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

Rhea-AI Summary

Grupo Aeroportuario del Pacífico (NYSE: PAC) reported 1Q26 consolidated IFRS results for the quarter ended March 31, 2026. Total revenues rose 2.8% to Ps.11,369.6m; comprehensive income increased 19.6% to Ps.3,365.8m. GAP issued Ps.10,718.0m in bonds to acquire a 25% stake in CBX and finance capex. Cash and equivalents were Ps.23,185.1m as of March 31, 2026.

International revenues and passenger traffic were weak in Jamaica after Hurricane Melissa; Mexican airports grew aeronautical and non-aeronautical revenues, while certain Mexican airports saw temporary demand impacts in March 2026.

Positive

• Comprehensive income +19.6% to Ps.3,365.8m
• Issued bonds of Ps.10,718.0m for CBX stake and capex
• Cash and cash equivalents Ps.23,185.1m
• Refinanced loans of USD$95.5m each with new bank financings

Negative

• Jamaican airport revenues down 26.2% year-over-year
• Montego Bay passenger traffic down 31.5% in 1Q26
• Tijuana CBX users down 11.2% year-over-year

News Market Reaction – PAC

+3.11%

2 alerts

+3.11% Session close to close

$13.18B Market Cap

0.5x Rel. Volume

In the Apr 21 session, PAC gained 3.11%, reflecting a moderate positive market reaction. Our momentum scanner triggered 2 alerts that day, indicating moderate trading interest and price volatility.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement highlights modest top-line growth but stronger profitability, with EBITDA up and m...

Analysis

This announcement highlights modest top-line growth but stronger profitability, with EBITDA up and margins improving ex-IFRIC-12 to 68.3%, even as total passengers fell 5.5%. The company reinforced its balance sheet with Ps. 10,718.0M in new bonds and ended 1Q26 with Ps. 23,185.1M in cash. Investors may watch how traffic recovers in Jamaica, the impact of new routes, and how additional leverage interacts with future capex and tariff structures.

Key Figures

Total revenues: Ps. 11,369,627k EBITDA: Ps. 5,988,828k Net income: Ps. 3,312,008k +5 more

8 metrics

Total revenues Ps. 11,369,627k 1Q26 vs Ps. 11,055,183k in 1Q25 (up 2.8%)

EBITDA Ps. 5,988,828k 1Q26 vs Ps. 5,628,786k in 1Q25 (up 6.4%)

Net income Ps. 3,312,008k 1Q26 vs Ps. 2,858,115k in 1Q25 (up 15.9%)

EBITDA margin ex-IFRIC-12 68.3% 1Q26 vs 67.1% in 1Q25

Total passengers 15,367.2k 1Q26 for 14 airports vs 16,269.3k in 1Q25 (-5.5%)

Bond issuance Ps. 10,718.0M 1Q26 bond certificates GAP 26 and GAP 26-2

Cash & equivalents Ps. 23,185.1M Balance as of March 31, 2026

Comprehensive income Ps. 3,365,771k 1Q26 vs Ps. 2,814,380k in 1Q25 (up 19.6%)

Previous Earnings Reports

5 past events · Latest: Feb 23 (Negative)

Same Type Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Feb 23	4Q25 earnings	Negative	-5.3%	Revenue and EBITDA up, but comprehensive income dropped sharply vs prior year.
Oct 20	3Q25 earnings	Negative	-4.3%	Strong revenue and EBITDA growth offset by a decline in comprehensive income.
Jul 22	2Q25 earnings (corr.)	Positive	+1.6%	Significant revenue and EBITDA growth with higher margins and traffic gains.
Jul 21	2Q25 earnings	Positive	-3.9%	Strong top-line and EBITDA growth despite lower comprehensive income from FX.
Apr 29	1Q25 earnings	Positive	-1.0%	Broad-based revenue, EBITDA, and net income growth with higher traffic.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Earnings releases often show solid operational growth but the stock has tended to trade flat-to-down afterward.

Recent Company History

Over the last year, GAP’s earnings reports have generally highlighted revenue and EBITDA growth, often supported by tariff increases and non-aeronautical expansion. However, comprehensive income has been volatile, with several quarters (2Q25, 3Q25, 4Q25) showing declines despite higher revenue. Price reactions around these earnings events skewed negative, with moves of -5.26%, -4.33%, and -3.89%, indicating a pattern where strong operational metrics have not consistently translated into positive short-term stock performance.

Key Terms

ifrs, iasb, ifric-12, ebitda, +1 more

5 terms

ifrs regulatory

"Figures are unaudited and prepared following International Financial Reporting Standards (“IFRS”)..."

International Financial Reporting Standards (IFRS) are a set of common accounting rules used by many companies worldwide to prepare financial statements, so numbers like revenue, profit and assets are measured in the same way across borders. For investors, IFRS matters because it makes it easier to compare the financial health and performance of different companies—like using the same ruler to measure different objects—reducing surprises and helping informed investment decisions.

iasb regulatory

"…as issued by the International Accounting Standards Board (“IASB”)."

The International Accounting Standards Board (IASB) is the independent body that creates and updates the global rulebook for how companies prepare financial statements, known as International Financial Reporting Standards (IFRS). Think of it as the rule-maker that helps ensure company reports are prepared consistently so investors can fairly compare performance, spot risks, and make informed decisions based on trustworthy numbers.

ifric-12 regulatory

"EBITDA margin (excluding the effects of IFRIC-12) went from 67.1% in 1Q25 to 68.3% in 1Q26."

An accounting interpretation that tells companies how to record long-term contracts to build, operate or maintain public infrastructure for a government, such as roads, schools or utilities. It matters to investors because it determines whether the company shows the project as an asset it controls, or as a loan-like receivable, which changes reported assets, liabilities, profits and cash flow—similar to whether you note ownership of a rented house or the right to receive future rent payments.

ebitda financial

"EBITDA increased by Ps. 360.0 million, or 6.4%, an increase from Ps. 5,628.8 million..."

EBITDA stands for earnings before interest, taxes, depreciation, and amortization. It measures a company's profitability by focusing on the money it makes from its core operations, ignoring expenses like taxes and accounting adjustments. Investors use EBITDA to compare how well different companies are performing financially, as it provides a clearer picture of operational success without the influence of financial structure or accounting choices.

View in glossary

ads financial

"Comprehensive income per ADS (US dollars) | 3.0888 | | 3.6940 | | 19.6 | %"

Ads are paid promotional messages a company places across media — online, on TV, in print, or on social platforms — to attract customers, explain products, or shape public perception. For investors, ads matter because they drive sales growth, affect how much a company must spend to win customers, and influence brand strength and long-term value. Ads can also create regulatory or reputational risk if claims are misleading, which can affect profits and stock price.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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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

	Airline	Departure	Arrival	Opening date	Frequencies
	Volaris	Guadalajara	Mazatlan	March 29, 2026	3 weekly
	Aerus	Morelia	Santa Lucia	March 30, 2026	5 weekly
	Aerus	Morelia	Uruapan	March 30, 2026	5 weekly
	Note: Frequencies can vary without prior notice.
	International
	Airline	Departure	Arrival	Opening date	Frequencies
	Southwest	Puerto Vallarta	San Diego	March 5, 2026	1 daily
	Southwest	Los Cabos	Indianapolis	March 7, 2026	1 weekly
	Southwest	Montego Bay	Nashville	March 7, 2026	1 weekly
	Southwest	Puerto Vallarta	St. Louis	March 21, 2026	1 weekly
	Note: Frequencies can vary without prior notice.

Domestic Terminal Passengers – 14 airports (in thousands):

Airport	1Q25	1Q26	Change
Guadalajara	3,021.1	3,035.6	0.5	%
Tijuana*	2,057.5	1,968.5	(4.3	%)
Los Cabos	668.9	628.3	(6.1	%)
Puerto Vallarta	653.6	644.8	(1.4	%)
Montego Bay	0.0	0.0	N/A
Guanajuato	515.5	510.8	(0.9	%)
Hermosillo	508.7	480.6	(5.5	%)
Kingston	0.1	0.7	821.1	%
Morelia	186.1	192.8	3.6	%
La Paz	280.6	313.8	11.8	%
Mexicali	293.1	257.7	(12.1	%)
Aguascalientes	151.8	138.9	(8.5	%)
Los Mochis	165.0	163.3	(1.1	%)
Manzanillo	34.8	32.7	(5.9	%)
Total	8,536.9	8,368.5	(2.0	%)
International Terminal Passengers – 14 airports (in thousands):
Airport	1Q25	1Q26	Change
Guadalajara	1,507.0	1,492.1	(1.0	%)
Tijuana*	1,014.9	897.6	(11.6	%)
Los Cabos	1,382.9	1,372.7	(0.7	%)
Puerto Vallarta	1,472.5	1,278.9	(13.1	%)
Montego Bay	1,338.9	917.4	(31.5	%)
Guanajuato	263.1	257.8	(2.0	%)
Hermosillo	20.9	22.0	4.9	%
Kingston	428.0	414.8	(3.1	%)
Morelia	174.2	215.6	23.7	%
La Paz	8.7	12.6	44.5	%
Mexicali	1.8	1.8	3.2	%
Aguascalientes	73.7	77.3	4.9	%
Los Mochis	1.9	1.8	(3.1	%)
Manzanillo	43.9	36.3	(17.4	%)
Total	7,732.5	6,998.7	(9.5	%)
*CBX users are classified as international passengers.
Total Terminal Passengers – 14 airports (in thousands):
Airport	1Q25	1Q26	Change
Guadalajara	4,528.2	4,527.8	(0.0	%)
Tijuana*	3,072.3	2,866.1	(6.7	%)
Los Cabos	2,051.8	2,001.0	(2.5	%)
Puerto Vallarta	2,126.1	1,923.7	(9.5	%)
Montego Bay	1,338.9	917.4	(31.5	%)
Guanajuato	778.6	768.7	(1.3	%)
Hermosillo	529.6	502.5	(5.1	%)
Kingston	428.1	415.5	(2.9	%)
Morelia	360.3	408.3	13.3	%
La Paz	289.3	326.4	12.8	%
Mexicali	294.9	259.6	(12.0	%)
Aguascalientes	225.5	216.2	(4.1	%)
Los Mochis	166.9	165.1	(1.1	%)
Manzanillo	78.7	69.0	(12.3	%)
Total	16,269.3	15,367.2	(5.5	%)
	1,767.0	1,332.9	-24.6	%
	14,502.3	14,034.3	-3.2	%
*CBX users are classified as international passengers.
CBX Users (in thousands):
Airport	1Q25	1Q26	Change
Tijuana	998.2	886.3	(11.2	%)

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

		1Q25		1Q26		Change
	Revenues
	Aeronautical services	5,999,133		6,234,471		3.9	%
	Non-aeronautical services	2,393,875		2,539,478		6.1	%
	Improvements to concession assets (IFRIC-12)	2,662,175		2,595,679		(2.5	%)
	Total revenues	11,055,183		11,369,627		2.8	%
		8,393,008		8,773,948		4.5	%
	Operating costs
	Costs of services:	1,457,089		1,551,571		6.5	%
	Employee costs	613,362		684,224		11.6	%
	Maintenance	256,903		260,763		1.5	%
	Safety, security & insurance	215,207		233,405		8.5	%
	Utilities	125,231		125,013		(0.2	%)
	Business operated directly by us	87,336		89,528		2.5	%
	Other operating expenses	159,050		158,638		(0.3	%)
	Technical assistance fees	283,900		299,542		5.5	%
	Concession taxes	1,048,916		947,078		(9.7	%)
	Depreciation and amortization	932,575		932,957		0.0	%
	Cost of improvements to concession assets (IFRIC-12)	2,662,175		2,595,679		(2.5	%)
	Other (income)	(25,683	)	(13,071	)	(49.1	%)
	Total operating costs	6,358,972		6,313,756		(0.7	%)
	Income from operations	4,696,211		5,055,871		7.7	%
	Financial Result	(929,490	)	(723,258	)	(22.2	%)
	Income before income taxes	3,766,721		4,332,613		15.0	%
	Income taxes	(908,605	)	(1,020,605	)	12.3	%
	Net income	2,858,115		3,312,008		15.9	%
	Currency translation effect	(75,058	)	35,121		(146.8	%)
	Cash flow hedges, net of income tax	(776	)	-		(100.0	%)
	Remeasurements of employee benefit – net income tax	32,099		18,642		(41.9	%)
	Comprehensive income	2,814,380		3,365,771		19.6	%
	Non-controlling interest	(114,926	)	(138,515	)	20.5	%
	Comprehensive income attributable to controlling interest	2,699,454		3,227,255		19.6	%
		1Q25		1Q26		Change
	EBITDA	5,628,786		5,988,828		6.4	%
	Comprehensive income	2,814,380		3,365,771		19.6	%
	Comprehensive income per share (pesos)	5.5700		6.6612		19.6	%
	Comprehensive income per ADS (US dollars)	3.0888		3.6940		19.6	%
	Operating income margin	42.5	%	44.5	%	4.7	%
	Operating income margin (excluding IFRIC-12)	56.0	%	57.6	%	3.0	%
	EBITDA margin	50.9	%	52.7	%	3.5	%
	EBITDA margin (excluding IFRIC-12)	67.1	%	68.3	%	1.8	%
	Costs of services and improvements / total revenues	37.5	%	36.5	%	(2.8	%)
	Cost of services / total revenues (excluding IFRIC-12)	17.7	%	17.7	%	(0.0	%)

- 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%.
   

		1Q25	1Q26	Change
	Businesses operated by third parties:
	Food and beverage	342,580	351,294	2.5	%
	Car rental	205,297	212,573	3.5	%
	Duty-free	216,685	182,533	(15.8	%)
	Retail	191,173	183,349	(4.1	%)
	Leasing of space	116,904	104,286	(10.8	%)
	Timeshares	70,905	62,607	(11.7	%)
	Ground transportation	56,573	53,188	(6.0	%)
	Other commercial revenues	72,025	74,678	3.7	%
	Communications and financial services	31,390	30,083	(4.2	%)
	Total	1,303,532	1,254,591	(3.8	%)
	Businesses operated directly by us:
	Cargo operation and bonded warehouse	434,269	547,551	26.1	%
	Car parking	178,470	191,904	7.5	%
	Convenience stores	169,500	190,661	12.5	%
	VIP Lounges	168,016	162,301	(3.4	%)
	Advertising	34,840	39,695	13.9	%
	Hotel operation	37,441	47,319	26.4	%
	Access control services	-	39,332	100.0	%
	Total	1,022,536	1,218,763	19.2	%
	Recovery of costs	67,808	66,125	(2.5	%)
	Total Non-aeronautical Revenues	2,393,875	2,539,479	6.1	%

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):

Airport	1Q25	1Q26	Change
Guadalajara
Aeronautical services	1,589,087	1,771,988	11.5	%
Non-aeronautical services	360,536	388,724	7.8	%
Improvements to concession assets (IFRIC 12)	1,174,426	1,118,313	(4.8	%)
Total Revenues	3,124,049	3,279,025	5.0	%
Operating income	1,182,231	1,367,589	15.7	%
EBITDA	1,394,102	1,580,739	13.4	%
Tijuana
Aeronautical services	732,814	824,931	12.6	%
Non-aeronautical services	124,721	133,693	7.2	%
Improvements to concession assets (IFRIC 12)	386,094	453,866	17.6	%
Total Revenues	1,243,629	1,412,489	13.6	%
Operating income	406,403	485,379	19.4	%
EBITDA	532,938	613,262	15.1	%
Los Cabos
Aeronautical services	946,632	1,036,592	9.5	%
Non-aeronautical services	362,666	345,845	(4.6	%)
Improvements to concession assets (IFRIC 12)	205,863	212,863	3.4	%
Total Revenues	1,515,161	1,595,299	5.3	%
Operating income	838,814	884,871	5.5	%
EBITDA	935,852	990,037	5.8	%
Puerto Vallarta
Aeronautical services	988,172	997,927	1.0	%
Non-aeronautical services	187,583	189,339	0.9	%
Improvements to concession assets (IFRIC 12)	503,536	410,908	(18.4	%)
Total Revenues	1,679,291	1,598,175	(4.8	%)
Operating income	781,159	794,840	1.8	%
EBITDA	846,378	857,034	1.3	%
Montego Bay
Aeronautical services	585,365	347,867	(40.6	%)
Non-aeronautical services	244,588	178,341	(27.1	%)
Improvements to concession assets (IFRIC 12)	48,986	48,363	(1.3	%)
Total Revenues	878,940	574,571	(34.6	%)
Operating income	342,516	212,907	(37.8	%)
EBITDA	432,334	295,583	(31.6	%)

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

Airport	1Q25	1Q26	Change
Guanajuato
Aeronautical services	268,399	294,232	9.6	%
Non-aeronautical services	50,637	45,809	(9.5	%)
Improvements to concession assets (IFRIC 12)	130,222	73,383	(43.6	%)
Total Revenues	449,258	413,424	(8.0	%)
Operating income	199,152	210,205	5.6	%
EBITDA	225,070	241,286	7.2	%
Hermosillo
Aeronautical services	143,349	153,152	6.8	%
Non-aeronautical services	26,571	26,981	1.5	%
Improvements to concession assets (IFRIC 12)	17,224	5,657	(67.2	%)
Total Revenues	187,144	185,790	(0.7	%)
Operating income	78,353	84,981	8.5	%
EBITDA	104,683	110,580	5.6	%
Others (1)
Aeronautical services	745,314	807,780	8.4	%
Non-aeronautical services	118,544	111,955	(5.6	%)
Improvements to concession assets (IFRIC 12)	195,823	272,325	39.1	%
Total Revenues	1,059,681	1,192,060	12.5	%
Operating income	232,157	283,669	22.2	%
EBITDA	337,204	384,906	14.1	%
Total
Aeronautical services	5,999,132	6,234,470	3.9	%
Non-aeronautical services	1,475,845	1,420,686	(3.7	%)
Improvements to concession assets (IFRIC 12)	2,662,175	2,595,679	(2.5	%)
Total Revenues	10,137,151	10,250,835	1.1	%
Operating income	4,060,782	4,324,441	6.5	%
EBITDA	4,808,562	5,073,426	5.5	%

^{(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): 

		2025		2026		Change		%
	Assets
	Current assets
	Cash and cash equivalents	16,227,819		23,185,136		6,957,317		42.9	%
	Trade accounts receivable - Net	3,328,186		3,410,039		81,853		2.5	%
	Other current assets	1,196,602		1,227,344		30,742		2.6	%
	Total current assets	20,752,607		27,822,519		7,069,912		34.1	%
	Advanced payments to suppliers	926,353		3,094,180		2,167,827		234.0	%
	Machinery, equipment and improvements to leased buildings - Net	4,657,478		4,442,717		(214,761	)	(4.6	%)
	Improvements to concession assets - Net	25,186,205		30,148,259		4,962,054		19.7	%
	Construction in-progress	11,760,860		14,484,845		2,723,985		23.2	%
	Airport concessions - Net	9,515,482		8,642,096		(873,386	)	(9.2	%)
	Rights to use airport facilities - Net	979,700		929,550		(50,150	)	(5.1	%)
	Other acquired rights	2,005,950		1,730,620		(275,330	)	(13.7	%)
	Deferred income taxes - Net	8,361,180		9,011,049		649,869		7.8	%
	Other non-current assets	86,633		215,438		128,805		148.7	%
	Total assets	84,232,447		100,521,273		16,288,826		19.3	%
	Liabilities
	Current liabilities	12,333,203		18,607,185		6,273,982		50.9	%
	Long-term liabilities	44,463,118		53,712,376		9,249,258		20.8	%
	Total liabilities	56,796,322		72,319,562		15,523,240		27.3	%
	Stockholders' Equity
	Common stock	1,194,390		1,194,390		-		0.0	%
	Legal reserve	920,187		238,878		(681,309	)	(74.0	%)
	Retained earnings	19,705,850		21,873,663		2,167,813		11.0	%
	Reserve for share repurchase	2,500,000		2,500,000		-		0.0	%
	Foreign currency translation reserve	689,812		(145,739	)	(835,551	)	(121.1	%)
	Remeasurements of employee benefit – Net	40,382		36,524		(3,858	)	(9.6	%)
	Cash flow hedges- Net	(5,361	)	-		5,361		(100.0	%)
	Total controlling interest	25,045,260		25,697,716		652,456		2.6	%
	Non-controlling interest	2,390,866		2,503,995		113,129		4.7	%
	Total stockholder's equity	27,436,126		28,201,711		765,585		2.8	%
	Total liabilities and stockholders' equity	84,232,447		100,521,273		16,288,826		19.3	%

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):

		1Q25		1Q26		Change
	Cash flows from operating activities:
	Consolidated net income	2,858,116		3,312,008		15.9	%
	Postemployment benefit costs	14,161		20,508		44.8	%
	Allowance expected credit loss	25,392		21,402		(15.7	%)
	Depreciation and amortization	932,575		932,957		0.0	%
	Loss (gain) on sale of machinery, equipment and improvements to leased assets	1,989		(1,669	)	(183.9	%)
	Interest expense	1,247,253		1,020,739		(18.2	%)
	Provisions	(30,688	)	34,307		(211.8	%)
	Income tax expense	908,605		1,020,605		12.3	%
	Unrealized exchange loss	110,879		(122,546	)	(210.5	%)
		6,068,282		6,238,311		2.8	%
	Changes in working capital:
	(Increase) decrease in
	Trade accounts receivable	(656,044	)	69,230		(110.6	%)
	Recoverable tax on assets and other assets	81,639		63,015		(22.8	%)
	Increase (decrease)
	Concession taxes payable	33,274		224,240		573.9	%
	Accounts payable	71,452		2,110,894		2854.3	%
	Cash generated by operating activities	5,598,603		8,705,690		55.5	%
	Income taxes paid	(1,122,042	)	(1,133,849	)	1.1	%
	Net cash flows provided by operating activities	4,476,561		7,571,841		69.1	%
	Cash flows from investing activities:
	Machinery, equipment and improvements to concession assets	(1,706,642	)	(1,757,612	)	3.0	%
	Cash flows from sales of machinery and equipment	118		1,559		1221.2	%
	Other investment activities	13,822		(113,150	)	(918.6	%)
	Net cash used by investment activities	(1,692,702	)	(1,869,203	)	10.4	%
	Bond certificates issued	6,000,000		10,718,000		78.6	%
	Bond certificates paid	(4,500,000	)	(1,120,000	)	(75.1	%)
	Bank loans paid	-		(4,498,971	)	100.0	%
	Bank loans	-		3,378,971		100.0	%
	Interest paid on bank loans	(1,365,386	)	(1,361,703	)	(0.3	%)
	Interest paid on lease	(690	)	(2,778	)	302.6	%
	Payments of obligations for leasing	(16,332	)	(10,557	)	(35.4	%)
	Net cash flows used in financing activities	117,592		7,102,962		5940.3	%
	Effects of exchange rate changes on cash held	(139,660	)	(73,662	)	(47.3	%)
	Net increase (decrease) in cash and cash equivalents	2,761,791		12,731,938		361.0	%
	Cash and cash equivalents at beginning of the period	13,466,026		10,453,198		(22.4	%)
	Cash and cash equivalents at the end of the period	16,227,819		23,185,136		42.9	%

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

	Consolidated Results for the First Quarter of 2025 (thousands)
		1Q25		1Q26		Change
	Revenues
	Aeronautical services	5,999,133		6,234,471		3.9	%
	Non-aeronautical services	2,393,875		2,539,478		6.1	%
	Improvements to concession assets (IFRIC-12)	2,662,175		2,595,679		(2.5	%)
	Total revenues	11,055,183		11,369,627		2.8	%
	Operating costs
	Costs of services:	1,457,089		1,551,571		6.5	%
	Employee costs	613,362		684,224		11.6	%
	Maintenance	256,903		260,763		1.5	%
	Safety, security & insurance	215,207		233,405		8.5	%
	Utilities	125,231		125,013		(0.2	%)
	Business operated directly by us	87,336		89,528		2.5	%
	Other operating expenses	159,050		158,638		(0.3	%)
	Technical assistance fees	283,900		299,542		5.5	%
	Concession taxes	1,048,916		947,078		(9.7	%)
	Depreciation and amortization	932,575		932,957		0.0	%
	Cost of improvements to concession assets (IFRIC-12)	2,662,175		2,595,679		(2.5	%)
	Other (income)	(25,683	)	(13,071	)	(49.1	%)
	Total operating costs	6,358,972		6,313,756		(0.7	%)
	Income from operations	4,696,211		5,055,871		7.7	%
	Financial Result	(929,490	)	(723,258	)	(22.2	%)
	Income before income taxes	3,766,721		4,332,613		15.0	%
	Income taxes	(908,605	)	(1,020,605	)	12.3	%
	Net income	2,858,115		3,312,008		15.9	%
	Currency translation effect	(75,058	)	35,121		(146.8	%)
	Cash flow hedges, net of income tax	(776	)	-		(100.0	%)
	Remeasurements of employee benefit – net income tax	32,099		18,642		(41.9	%)
	Comprehensive income	2,814,380		3,365,771		19.6	%
	Non-controlling interest	(114,926	)	(138,515	)	20.5	%
	Comprehensive income attributable to controlling interest	2,699,454		3,227,255		19.6	%

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): 

		Common Stock	Legal Reserve	Reserve for Share Repurchase	Retained Earnings	Other comprehensive income		Total controlling interest		Non-controlling interest	Total Stockholders' Equity
	Balance as of January 1, 2025	1,194,390	920,187	2,500,000	16,957,723	773,499		22,345,799		2,275,940	24,621,739
	Comprehensive income:
	Net income	-	-	-	2,748,127	-		2,748,127		109,996	2,858,123
	Foreign currency translation reserve	-	-	-	-	(79,988	)	(79,988	)	4,930	(75,058	)
	Remeasurements of employee benefit – Net	-	-	-	-	32,099		32,099		-	32,099
	Reserve for cash flow hedges – Net of income tax	-	-	-	-	(776	)	(776	)	-	(776	)
	Balance as of March 31, 2025	1,194,390	920,187	2,500,000	19,705,850	724,834		25,045,258		2,390,866	27,436,125
	Balance as of January 1, 2026	1,194,390	238,878	2,500,000	18,695,331	(158,148	)	22,470,451		2,365,480	24,835,931
	Comprehensive income:
	Net income	-	-	-	3,178,332	-		3,178,332		133,685	3,312,017
	Foreign currency translation reserve	-	-	-	-	30,291		30,291		4,830	35,121
	Remeasurements of employee benefit – Net	-	-	-	-	18,642		18,642		-	18,642
	Balance as of March 31, 2026	1,194,390	238,878	2,500,000	21,873,663	(109,215	)	25,697,716		2,503,995	28,201,711

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: 

Other data (thousands)
	1Q25	1Q26	Change
Total passengers	16,269.6	15,367.2	(5.5	%)
Total cargo volume (in WLUs)	650.7	703.8	8.2	%
Total WLUs	16,920.2	16,071.0	(5.0	%)
Aeronautical & non aeronautical services per passenger (pesos)	515.9	571.0	10.7	%
Aeronautical services per WLU (pesos)	354.6	387.9	9.4	%
Non aeronautical services per passenger (pesos)	147.1	165.3	12.3	%
Cost of services per WLU (pesos)	87.8	96.5	10.0	%

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

FAQ

What were GAP (PAC) revenues and comprehensive income in 1Q26?

GAP reported total revenues of Ps.11,369.6m and comprehensive income of Ps.3,365.8m. According to the company, revenues rose 2.8% year-over-year while comprehensive income increased 19.6% versus 1Q25.

Why did GAP (PAC) issue Ps.10,718.0m in bonds in 1Q26?

GAP issued Ps.10,718.0m in bond certificates to acquire a 25% stake in CBX and fund capital expenditures. According to the company, proceeds will finance the CBX stake and the 2025–2029 Master Development Program.

How did passenger traffic affect GAP (PAC) results in 1Q26?

Total passengers at GAP airports fell 5.5% year-over-year, weighing on international revenues. According to the company, Jamaica was particularly affected after Hurricane Melissa, with Montego Bay down 31.5%.

What was GAP’s cash position and financing activity as of March 31, 2026?

GAP reported Ps.23,185.1m in cash and equivalents and refinanced key loans. According to the company, it refinanced USD$95.5m loans with The Bank of Nova Scotia and BBVA and repaid Ps.1,120.0m of bonds.

How did Mexican and Jamaican revenues differ for GAP (PAC) in 1Q26?

Mexican airports increased aeronautical revenues by Ps.472.9m (9.3%), while Jamaican revenues fell Ps.237.6m (26.2%). According to the company, peso appreciation and Hurricane Melissa affected Jamaican results and translation.

What near-term operational disruptions did GAP (PAC) report impacting traffic?

GAP noted temporary mobility disruptions in Jalisco in February 2026 and Hurricane Melissa impacts in Jamaica reduced hotel capacity. According to the company, these events contributed to weaker March 2026 traffic at Guadalajara, Puerto Vallarta, and Jamaican airports.