Grupo Aeroportuario del Pacífico (GAPB) Q2 2026 earnings summary

Executive summary

• Passenger traffic declined 5.6% year-over-year, mainly due to Hurricane Melissa in Jamaica, security concerns in Puerto Vallarta, and higher airfares during the World Cup period.

• Total revenues for 2Q26 increased by 3.7% year-over-year to Ps. 11,289.7 million, driven by strong non-aeronautical growth and CBX integration.

• EBITDA rose 8.4% to Ps. 5,965.3 million, with margin improving to 69.3%.

• Net income increased 9.0% to Ps. 2,893.5 million, and comprehensive income grew 9.6% to Ps. 2,450.3 million.

• Diversification strategies, including CBX consolidation and growth in directly operated businesses, offset traffic headwinds.

Financial highlights

• Aeronautical revenues declined 3.2% year-over-year, mainly due to lower passenger traffic and peso appreciation.

• Non-aeronautical revenues grew 23.9%, led by directly operated business lines and CBX contributions.

• EBITDA reached MXN 6 billion, up 8.4% year-over-year, with a margin of 69.3%.

• Operating income increased 8.9% to Ps. 4,985.9 million; financial expenses rose 29.0% due to higher debt and CBX acquisition financing.

• CBX contributed MXN 168 million in revenue and MXN 216 million in EBITDA in its first two months; for May–June, CBX contributed Ps. 468.1 million in revenues and Ps. 315.8 million in EBITDA.

Outlook and guidance

• 2026 passenger traffic expected between -3% and flat growth, with gradual recovery in the second half.

• Aeronautical revenue guidance: +1% to +4%; non-aeronautical revenue: +21% to +24%; total revenues up 7–10%.

• EBITDA projected to grow 10%-12%, margin around 67% ±1%.

• CapEx for 2026 expected at MXN 4 billion and Ps. 12.0 billion, with major investments in Mexico and Jamaica.