Pacific Airport Group (GAP) - 2Q26 Financial Summary
Business Context and Reporting Period
This Form 6-K filing covers the second quarter ended June 30, 2026 (2Q26), and the six months ended June 30, 2026 (6M26). The results are unaudited and prepared under IFRS. A material event occurred on May 1, 2026, when GAP completed a business combination to acquire 100% ownership of Cross Border Xpress (CBX) and internalized technical assistance services. The company operates 14 airports across Mexico and Jamaica, plus the CBX facility in San Diego/Tijuana.
Key Financial Metrics (2Q26)
- Revenue: Total revenues increased 3.7% to Ps. 11,289.7 million. Non-aeronautical revenue grew 23.9% to Ps. 3,026.7 million, while aeronautical revenue declined 3.2% to Ps. 5,578.1 million.
- Profitability: EBITDA rose 8.4% to Ps. 5,965.3 million. Operating income increased 8.9% to Ps. 4,985.9 million. Net income grew 9.0% to Ps. 2,893.5 million.
- Margins: EBITDA margin (excluding IFRIC-12) improved to 69.3% from 67.1%. Operating income margin (excluding IFRIC-12) reached 57.9%.
- Cash Flow: Net cash provided by operating activities decreased 39.8% to Ps. 2,637.0 million. Net cash used in investing activities increased significantly to Ps. 11,632.2 million, driven by the CBX acquisition (Ps. 8,445.1 million) and CAPEX.
- Liquidity & Debt: Cash and cash equivalents increased 103.9% to Ps. 19,773.7 million, bolstered by Ps. 5,427.1 million from the CBX merger. Total liabilities increased 48.9% to Ps. 85,108.1 million, primarily due to new bond certificates and bank loans.
Material Changes vs. Prior Period
- Passenger Traffic: Total passengers decreased 5.6% to 14.99 million. International traffic fell 9.4%, heavily impacted by a 21.6% decline at Montego Bay (Jamaica) due to Hurricane Melissa and a 9.7% drop at Tijuana. Domestic traffic declined 2.8%.
- Revenue Drivers: Non-aeronautical growth was driven by CBX revenues (Ps. 468.1 million for May/June) and cargo operations (+22.0%). Aeronautical revenue was negatively affected by a 10.9% appreciation of the Mexican peso and lower traffic in Jamaica.
- Cost Structure: Cost of services increased 23.2% due to higher employee costs (salary adjustments, labor law changes) and CBX consolidation. However, technical assistance fees reversed by Ps. 486.4 million, offsetting other cost increases.
- Balance Sheet: Total assets surged 79.5% to Ps. 140,372.3 million, adding Ps. 37,703.1 million in goodwill and intangible assets from the CBX merger.
Guidance, Outlook, and Risks
- 2026 Guidance (Revised):
- Passenger traffic: -3% to 0% growth.
- Total revenues: 7% to 10% growth.
- EBITDA: 10% to 12% growth.
- EBITDA margin: 67% +/- 1%.
- CAPEX: Ps. 12.0 billion.
- Management Commentary: The company highlighted the successful integration of CBX, which contributed Ps. 315.8 million to EBITDA in just two months. Management noted that new routes were inaugurated in June 2026 to stimulate traffic.
- Risks & Contingencies:
- Weather Events: Hurricane Melissa significantly impacted Jamaican airport traffic and revenues.
- Currency: Appreciation of the Mexican peso negatively impacted the translation of USD-denominated revenues from Jamaica and international passengers.
- Regulatory: The company is in the process of establishing an Irrevocable Trust for the issuance of Energy and Infrastructure Investment Trust Certificates (CBFEs) to subscribe to minority equity in Mexican airport concessionaires.
Investor Verification Checklist
- Verify the final fair value assessment of the CBX business combination, as current goodwill and intangible asset figures are preliminary.
- Monitor the recovery trajectory of Jamaican airports (Montego Bay and Kingston) post-Hurricane Melissa.
- Track the progress of the CBFE issuance process and its impact on capital structure.
- Assess the sustainability of non-aeronautical revenue growth, specifically the contribution from CBX and cargo operations.
- Review the impact of the 10.9% peso appreciation on future international revenue translation.