Grupo Aeroportuario del Pacífico (PAC) reported first‑quarter 2026 results that surpassed analyst expectations, with total revenue rising 2.8% to Ps. 11,369,627 k from Ps. 11,055,183 k in the same period last year. Net income increased by Ps. 453,893 k, or 15.9%, to Ps. 3,312,008 k, beating the FactSet consensus of Ps. 2,620,000 k by Ps. 692,008 k (a 26.3% beat).
The company’s profitability metrics improved markedly. EBITDA margin, measured including IFRIC‑12, climbed to 52.7% from 50.9% year‑over‑year, while operating income margin expanded to 57.6% from 56.0%. The lift in margins is driven by higher tariff revenue and disciplined cost management, which offset the 5.5% decline in total passenger traffic from 16,269.3 k to 15,367.2 k. The mix shift toward higher‑margin non‑aeronautical services also contributed to the margin expansion.
Revenue growth was supported by a 3.9% increase in aeronautical services and a 6.1% rise in non‑aeronautical services. The aeronautical segment benefited from phased tariff increases that were implemented in March and September, while the non‑aeronautical segment saw stronger performance in retail, parking, and advertising, offsetting the traffic decline. Together, these segments lifted total revenue despite the headwinds.
Headwinds persisted in the form of security disruptions in Jalisco that reduced demand at Guadalajara and Puerto Vallarta airports, and the lingering impact of Hurricane Melissa on Jamaican operations, which continued to suppress passenger traffic in that market. Management noted that these events caused temporary mobility disruptions and a decline in traffic, but the company’s pricing strategy and non‑aeronautical growth helped cushion the impact.
Strategically, PAC completed the acquisition of a 25% stake in Cross Border Xpress (CBX) and issued Ps. 10,718 million in bonds to fund the investment and capital expenditures under its 2025‑2029 Master Development Program. The financing strengthens the company’s balance sheet and positions it to capture cross‑border traffic growth, while the capex program supports long‑term infrastructure upgrades.
Overall, the results demonstrate PAC’s resilience and ability to generate robust earnings even amid modest traffic growth and external disruptions. The margin expansion, net income beat, and strategic financing signal strong execution and confidence in the company’s growth trajectory.
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