Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (NYSE:PAC) Q1 2022 Earnings Conference Call April 27, 2022 11:00 AM ET

Company Participants

Maria Barona - IR

Raul Revuelta - CEO

Saul Villarreal - CFO

Alejandra Soto - IRO

Conference Call Participants

Guilherme Mendes - JPMorgan

Alejandro Zamacona - Credit Suisse

Bruno Amorim - Goldman Sachs

Filipe Nielsen - Citibank

Lucila Gomez - Compass Group

Pablo Monsivais - Barclays

Operator

Good morning and welcome to GAP's First 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 Pacifico's first quarter 2022 conference call. Presenting from the company today, we welcome Mr. Raul Revuelta, GAP 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 issued earlier this week.

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

Raul Revuelta

Thank you, Maria. Good morning, everyone, and thank you for joining us today. GAP experienced solid results during the first quarter of 2022, reflecting the recovery that has been prevailing [ph] throughout the Mexican travel industry. We reached almost 30 million passengers and recovered almost 70% comparing to 2021, an increase of 6% versus 2019.

This outstanding result was mainly driven by growth of the Tijuana and Los Cabos to our strongest performing airports for the year 2021. Notably, Guadalajara also did well and for the first time since the pandemic, experienced positive passenger traffic numbers during March, evidence of the straining business crowded market.

The results, Aeronautica revenues increased by 47% compared to the 2019 driven by the passenger traffic recovered throughout GAP's network as well as an increase in the maximum tariff reaching 97% of the appropriate maximum tariff.