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

For the second quarter of 2026, passenger traffic declined 5.6% year over year. Revenue excluding construction services increased 4.9%, aeronautical revenue decreased 3.2%, and non-aeronautical revenue increased 23.9%. EBITDA rose 8.4% to MXN 6 billion, and EBITDA margin expanded 230 basis points to 69.3%. Management also said total operating costs were relatively stable; excluding reversal of the technical assistance provision, CBX operating expenses, and merger-related costs, operating expenses increased 3% year over year. Updated 2026 guidance 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%, and EBITDA margin of approximately 67% ±1%. CapEx is expected to be around MXN 4 billion.

Raúl Revuelta framed the quarter as evidence that GAP’s business model is becoming more resilient and less dependent on traffic alone. He emphasized the mix of tariff increases, direct commercial operations, logistics, CBX, and technical assistance internalization as complementary earnings drivers, and said the company is building a more diversified infrastructure platform. His tone was constructive but measured: he acknowledged traffic weakness in Mexico and Jamaica, yet repeatedly described many of the pressures as temporary and pointed to a gradual second-half recovery.

Saúl Villarreal focused on the mechanics behind the guidance and the margin profile. He cited the 90% fulfillment of maximum tariffs in the first half, expected to reach around 95% by year-end, and said second-half EBITDA support should come from tariff adjustments, CBX consolidation, and improved comparables. He also noted the company ended with a solid liquidity position, including MXN 5.4 billion in cash and cash equivalents contributed by the business combination, and said he does not expect a meaningful change in GAP’s effective tax rate from the planned FIBRA, aside from a temporary 2026-2027 tax shield effect.

Analysts pressed management on weak June traffic, 2027 trends, Jamaica recovery, FX assumptions, CBX integration costs, tariff flexibility, and shareholder distributions. Management said the World Cup created a temporary seat substitution effect and expects some domestic travelers to return in July, while Jamaica’s seat capacity is nearing full recovery by late 2026. They also said CBX merger-related expenses are already reflected in results and should yield margin improvement later this year, and reiterated there will not be broad tariff discounts to offset softer traffic, only case-by-case support where connectivity is at risk.