GRUPO AEROPUERTO DEL PACIFIC (PAC) Q1 2026 Earnings Call Transcript
Neutral Airlines, Airports & Air Services 13.36B Mexico
Next Earnings
2026-05-05
Grupo Aeroportuario del Pacífico, S.A.B. de C.V., together with its subsidiaries, manages, operates, and develops airports primarily in Mexico's Pacific region. It operates 12 airports in Guadalajara, Puerto Vallarta, Tijuana, San Josédel Cabo, Guanajuato (Bajío), Hermosillo, Mexicali, Los Mochis, La Paz, Manzanillo, Morelia, and Aguascalientes. The company was incorporated in 1998 and is headquartered in Guadalajara, Mexico.
GAP delivered solid 2025 results with resilient revenues, strong aeronautical growth, and progressing CBX integration, while guiding 2026 growth amid regional disruptions and higher costs.
⭐ Key Highlights
Q4 traffic performance
Fourth-quarter passenger traffic declined 0.9% year-over-year, with Jamaica down sharply due to Hurricane Melissa and Mexico showing resilience.
Aeronautical and non-aeronautical revenue growth
Aeronautical revenues rose 12.8% in Q4 and 19.4% for the full year, while non-aeronautical revenues grew 26.5% in 2025, led by stronger commercial activity and cargo/warehouse contributions.
EBITDA and profitability
EBITDA rose 7.5% in Q4 to MXN 5.1 billion (margin 53.8% excluding IFRIC 12); full-year EBITDA climbed 17.8% to MXN 21.3 billion with a 65.6% margin (excluding IFRIC 12).
Balance sheet and capital allocation
Year-end cash of MXN 10.5 billion; ongoing disciplined capex of MXN 12.4 billion under the 2025–2029 plan; CBX/Master Development program moves forward.
CBX integration and U.S. opportunities
CBX integration and related synergies are advancing, with full consolidation targeted in Q2 2026 and broader U.S. expansion opportunities under review.
✔Positive Signals
- Aeronautical revenue growth of 19.4% in 2025 and 12.8% in Q4, supported by new tariffs and route expansion.
- Non-aeronautical revenue up 26.5% for the year, indicating strong commercial execution and cargo/warehouse contributions.
- EBITDA growth of 17.8% YoY to MXN 21.3 billion with a solid 65.6% margin (excluding IFRIC 12).
- Strong balance sheet with MXN 10.5 billion cash and ongoing flexible capital structure improvements.
- CBX transaction approved, with confirmed integration timeline and anticipated synergies.
✖Negative Signals
- Hurricane Melissa caused a ~35% traffic drop in Jamaica in Q4, with lingering weakness affecting near-term volumes.
- Higher concession fees in Mexico and increased maintenance costs from new jet bridges and aircraft operations reduced margins in Q4.
- Net income pressure from higher financial expense, lower interest income due to cash balances, FX effects, and deferred tax adjustments.
- Jalisco region events led to temporary flight cancellations, adding near-term operational risk and uncertainty.
- Guidance assumes FX and external conditions; potential volatility could impact traffic and revenues.
📊Financial Results
- Q4 2025 EBITDA: MXN 5.1 billion, margin 53.8% (excluding IFRIC 12), up from prior year though pressured by higher costs.
- Full-year 2025 EBITDA: MXN 21.3 billion, margin 65.6% (excluding IFRIC 12), up 17.8% YoY on stronger revenue mix and cost discipline.
- Aeronautical revenue 2025: up 19.4% YoY, driven by new tariffs and traffic growth; Q4 aeronautical revenue up 12.6% YoY.
- Non-aeronautical revenue 2025: up 26.5% YoY, led by improved commercial activities and cargo-related revenues.
- Cash and liquidity: End-2025 cash and equivalents of MXN 10.5 billion; CapEx 2025 totaled MXN 12.4 billion under the master plan.
🔮Future Guidance
- 2026 guidance: total revenues up 8%–11%, EBITDA up 8%–11%, with EBITDA margin around 65% (±1%), reflecting ongoing operational discipline.
- Traffic guidance for 2026: 2%–5% growth, with aeronautical revenue up 9%–12% and non-aeronautical revenue up 6%–9%, aided by tariff implementation and freight dynamics.
- CBX-related consolidation expected to begin contributing efficiencies in 2H2026, with full synergies realized by mid-2027.
💡Interesting Insights
- The CBX deal is expected to bring material efficiency gains and is the largest near-term value driver, with full synergies targeted by mid-2027, suggesting a multi-year value realization plan beyond 2026.
Detailed Analysis
AI-generated summary of GRUPO AEROPUERTO DEL PACIFIC earnings call transcript.
In 2025 GAP achieved robust growth in aeronautical and non-aeronautical revenues, supported by a new tariff regime in Mexico and expanded operations, despite Jamaica's Hurricane Melissa impacting traffic in Q4. EBITDA expanded meaningfully (+17.8% YoY) with a solid margin, and the company advanced its balance sheet and capex plans, including the 2025–2029 development program. The CBX transaction received shareholder approval and is on track for formalization, with integration expected to yield efficiencies starting mid-2026 and full synergies by H1 2027. For 2026, GAP forecast 2–5% passenger traffic growth and 8–11% revenue and EBITDA growth, maintaining a ~65% EBITDA margin, while continuing disciplined capital deployment and seeking accretive opportunities, including potential U.S. projects linked to the CBX platform.
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