Grupo Aeroportuario del Pacifico Announces Results for the First Quarter of 2026

GUADALAJARA, Mexico, April 20, 2026 (GLOBE NEWSWIRE) -- Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (NYSE: PAC; BMV: GAP) (“the Company” or “GAP”) reports its consolidated results for the first quarter ended March 31, 2026 (1Q26). Figures are unaudited and prepared following International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The results reported herein do not reflect the pending business combination approved at the Extraordinary General Shareholders’ Meeting held on December 11, 2025, which contemplates the integration of the Cross Border Xpress (“CBX”) and the internalization of the technical assistance services provided by AMP. Definitive transaction agreements have not yet been executed, and consummation remains subject to customary closing conditions.

Summary of Results 1Q26 vs. 1Q25

• The sum of aeronautical and non-aeronautical services revenues increased by Ps. 380.9 million, or 4.5%. Total revenues increased by Ps. 314.4 million, or 2.8%.
  
• Cost of services increased by Ps. 94.5 million, or 6.5%.
  
• Income from operations increased by Ps. 359.7 million, or 7.7%.
  
• EBITDA increased by Ps. 360.0 million, or 6.4%, an increase from Ps. 5,628.8 million in 1Q25 to Ps. 5,988.8 million in 1Q26. EBITDA margin (excluding the effects of IFRIC-12) went from 67.1% in 1Q25 to 68.3% in 1Q26.
  
• Comprehensive income increased by Ps. 551.4 million, or 19.6%, from an income of Ps. 2,814.4 million in 1Q25 to an income of Ps. 3,365.8 million in 1Q26.
  
  

Company’s Financial Position:

During 1Q26, total aeronautical revenues increased compared to 1Q25, primarily driven by the airports in Mexico. This growth was partially offset by lower passenger traffic in Jamaica, where the impact of Hurricane Melissa in 4Q25 continued to weigh on the recovery of hotel capacity along the tourist corridor between Negril and Ocho Ríos; as a result, passenger traffic has not yet fully recovered.

In Mexico, security-related events in the state of Jalisco during February 2026 led to temporary disruptions in mobility and affected travel demand to certain destinations. In this context, Guadalajara and Puerto Vallarta airports presented passenger traffic decreases in March 2026 compared to March 2025.

In 1Q26, GAP issued bond certificates for a total amount of Ps.10,718.0 million under the ticker symbols “GAP 26” and “GAP 26-2,” for Ps.2,767.0 million and Ps.7,951.0 million, respectively. Proceeds will be used to acquire a 25% stake in CBX, as well as to finance capital expenditures in line with the 2025–2029 Master Development Program.

Additionally, the Company refinanced its existing loans with Scotiabank and BBVA for USD$95.5 million each through new financing with The Bank of Nova Scotia and BBVA, respectively. The Company also repaid bond certificates for a total amount of Ps.1,120.0 million (ticker symbol “GAP 23L”) using proceeds from a new bank loan with Scotiabank for the same amount.

As of March 31, 2026, the Company reported a cash and cash equivalents position of Ps.23,185.1 million.

Passenger Traffic

During 1Q26, the 14 airports operated by GAP recorded a decrease of 902.1 thousand total passengers, representing a 5.5% decrease compared to 1Q25.

During this period, the following new routes were inaugurated:

Domestic

Domestic Terminal Passengers – 14 airports (in thousands):

Consolidated Results for the First Quarter of 2026 (in thousands of pesos): 

- Net income and comprehensive income per share for 1Q26 and 1Q25 were calculated based on 505,277,464 shares outstanding as of March 31, 2026, and March 31, 2025, respectively. Figures in U.S. dollar were converted from pesos using an exchange rate of Ps. 18.0327 per U.S. dollar, as published by the U.S. Federal Reserve Board (noon buying rate) on March 31, 2026.

- For consolidating the Jamaican airports, an average exchange rate of Ps. 17.5578 per U.S. dollar was used, corresponding to the three-month period ended March 31, 2026.

Revenues (1Q26 vs. 1Q25)

•   Aeronautical services revenues increased by Ps. 235.3 million, or 3.9%.
•   Non-aeronautical services revenues increased by Ps. 145.6 million, or 6.1%.
•   Revenues from improvements to concession assets decreased by Ps. 66.5 million, or 2.5%.
•   Total revenues increased by Ps. 314.4 million, or 2.8%.

The change in aeronautical services revenues was primarily due to the following factors:

1. Revenues at the Mexican airports increased by Ps. 472.9 million, or 9.3%, compared to 1Q25. This increase was mainly driven the phased implementation in 2025 of the new airport maximum tariffs approved for the 2025–2029 regulatory period.
   
2. Revenues at the Jamaican airports decreased by Ps. 237.6 million, or 26.2%, compared to 1Q25, mainly due to a 24.6% decrease in passenger traffic during the quarter, resulting from the impact of the Hurricane Melissa, as previously described. Additionally, the 14.0% appreciation of the Mexican peso against the U.S. dollar negatively affected revenue translation. In U.S. dollar terms, revenues decreased by US$6.3 million, or 16.4%.
   

The change in non-aeronautical services revenues was primarily driven by the following factors:

1. Revenues at Mexican airports increased by Ps. 222.6 million, or 10.7%, compared to 1Q25. Revenues from businesses operated directly by us increased by Ps. 199.8 million, or 19.9%. Revenues from businesses operated by third parties increased Ps. 22.2 million, or 2.2%. The fastest-growing business lines were food and beverage and car rental, which together increased by Ps. 33.9 million, or 7.0%. This increase was partially offset by a decrease in duty-free revenues, which declined Ps. 10.5 million, or 8.7%, due to the 14.0% appreciation of the Mexican peso.
   
2. Revenues at the Jamaican airports decreased by Ps. 76.9 million, or 24.7%, compared to 1Q25, primarily due to the decline in passenger traffic and the peso appreciation in the 1Q26. In U.S. dollar terms, revenues decreased by US$1.8 million, or 14.2%.
   

Figures expressed in thousands of Mexican pesos.

‐        Revenues from improvements to concession assets¹

Revenues from improvements to concession assets (IFRIC-12) decreased by Ps. 66.5 million, or 2.5%, compared to 1Q25. The change was composed of:

1. Improvements to concession assets at the Company’s Mexican airports, decreased by Ps. 171.8 million, or 6.6%, in line with the investments committed under the Master Development Program for the 2025–2029 period.
   
2. Improvements to concession assets at the Company’s Jamaican airports, which increased by Ps. 105.3 million, or 154.9%.
   
   

¹ Revenues from improvements to concession assets are recognized in accordance with International Financial Reporting Interpretation Committee 12 “Service Concession Arrangements” (IFRIC 12). However, this recognition does not have a cash impact or impact on the Company’s operating results. Amounts included as a result of the recognition of IFRIC 12 are related to construction of infrastructure in each quarter to which the Company has committed. This is in accordance with the Company’s Master Development Programs in Mexico and Capital Development Programs in Jamaica. All margins and ratios calculated using “Total Revenues” include revenues from improvements to concession assets (IFRIC 12), and, consequently, such margins and ratios may not be comparable to other ratios and margins, such as EBITDA margin, operating margin or other similar ratios that are calculated based on those results of the Company that do have a cash impact.

Total operating costs decreased by Ps. 45.2 million, or 0.7%, compared to 1Q25, mainly due to a decrease of Ps. 101.8 million, or 9.7%, in concession fees, and the cost of improvements to concession assets (IFRIC-12) of Ps. 66.5 million, or 2.5%. This effect was partially offset by an increase in the cost of services of Ps. 94.5 million, or 6.5%, and higher technical assistance fees of Ps. 15.6 million, or 5.5%. Excluding the cost of improvements to concession assets (IFRIC-12), operating costs increased by Ps. 21.3 million, or 0.6%, compared to 1Q25.

This increase in total operating costs was primarily due to the following factors:

   Mexican airports:

• Operating costs increased by Ps. 50.3 million, or 0.9%, compared to 1Q25, mainly due to higher technical assistance and concession fees, which together increased by Ps. 96.5 million, or 11.4%; a Ps. 116.8 million, or 9.6%, increase in the cost of services; a Ps. 14.1 million, or 1.8%, increase in depreciation and amortization. This effect was partially offset by a Ps. 171.8 million, or 6.6%, decrease in the cost of improvements to the concession assets (IFRIC-12). Excluding the cost of improvements to concession assets (IFRIC-12), operating costs increased by Ps. 240.1 million, or 8.5%.
  

The change in the cost of services at our Mexican airports during 1Q26 was mainly due to:

• Employee costs increased by Ps. 74.6 million, or 13.6%, mainly due to an increase in personnel, salary adjustments, and amendments to the Federal Labor Law.
• Safety, security, and insurance increased by Ps. 28.8 million, or 19.3%, mainly due to an increase in security personnel headcount and significant increases in the minimum wage.
• Maintenance increased by Ps. 17.6 million, or 8.7%, compared to 1Q25, mainly due to the opening of new operational areas, and airfield maintenance.
  

Jamaican Airports:

• Operating expenses decreased by Ps. 95.5 million, or 10.2%, compared to 1Q25, mainly due to a reduction in concession fees of Ps. 155.0 million, or 33.7%; cost of services of Ps. 32.0 million, or 12.7%; and depreciation and amortization of Ps. 13.7 million, or 8.9%, driven by the decline in passenger traffic and the 14.0% appreciation of the Mexican peso against the U.S. dollar. This effect was partially offset by an increase in the cost of improvements to concession assets (IFRIC-12) of Ps. 105.3 million, or 154.9%.
  

Operating income margin increased from 42.5% in 1Q25 to 44.5% in 1Q26. Excluding the effects of IFRIC-12, the operating income margin increased from 56.0% in 1Q25 to 57.6% in 1Q26. Income from operations increased by Ps. 359.7 million, or 7.7%, compared to 1Q25.

EBITDA margin went from 50.9% in 1Q25 to 52.7% in 1Q26. Excluding the effects of IFRIC-12, EBITDA margin went from 67.1% in 1Q25 to 68.3% in 1Q26. The nominal value of EBITDA increased by Ps. 360.0 million, or 6.4%, compared to 1Q25.

Financial results decreased expenses by Ps. 206.2 million, or 22.2%, going from a net expense of Ps. 929.5 million in 1Q25 to a net expense of Ps. 723.3 million in 1Q26. This change was mainly the result of:

• Foreign exchange rate fluctuations, which changed from a loss of Ps. 123.9 million in 1Q25 to a gain of Ps. 173.4 million in 1Q26, resulting in a foreign exchange gain of Ps. 297.3 million due to the appreciation of the Mexican peso. Additionally, the foreign currency translation effect recorded a gain compared to the foreign exchange loss in 1Q25, resulting in a net gain of Ps. 110.2 million.
  
• Interest expense decreased by Ps. 66.0 million, or 5.7%, compared to 1Q25, mainly due to a decrease in reference rates.
  
• Interest income decreased by Ps. 157.1 million, or 47.2%, compared to 1Q25, mainly due to a decrease in the cash and cash equivalents average balance and decrease in the reference rates.
  

In 1Q26, net and comprehensive income increased by Ps. 551.4 million, or 19.6%, compared to 1Q25, mainly driven by income before taxes, which increased by Ps. 565.9 million or 15.0%.

Net income increased by Ps. 453.9 million, or 15.9%, compared to 1Q25. Income tax for the period increased by Ps. 112.0 million, or 12.3%, comprised of an increase in current income tax of Ps. 95.2 million and a decrease in the deferred tax benefit of Ps. 16.8 million.

Statement of Financial Position

As of March 31, 2026, total assets increased by Ps. 16,288.8 million compared to the same period in 2025, mainly due to: (i) an increase in cash and cash equivalents of Ps. 6,957.0 million, (ii) an increase in improvements to concession assets of Ps. 4,962.1 million; (iii) an increase in construction in progress of Ps. 2,723.9 million; (iv) an increase in advanced payments to suppliers of Ps. 2,167.8 million; and (v) an increase in deferred income taxes of Ps. 649.9 million. This effect was partially offset by a decrease in (i) airport concessions of Ps. 873.4 million and (ii) other acquired rights of Ps. 275.3 million, among others.

As of March 31, 2026, total liabilities increased by Ps. 15,523.2 million compared to the same period in 2025. This increase was mainly attributable to: (i) an increase in bond certificates of Ps. 15,598.0 million; (ii) security deposits received of Ps. 135.4 million. This effect was partially offset by decreases in (i) deferred income taxes of Ps. 523.3 million and (ii) rights over concession assets of Ps. 272.2 million, among others.

Company Description

Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (GAP) operates 12 airports throughout Mexico’s Pacific region, including the major cities of Guadalajara and Tijuana, the four tourist destinations of Puerto Vallarta, Los Cabos, La Paz and Manzanillo, and six other mid-sized cities: Hermosillo, Guanajuato, Morelia, Aguascalientes, Mexicali, and Los Mochis. In February 2006, GAP’s shares were listed on the New York Stock Exchange under the ticker symbol “PAC” and on the Mexican Stock Exchange under the ticker symbol “GAP”. In April 2015, GAP acquired 100% of Desarrollo de Concesiones Aeroportuarias, S.L., which owns a majority stake in MBJ Airports Limited, a company operating Sangster International Airport in Montego Bay, Jamaica. In October 2018, GAP entered into a concession agreement for the Norman Manley International Airport operation in Kingston, Jamaica, and took control of the operation in October 2019.

This press release contains references to EBITDA, a financial performance measure not recognized under IFRS and which does not purport to be an alternative to IFRS measures of operating performance or liquidity. We caution investors not to place undue reliance on non-GAAP financial measures such as EBITDA, as these have limitations as analytical tools and should be considered as a supplement to, not a substitute for, the corresponding measures calculated in accordance with IFRS. This press release may contain forward-looking statements. These statements are statements that are not historical facts and are based on management’s current view and estimates of future economic circumstances, industry conditions, company performance, and financial results. The words “anticipates”, “believes”, “estimates”, “expects”, “plans” and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations, and the factors or trends affecting financial condition, liquidity, or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends, or results will occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.

In accordance with Section 806 of the Sarbanes-Oxley Act of 2002 and Article 42 of the “Ley del Mercado de Valores”, GAP has implemented a “whistleblower” program, which allows complainants to anonymously and confidentially report suspected activities that involve criminal conduct or violations. The telephone number in Mexico, facilitated by a third party responsible for collecting these complaints, is 800 04 ETICA (38422) or WhatsApp +52 55 6538 5504. The website is www.lineadedenunciagap.com or by email at denuncia@lineadedenunciagap.com. GAP’s Audit Committee will be notified of all complaints for immediate investigation.

Exhibit A: Operating results by airport (in thousands of pesos):

Exhibit A: Operating results by airport (in thousands of pesos):

^{(1)    Others include the operating results of the Aguascalientes, La Paz, Los Mochis, Manzanillo, Mexicali, Morelia, and Kingston airports.}

Exhibit B: Consolidated statement of financial position as of March 31 (in thousands of pesos): 

The non-controlling interest corresponds to the 25.5% stake held in the Montego Bay airport by Vantage Airport Group Limited (“Vantage”), as well as the 48.5% held by the shareholders of GWTC.

Exhibit C: Consolidated statement of cash flows (in thousands of pesos):

Exhibit D: Consolidated statements of profit or loss and other comprehensive income (in thousands of pesos):

The non-controlling interest corresponds to the 25.5% stake held in the Montego Bay airport by Vantage Airport Group Limited (“Vantage”), as well as the 48.5% held by the shareholders of GWTC.

Exhibit E: Consolidated stockholders’ equity (in thousands of pesos): 

The non-controlling interest corresponds to the 25.5% stake held in the Montego Bay airport by Vantage Airport Group Limited (“Vantage”), as well as the 48.5% held by the shareholders of GWTC.

Exhibit F: Other operating data: 

WLU = Workload units represent passenger traffic plus cargo units (1 cargo unit = 100 kilograms of cargo).

Alejandra Soto Investor Relations and Social Responsibility Officer
asoto@aeropuertosgap.com.mx

Gisela Murillo, Investor Relations
gmurillo@aeropuertosgap.com.mx
+52 33 3880 1100 ext. 20294