Pacific Airport Group (GAP) Q1 2026 Financial Summary
Business Context and Reporting Period
This Form 6-K filing covers the unaudited consolidated results for Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (GAP) for the first quarter ended March 31, 2026 (1Q26). The company operates 12 airports in Mexico's Pacific region and two in Jamaica (Montego Bay and Kingston). Results are prepared under IFRS and exclude the pending business combination with Cross Border Xpress (CBX) and the internalization of AMP technical services, which were approved in December 2025 but not yet consummated.
Key Financial Metrics
| Metric | 1Q25 | 1Q26 | Change |
|---|---|---|---|
| Total Revenues | Ps. 11,055.2 million | Ps. 11,369.6 million | +2.8% |
| EBITDA | Ps. 5,628.8 million | Ps. 5,988.8 million | +6.4% |
| EBITDA Margin (excl. IFRIC-12) | 67.1% | 68.3% | +1.2 pts |
| Net Income | Ps. 2,858.1 million | Ps. 3,312.0 million | +15.9% |
| Comprehensive Income | Ps. 2,814.4 million | Ps. 3,365.8 million | +19.6% |
| Cash and Equivalents (End of Period) | Ps. 16,227.8 million | Ps. 23,185.1 million | +42.9% |
| Operating Cash Flow | Ps. 4,476.6 million | Ps. 7,571.8 million | +69.1% |
Material Changes vs. Prior Period
- Revenue Growth: Total revenues increased by Ps. 314.4 million. Aeronautical services rose 3.9% (Ps. 235.3 million) and non-aeronautical services rose 6.1% (Ps. 145.6 million). This growth was driven by Mexican airports, offset by a 26.2% revenue decline in Jamaica due to Hurricane Melissa impacts and peso appreciation.
- Passenger Traffic: Total passengers decreased 5.5% to 15.37 million. Domestic traffic fell 2.0%, while international traffic dropped 9.5%. Montego Bay saw a 31.5% decline in international passengers. Conversely, La Paz and Morelia saw significant growth (12.8% and 13.3% respectively).
- Cost Management: Total operating costs decreased 0.7% despite a 6.5% increase in cost of services. This was primarily due to a 9.7% reduction in concession taxes and a 2.5% decrease in IFRIC-12 costs. Employee costs rose 11.6% due to salary adjustments and labor law amendments.
- Financial Results: Net financial expenses decreased 22.2% to Ps. 723.3 million, driven by a Ps. 297.3 million foreign exchange gain from peso appreciation and lower interest rates.
Outlook, Risks, and Unusual Items
- Capital Markets Activity: In 1Q26, GAP issued Ps. 10,718.0 million in bond certificates ("GAP 26" and "GAP 26-2") to fund a 25% stake acquisition in CBX and capital expenditures. The company also refinanced USD$191 million in loans and repaid Ps. 1,120.0 million in bonds.
- Operational Risks: Recovery in Jamaica remains hindered by Hurricane Melissa (4Q25), affecting hotel capacity and tourist corridors. In Mexico, security events in Jalisco in February 2026 temporarily disrupted mobility and travel demand to Guadalajara and Puerto Vallarta.
- Regulatory Context: Revenue growth in Mexico is supported by the phased implementation of new maximum airport tariffs for the 2025–2029 regulatory period.
- IFRIC-12 Impact: Revenues and costs related to improvements to concession assets (IFRIC-12) decreased 2.5%. These are non-cash accounting items related to infrastructure commitments and do not impact operating cash flow.
Investor Verification Checklist
- CBX Transaction Status: Verify the execution of definitive agreements and closing conditions for the pending CBX acquisition and AMP internalization.
- Jamaica Recovery Trajectory: Monitor passenger traffic and hotel capacity recovery in Montego Bay and Kingston post-Hurricane Melissa.
- Security Impact in Jalisco: Assess the duration and severity of security-related disruptions on Guadalajara and Puerto Vallarta traffic.
- Debt Structure: Review the terms of the new "GAP 26" bond issuances and the refinancing of Scotiabank/BBVA loans.
- IFRIC-12 Adjustments: Ensure analysis of margins excludes IFRIC-12 non-cash items for accurate operational comparison.