$PAC · Pacific Airport Group
Grupo Aeroportuario del Pacífico reported Q3 2026 results reflecting the May 1, 2026 CBX business combination. Total revenues grew 21.8% YoY to Ps. 11.67B, EBITDA rose 19.2% to Ps. 6.06B, and comprehensive income increased 32.8% to Ps. 3.27B. Excluding CBX, aeronautical and non-aeronautical services revenue grew only 3.4%. Total passenger traffic across 14 airports declined 1.4% to 15.44M, with international passengers down 4.5%.
- Total revenues rose 21.8% YoY to Ps. 11.67B, driven by CBX consolidation (Ps. 775.5M non-aero) and IFRIC-12 construction revenue (+62.8%).
- EBITDA reached Ps. 6.06B (+19.2% YoY); EBITDA margin excluding IFRIC-12 expanded to 67.8% from 64.3%.
- Total terminal passengers across 14 airports fell 1.4% to 15.44M, with international passengers down 4.5% and domestic up 0.6%.
- Comprehensive income rose 32.8% to Ps. 3.27B; comprehensive income per ADS was US$3.04 (+12.8% YoY).
- Jamaican airports underperformed: Montego Bay passengers dropped 23.0%, Kingston flat at +1.1%, pressured by traffic declines and peso/doll.
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CBX integration delivered strong margin accretion (EBITDA margin ex-IFRIC 12 at 67.8%), but underlying passenger trends are weakening across key international leisure destinations.
Mexican airport operators are in early stages of new 2025-2029 tariff periods. GAP's CBX integration and technical-assistance internalization differentiate it from peers ASR and OMAB, adding a unique U.S.-Mexico cross-border revenue stream.
International passenger traffic declined 4.5% with sharp drops at Puerto Vallarta (-24.8%), Montego Bay (-23.0%), and Los Cabos (-16.2%). Jamaican operations face dual headwinds from traffic declines and peso appreciation against the dollar. CBX fair-value purchase accounting remains preliminary and
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