PAC · Grupo Aeroportuario del Pacífico, S.A.B. de C.V.

Grupo Aeroportuario del Pacífico delivered a resilient first quarter of 2026, achieving a 19.6% increase in comprehensive income despite a 5.5% contraction in total passenger traffic. The financial performance was underpinned by a 2.8% rise in total revenues, primarily driven by a 9.3% increase in aeronautical revenues at Mexican airports following the implementation of new maximum tariffs for the 2025–2029 regulatory period. This pricing power effectively offset significant headwinds in Jamaica, where passenger traffic fell 24.6% due to the lingering effects of Hurricane Melissa on hotel capacity. Non-aeronautical revenues also contributed to growth, rising 6.1%, with businesses operated directly by the company—particularly cargo operations and hotels—showing strong double-digit percentage gains.

Operationally, the company faced distinct challenges. Security-related events in Jalisco during February 2026 temporarily disrupted mobility, impacting travel demand at Guadalajara and Puerto Vallarta airports. Consequently, international passenger traffic at Puerto Vallarta declined 13.1%. The Montego Bay airport experienced the steepest decline, with total passengers dropping 31.5%. However, cost management remained effective; total operating costs decreased by 0.7%, aided by lower concession taxes, which helped expand the operating income margin to 44.5% from 42.5%.

Strategically, the company is actively pursuing growth through M&A and financing activities. It issued Ps. 10,718.0 million in bond certificates to fund the acquisition of a 25% stake in Cross Border Xpress (CBX) and support the Master Development Program. The company also refinanced existing loans with Scotiabank and BBVA, maintaining a robust liquidity position of Ps. 23,185.1 million in cash and cash equivalents. The pending business combination involving CBX and the internalization of technical assistance services from AMP remains subject to closing conditions.