Grupo Aeroportuario Del Pacifico S.a.b. De Cv Stock Earnings Reports

Key points for investors: GAP reported resilience in 2Q26 despite a 5.6% decline in passenger traffic. Revenue (ex-construction) grew 4.9% y/y and EBITDA increased 8.4% to MXN 6.0 billion, with EBITDA margin expanding 230 bps to 69.3%, reflecting stronger monetization of non-aeronautical businesses and initial consolidation of Cross Border Xpress (CBX). Non-aeronautical revenue rose 23.9% driven by GAP-operated businesses and CBX; excluding CBX, directly operated businesses grew ~17%. CBX contributed MXN 168 million of revenue (May–June) and averaged $42.8 per passenger; management expects margin improvement from synergies later in the year. Main headwinds: Hurricane Melissa effects in Jamaica, security concerns (notably Puerto Vallarta), rising jet fuel and airfare pressure, and a ~10.9% MXN appreciation that weighed on USD-denominated aeronautical revenue translation. Updated 2026 guidance: passenger traffic -3% to 0% (gradual H2 recovery assumed), aeronautical revenue +1% to +4%, non-aeronautical revenue +21% to +24% (CBX consolidation a major driver), EBITDA +10% to +12% with an EBITDA margin around 67% ±1%. Stated CapEx guidance and planned investments were discussed (company stated expected CapEx of ~MXN 4 billion while also listing committed project figures across Mexico and Jamaica). GAP is progressing on the FIBRA GAP trust formation (targeting Q3 actions) and does not expect a material permanent change to GAP’s effective tax rate from the transaction. Liquidity remains strong (business combination added MXN 5.4 billion cash). Key risks: slower-than-expected traffic recovery in Puerto Vallarta or Montego Bay, fuel price shocks, further FX moves, and continued domestic consumption weakness in Mexico. Management highlights the company’s diversification strategy (tariff updates, directly operated commercial platforms, logistics, CBX, and internalization of technical assistance) as protecting earnings and reducing dependence on passenger volume alone.