Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (NYSE: PAC; BMV: GAP) reported consolidated revenue of Ps. 9.89 billion for the quarter ended December 31, 2025, a 2.8% year‑over‑year increase driven by a 12.6% rise in aeronautical services revenue (up Ps. 626 million) and a 13.3% increase in non‑aeronautical services revenue (up Ps. 285 million). The growth reflects the company’s successful implementation of new airport tariffs in Mexico and the opening of additional routes, which offset a modest decline in passenger traffic.
Passenger traffic across the 14 airports fell by 139.6 thousand passengers, a 0.9% drop from the same period in 2024. The dip is largely attributable to the impact of Hurricane Melissa on Montego Bay operations, which disrupted service and reduced passenger volumes in that market.
The company’s EBITDA margin rose to 51.7% in 4Q 2025, up from 49.4% in 4Q 2024, thanks to tariff increases and new route openings. However, when excluding IFRIC‑12 adjustments, the margin contracted from 66.9% in 4Q 2024 to 63.8% in 4Q 2025, indicating that cost pressures—particularly higher maintenance, technical assistance, and concession fees—are eroding profitability even as top‑line growth continues.
Net income declined by Ps. 377.8 million, a 17.4% year‑over‑year drop, primarily due to higher foreign‑currency translation losses. The loss of earnings highlights the sensitivity of the company’s profitability to exchange‑rate movements, even as revenue and cash flow remain robust.
Cash and cash equivalents stood at Ps. 10,453.2 million as of December 31, 2025, underscoring a strong liquidity position. The market reacted negatively, with the stock falling 4.94% on February 24, 2026, as investors weighed the margin contraction and cost‑pressure concerns against the company’s revenue growth and cash strength.
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