Grupo Aeroportuario del Pacífico (GAPB) Q1 2026 earnings summary

Executive summary

• Delivered a solid start to 2026 with resilient financial and operational performance, despite a 5.5% year-over-year decline in total passenger traffic due to macroeconomic, regional disruptions, and Hurricane Melissa in Jamaica.

• Aeronautical and non-aeronautical revenues grew, offsetting traffic headwinds, with strong performance in Mexican operations and recovery in Jamaican hotel capacity.

• EBITDA increased 6.4% to MXN 6 billion (Ps. 5,988.8 million), with margin improving to 68.3%.

• Net income grew 15.9% to Ps. 3,312.0 million; comprehensive income up 19.6% to Ps. 3,365.8 million.

• Strategic initiatives include the acquisition of 25% of CBX and internalization of technical assistance services, expected to close in Q2 2026.

Financial highlights

• Total revenues increased by 2.8% year-over-year to Ps. 11,369.6 million; aeronautical revenues up 3.9% (9.3% in Mexico), non-aeronautical revenues up 6.1% (10.7% in Mexico).

• Operating income increased 7.7% to Ps. 5,055.9 million.

• Cost of service increased 6.5% year-over-year, mainly from higher personnel, security, and maintenance expenses.

• Financial expenses fell 22.2% due to FX gains and lower interest expense.

• Cash and equivalents reached MXN 23.2 billion (Ps. 23,185.1 million), boosted by a historic MXN 10.7 billion bond issuance.

Outlook and guidance

• Traffic guidance for 2026 remains unchanged at 2%-6% growth, with expectations of recovery in summer as temporary security and capacity issues subside.

• Anticipates full recovery of Jamaican passenger volumes by Q4 2026 and positive traffic growth in Tijuana by year-end.

• Guidance will be reviewed in Q2 if trends shift.

• Pending business combination for CBX integration and internalization of technical assistance services remains subject to closing conditions.

• Proceeds from recent bond issuance to fund CBX stake acquisition and capital expenditures under 2025-2029 Master Development Program.