Grupo Aeroportuario Del Pacifico Sa De Cv Stock Earnings Reports

GAP reported resilient second-quarter 2026 results despite a 5.6% decline in total passenger traffic. Revenue (excluding construction services) rose 4.9%, EBITDA increased 8.4% to MXN 6.0 billion and EBITDA margin expanded 230 bps to 69.3%. Aeronautical revenues were pressured (-3.2%) by lower traffic and a stronger peso, while non-aeronautical revenues grew 23.9%, helped by directly operated commercial businesses and the May consolidation of Cross Border Xpress (CBX). CBX contributed MXN 168 million in revenue (May–June) and averaged $42.8 per passenger; GAP expects CBX to add to EBITDA and see margin improvement into year-end. Management cited temporary headwinds — Hurricane Melissa effects in Jamaica, higher jet fuel and airfare dynamics, and security-related weakness in some leisure markets (notably Puerto Vallarta) — and expects gradual recovery in H2. Updated 2026 guidance: passenger traffic -3% to flat; aeronautical revenue +1% to +4%; non-aeronautical revenue +21% to +24%; EBITDA +10% to +12% (target margin ~67% ±1%); CapEx ~MXN 4 billion. GAP continues to pursue a FIBRA transaction for Mexican airports (targeting Q3) and expects the deal to be tax transparent at the airport level with no material change to GAP’s consolidated effective tax rate. Management emphasized diversification — tariffs, directly operated commercial platforms, logistics, CBX, and internalized technical assistance — as drivers protecting earnings despite weaker passenger volumes.