Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (NYSE:PAC) Q3 2022 Earnings Conference Call October 25, 2022 11:00 AM ET

Company Participants

Maria Barona - IR

Raul Revuelta - CEO

Saul Villarreal - CFO

Conference Call Participants

Rodolfo Ramos - Bradesco BBI

Alejandro Zamacona - Credit Suisse

Pablo Monsivais - Barclays

Filipe Nielsen - Citi

Gabriel Himelfarb - Scotiabank

Alan Macias - Bank of America

Guilherme Mendes - JPMorgan

Operator

Good morning and welcome to GAP's Third Quarter 2022 Conference Call. All lines have been placed on mute to prevent any background noise. After the presentation, we will open the floor for questions, and at that time instructions will be given if you would like to ask a question.

It is now my pleasure to turn the call over to GAP's Investor Relations team. Please go ahead.

Maria Barona

Thank you, and welcome to the Grupo Aeroportuario del Pacífico's third quarter 2022 conference call. Presenting from the company today, we welcome Mr. Raul Revuelta, GAP's Chief Executive Officer; and Mr. Saul Villarreal, Chief Financial Officer.

Please be advised that forward-looking statements may be made during this conference call. These do not account for future economic circumstances, industry conditions, the company's future performance or financial results. As such, statements made are based on several assumptions and factors that could change causing actual results to materially differ from the current expectations. For a complete note on the forward-looking statements, please refer to the quarterly report.

At this point, I'd like to turn the call over to Mr. Revuelta for his opening remarks. Please go ahead sir.

Raul Revuelta

Thank you, Maria and thanks to everyone, who took their time to join us here today.

I will start with a brief review of GAP operational performance and financial results for the third quarter of 2022. Prior to taking your questions, passenger traffic across our airports continued to perform positively, reaching 41 million passengers for the first nine months of the year, an increase of almost 15% compared to 2019.

This puts us on solid footing to surpass the annual growth objective that we established in our guidance. Tijuana, yet again was the best performing airport in terms of traffic, growing by 42% during the quarter compared to the 2019. Tijuana's traffic increase was mainly fueled by the Cross Border Xpress, we had passenger traffic penetration of 34%.

Tijuana has also gained market share from the Los Angeles area, mainly on the routes to Guadalajara, Mexico City, Morelia and Mexican beaches destinations such as Los Cabos, Cancun, Puerto Vallarta et cetera. Puerto Vallarta and Los Cabos, which are our main beach airports continues to benefit from higher traffic, mainly driven by the domestic market and are respective 42% and 32% increase during this quarter.