Grupo Aeroportuario del Pacífico, S.A.B. de C.V.

GAP said Q2 2026 passengers traffic declined 5.6% year over year. Revenue excluding construction services increased 4.9%, aeronautical revenue decreased 3.2%, non-aeronautical revenue increased 23.9%, and EBITDA rose 8.4% to MXN 6 billion. EBITDA margin expanded 230 basis points to 69.3%. Operating expenses were relatively stable; excluding technical assistance fee reversal, CBX expenses, and merger-related items, operating expenses increased 3% year over year. For CBX, GAP said the operation generated MXN 168 million of revenue in May and June and MXN 216 million of EBITDA during the first two months of consolidation. Full-year 2026 guidance now calls for passenger traffic of -3% to flat, aeronautical revenue growth of 1% to 4%, non-aeronautical revenue growth of 21% to 24%, EBITDA growth of 10% to 12%, EBITDA margin of approximately 67% ±1%, and CapEx around MXN 4 billion.

Raúl Revuelta framed the quarter as proof of the business model’s resilience, emphasizing that GAP is no longer dependent on passenger growth alone. He highlighted tariff implementation, directly operated commercial businesses, logistics, CBX, and technical assistance internalization as complementary earnings drivers. His tone was cautious on traffic but constructive on recovery, especially in Jamaica and after the World Cup distortions, and he repeatedly described the traffic weakness as partly temporary.

Saúl Villarreal focused on the quality of earnings and the mechanics behind the guidance. He cited the MXN 5.4 billion cash and cash equivalents added by the business combination, reiterated that the company expects average second-half FX around MXN 17.5 per USD, and said the second-half setup supports the updated outlook. On the FIBRA, he said it is still in the final process, that there should be no meaningful permanent tax-rate benefit, and that any tax-shield effect from interest would be temporary in 2026-2027. He also said the company plans to keep distributions at the same level as prior years, with MXN 0.2080 per ordinary share already approved.

Analysts pressed management on why June traffic was weak despite the World Cup, and management said higher airfares and seat substitution displaced normal domestic demand in Guadalajara and other airports; GAP expects some of that traffic to return in July and described the impact as temporary. They also asked about 2027, and management said it is too early for a precise view, citing oil prices, the Iran-related conflict, and uncertainty around Viva and Volaris as key variables. On Jamaica, GAP said seat capacity is recovering sharply, with near-full recovery expected for the winter season, while the FIBRA process is still advancing and is not expected to materially change the effective tax rate. Questions on CBX-related costs and airline concessions were answered with management saying merger expenses are already in the results, integration should help margins later this year, and no broad tariff discounts are planned, though case-by-case support could be considered if connectivity is at risk.