Grupo Aeroportuario del Pacífico (GAPB) Q4 2025 earnings summary

Executive summary

• Passenger traffic reached 63.7 million in 2025, up 2.5% year-over-year, despite a 0.9% Q4 decline due to Hurricane Melissa in Jamaica; 62 new routes were added.

• Combined aeronautical and non-aeronautical revenues rose 23.2% to Ps. 41,408.5 million, with strong commercial performance in Mexico and significant disruption in Jamaica.

• EBITDA increased 17.8% to Ps. 21,332.1 million (65.6% margin ex-IFRIC 12), but margin declined in Q4 due to higher concession fees and operational costs.

• Net income for 2025 rose 12.7% to Ps. 10,000.6 million, though comprehensive income declined due to FX losses.

• Diversified portfolio across Mexico and Jamaica, with ESG leadership and strong commercial revenue growth.

Financial highlights

• Aeronautical revenues grew 19.4% to Ps. 22,821.8 million, supported by new tariffs in Mexico.

• Non-aeronautical revenues increased 26.5% to Ps. 9,704.1 million, with direct operations rising to 47% share.

• EBITDA margin (ex-IFRIC 12) was 65.6% in 2025; operating margin (ex-IFRIC 12) was 54.0%.

• Cash and cash equivalents at year-end 2025 totaled Ps. 10,453.2 million.

• Net debt to EBITDA ratio improved to 0.6x in 2025.

Outlook and guidance

• For 2026, passenger traffic is expected to grow 2–5%, aeronautical revenues 9–12%, non-aeronautical revenues 6–9%, total revenues 8–11%, and EBITDA 8–11%.

• CAPEX for 2026 is planned at Ps. 13.5 billion.

• Guidance excludes the pending CBX business combination, which is expected to be consolidated upon formalization.