by \u003cstrong\u003e13.0%\u003c\/strong\u003e in October 2025 due to Hurricane Melissa impacts.\u003c\/li\u003e\n\u003cli\u003eMontego Bay Airport (Jamaica) saw a dramatic decrease of \u003cstrong\u003e73.4%\u003c\/strong\u003e in November 2025 passenger traffic.\u003c\/li\u003e\n\u003cli\u003eTotal revenues for the third quarter of 2025 increased by \u003cstrong\u003e17.4%\u003c\/strong\u003e year-over-year, reaching Ps. 9,576.6 million (based on 3Q24 revenue of Ps. 8,232.7 million and 17.4% growth).\u003c\/li\u003e\n\u003cli\u003eEBITDA for 3Q25 was Ps. 5,085.6 million, an increase of \u003cstrong\u003e12.8%\u003c\/strong\u003e from 3Q24.\u003c\/li\u003e\n\u003cli\u003eEBITDA margin (excluding IFRIC-12 effects) was \u003cstrong\u003e64.3%\u003c\/strong\u003e in 3Q25, down from \u003cstrong\u003e67.0%\u003c\/strong\u003e in 3Q24.\u003c\/li\u003e\n\u003cli\u003eCash and cash equivalents as of September 30, 2025, were Ps. 11,699.5 million.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cbr\u003e\u003ch2\u003eGrupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC) - VRIO Analysis: 8. Proven Route Network Expansion Capability\n\u003c\/h2\u003e\n\n\u003ch3\u003eValue\u003c\/h3\u003e\n\u003cp\u003eDirectly drives passenger growth and revenue potential. The company added \u003cstrong\u003e13 new routes\u003c\/strong\u003e during the first quarter of 2025, comprising \u003cstrong\u003e10 international\u003c\/strong\u003e and \u003cstrong\u003e3 national\u003c\/strong\u003e destinations. Passenger traffic in Q1 2025 reached \u003cstrong\u003e16.3 million\u003c\/strong\u003e passengers, an increase of \u003cstrong\u003e4.2%\u003c\/strong\u003e over the same period in the prior year. Total revenues for Q1 2025 were \u003cstrong\u003eMXP 8.4 billion\u003c\/strong\u003e, reflecting a \u003cstrong\u003e26.1%\u003c\/strong\u003e increase compared to Q1 2024. The EBITDA for Q1 2025 was \u003cstrong\u003eMXP 5.6 billion\u003c\/strong\u003e, with a margin of \u003cstrong\u003e67.1%\u003c\/strong\u003e.\u003c\/p\u003e\n\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eValue\u003c\/th\u003e\n\u003cth\u003ePeriod\/Context\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Routes Added\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e13\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eQ1 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eInternational Routes Added\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e10\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eQ1 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eDomestic Routes Added\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e3\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eQ1 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Passengers Handled\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e52.68 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eJanuary - October 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003ePassenger Growth (YTD)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e3.2%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eJanuary - October 2025 vs 2024\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Revenues\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003eMXP 8.4 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eQ1 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCapital Investment Commitment\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003eMXP 43,185 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e2025-2029 Period (Mexican Airports)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\n\u003ch3\u003eRarity\u003c\/h3\u003e\n\u003cp\u003eModerate; securing new routes requires strong relationships with airlines (legacy and LCCs) and local tourism boards. The company operates \u003cstrong\u003e12 airports\u003c\/strong\u003e in Mexico and \u003cstrong\u003e2 in Jamaica\u003c\/strong\u003e. In 2024, the total passenger volume across its airports was \u003cstrong\u003e62.1 million\u003c\/strong\u003e. The company operates \u003cstrong\u003e5 of the 10 busiest airports\u003c\/strong\u003e in Mexico.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eNew route addition in Q1 2025: \u003cstrong\u003e13\u003c\/strong\u003e new routes.\u003c\/li\u003e\n\u003cli\u003eThe company's portfolio includes major tourist destinations such as Puerto Vallarta and Los Cabos.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003ch3\u003eImitability\u003c\/h3\u003e\n\u003cp\u003eDifficult; airline route decisions are based on complex factors and established relationships with the operator. The company's Q1 2025 net income was \u003cstrong\u003eMXP 2.9 billion\u003c\/strong\u003e, a \u003cstrong\u003e15.7%\u003c\/strong\u003e increase year-over-year. The operational scale involves managing traffic for \u003cstrong\u003e14 airports\u003c\/strong\u003e in total.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eEBITDA margin for Q1 2025 stood at \u003cstrong\u003e67.1%\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eThe ability to secure routes is demonstrated by the \u003cstrong\u003e4.2%\u003c\/strong\u003e passenger traffic increase in Q1 2025.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003ch3\u003eOrganization\u003c\/h3\u003e\n\u003cp\u003eHigh; the company actively courts new carriers and routes as a core part of its growth strategy. Strategic capital investment plans include a commitment of \u003cstrong\u003eMXP 43,185 million\u003c\/strong\u003e for the 2025-2029 period across its Mexican airports. Non-aeronautical revenues represented \u003cstrong\u003e29%\u003c\/strong\u003e of total revenues in Q1 2025.\u003c\/p\u003e\n\n\u003ch3\u003eCompetitive Advantage\u003c\/h3\u003e\n\u003cp\u003eTemporary; new routes provide a short-term traffic boost until competitors secure similar access. Passenger traffic for the first ten months of 2025 reached \u003cstrong\u003e52.68 million\u003c\/strong\u003e, up from \u003cstrong\u003e51.05 million\u003c\/strong\u003e in the same period in 2024.\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003eGrupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC) - VRIO Analysis: 9. Strong Liquidity Position\n\u003c\/h2\u003e\n\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e Provides financial flexibility for opportunistic investments, like the potential strategic business combination involving the Cross Border Xpress (CBX) terminal and technical assistance services; cash and cash equivalents were \u003cstrong\u003eMXP 11,699.5 million\u003c\/strong\u003e as of September 30, 2025.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e Moderate; this level of liquidity supports significant strategic financing activities without immediate strain, evidenced by the Ps. 8,500.0 million bond issuance in Q3 2025 to fund CAPEX and repay debt.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e Difficult; requires consistent, high free cash flow generation and prudent balance sheet management, as demonstrated by the increase in cash from \u003cstrong\u003ePs. 9,697.3 million\u003c\/strong\u003e at June 30, 2025, to \u003cstrong\u003ePs. 11,699.5 million\u003c\/strong\u003e by September 30, 2025.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e High; the company demonstrated active balance sheet management by issuing long-term bond certificates in Q3 2025 to finance capital investments and repay debt, alongside refinancing a credit line.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e Temporary; liquidity can be rapidly deployed or depleted based on investment decisions, such as the proposed business combination requiring shareholder approval.\u003c\/p\u003e\n\n\u003cp\u003eKey financial position metrics as of the end of the third quarter of 2025:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eCash and cash equivalents: \u003cstrong\u003ePs. 11,699.5 million\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eEBITDA for 3Q25: \u003cstrong\u003ePs. 5,085.6 million\u003c\/strong\u003e, an increase of \u003cstrong\u003e12.8%\u003c\/strong\u003e versus 3Q24.\u003c\/li\u003e\n\u003cli\u003eEBITDA Margin (excluding IFRIC-12): \u003cstrong\u003e64.3%\u003c\/strong\u003e in 3Q25.\u003c\/li\u003e\n\u003cli\u003eTotal Revenues for 3Q25: Increased by \u003cstrong\u003e17.4%\u003c\/strong\u003e versus 3Q24.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cp\u003eDetails of the Q3 2025 Long-Term Bond Issuance:\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eValue\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Issuance Amount\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003ePs. 8,500.0 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTicker 'GAP 25-2' Amount\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003ePs. 4,050.0 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTicker 'GAP 25-3' Amount\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003ePs. 4,450.0 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eProceeds for Capital Investments\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003ePs. 7,000.0 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eProceeds for Santander Loan Repayment\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003ePs. 1,500.0 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\n\u003cp\u003eAdditional Balance Sheet Management Activity in Q3 2025:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eRefinanced credit line with Banco Nacional de México, S.A. ('Banamex') for \u003cstrong\u003eUSD$40.0 million\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eNew maturity date established for the refinanced credit line: September 18, 2030.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cp\u003eFinance: draft 13-week cash view by Friday.\u003c\/p\u003e","brand":"dcf.fm","offers":[{"title":"Default Title","offer_id":45516226592917,"sku":"pac-vrio-analysis","price":7.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0630\/5189\/0837\/files\/pac-vrio-analysis.png?v=1740179665","url":"https:\/\/dcf-analysis.com\/products\/pac-vrio-analysis","provider":"AI-Powered Discounted Cash Flow Model Templates","version":"1.0","type":"link"}