Grupo Aeroportuario Del Pacifico Sa De Cv Stock Earnings Reports

GAP reported a solid start to 2026 despite a softer traffic environment. Total passenger traffic across its 14 airports fell 5.5% year-over-year (impacted by Hurricane Melissa in Jamaica, a security incident in Jalisco affecting Mexican leisure airports, and broader macro/fuel volatility). Revenues grew 2.8% YoY driven by aeronautical revenue increases (group +3.9%; Mexico +9.3%) helped by implementation of the new maximum tariff for 2025–2029 and stronger non-aeronautical performance (notably bonded warehouse/cargo). Cost of service rose 6.5% (personnel, security, maintenance), but EBITDA still increased 6.4% to MXN 6.0 billion with a 68.3% margin. GAP ended the quarter with strong liquidity (MXN 23.2 billion), boosted by a historic MXN 10.7 billion bond issuance on March 31; proceeds are earmarked for the 25% CBX acquisition and committed CapEx. CapEx deployment continued under the Master Development Plan (MXN 1.8 billion in Q1), with heavier spending expected later in the year. The CBX and technical assistance internalization transaction remains in process and management expects consolidation in Q2 (targeting May). Management reiterated full-year guidance but flagged uncertainty around traffic due to geopolitical/fuel price volatility, while expecting a recovery in leisure traffic through summer and a return to pre-storm Jamaica volumes by Q4. No other major inorganic projects are currently planned.