Grupo Aeroportuario del Pacífico (GAPB) Q3 2026 earnings summary

Executive summary

• 3Q26 total revenue rose 21.8% YoY to Ps. 11,667.8 million; excluding IFRIC 12 construction revenue, service revenue increased 13.2% to Ps. 8,947.1 million.

• EBITDA increased 19.2% to Ps. 6,064.6 million; net income rose 8.1% to Ps. 2,914.1 million.

• Performance reflected CBX consolidation and internalized technical assistance from May 1, 2026, despite a 1.4% decline in passenger traffic.

Financial highlights

• Aeronautical revenue rose 2.6% to Ps. 5,616.0 million; non-aeronautical revenue grew 37.0% to Ps. 3,331.1 million, including Ps. 775.5 million from CBX.

• Operating income increased 21.6% to Ps. 5,047.7 million; operating expenses excluding IFRIC 12 rose 3.8%.

• Excluding CBX, aeronautical and non-aeronautical revenue rose 3.4% and EBITDA grew ~8.3%.

• 9M26 revenue increased 8.9% to Ps. 34,327.2 million, EBITDA grew 11.1% to Ps. 18,018.8 million, and net income rose 11.1% to Ps. 9,119.6 million.

• 3Q26 net financial expense rose 57.6% to Ps. 1,043.1 million, mainly due to higher interest expense following increased borrowings for airport capex and CBX.

Segment performance

• Network traffic was 15.44 million passengers, down 1.4% YoY; domestic traffic rose 0.6%, while international traffic declined 4.5%.

• Guadalajara traffic rose 8.0%; Montego Bay fell 23.0%, Puerto Vallarta fell 11.0%, and Los Cabos declined 6.8%.

• CBX generated Ps. 775.5 million revenue and Ps. 558.2 million EBITDA at a 72.0% margin; 1.034 million users crossed its facilities.

• Mexican airport aeronautical revenue rose 5.3%; Jamaican airport aeronautical revenue fell 12.7%, amid lower traffic and peso appreciation.

• Directly operated business revenue excluding CBX rose ~13.7%; cargo and bonded warehouse revenue grew 20.7% to ~Ps. 674 million.