Grupo Aeroportuario del Pacífico reported higher profitability for 1Q26 despite softer traffic. Total revenues rose to Ps.11,369.6 million, up 2.8% year over year, as aeronautical and non-aeronautical revenues together increased 4.5%.
EBITDA grew 6.4% to Ps.5,988.8 million, with the EBITDA margin (excluding IFRIC-12) improving from 67.1% to 68.3%. Net income increased 15.9% to Ps.3,312.0 million, while comprehensive income climbed 19.6% to Ps.3,365.8 million, supported by better financial results and currency effects.
Total passengers across the 14 airports fell 5.5%, pressured by a 31.5% decline at Montego Bay due to Hurricane Melissa and security-related disruptions in Jalisco. The company issued bond certificates totaling Ps.10,718.0 million and ended the quarter with Ps.23,185.1 million in cash and cash equivalents.
Grupo Aeroportuario del Pacífico filed its 2025 annual report for the year ended December 31, 2025 with Mexican regulators, local exchanges and submitted its Form 20-F to the U.S. Securities and Exchange Commission. These documents are available on the BMV, BIVA, SEC and the company’s investor relations website.
Shareholders can request free hard copies of the reports, including audited consolidated financial statements, through the investor relations team. The company also highlights its whistleblower program, which allows anonymous and confidential reporting of suspected criminal conduct or violations.
Grupo Aeroportuario del Pacífico reports solid 2025 growth in its Form 20-F. Total revenues reached Ps.41,408,540 thousand, driven by aeronautical services of Ps.22,821,817 thousand and non-aeronautical services of Ps.9,704,090 thousand, plus IFRIC 12 construction revenue.
Income from operations was Ps.17,580,115 thousand and net profit reached Ps.10,000,609 thousand, equal to basic and diluted EPS of Ps.18.9305 per share and Ps.189.3053 per ADS. Operating cash flow was Ps.18,249,740 thousand, supporting 2025 dividends of Ps.16.8400 per share.
Total assets rose to Ps.88,140,275 thousand, with total liabilities of Ps.63,304,344 thousand and consolidated bank loans and debt securities of approximately Ps.53.0 billion. The group handled 63,686 thousand terminal passengers in 2025, while disclosing extensive risk factors around regulation, fuel prices, tariffs, leverage and a pending business combination involving CBX and internalization of technical assistance services.
Grupo Aeroportuario del Pacífico reports that total terminal passenger traffic for March 2026 fell 8.9% year over year to 5.237 million passengers. The 12 Mexican airports saw a 7.6% decline, with Puerto Vallarta, Tijuana, Los Cabos and Guadalajara down 24.4%, 8.7%, 6.9% and 2.3%, respectively.
In Jamaica, Kingston traffic rose 1.0%, while Montego Bay dropped 25.7%, impacted by disruptions from Hurricane Melissa. For the first quarter of 2026, total passengers across all airports decreased 5.5% to 15.367 million. Available seats declined 4.5% and the system-wide load factor fell from 81.5% to 75.5%.
Grupo Aeroportuario del Pacífico completed a long-term bond issuance in the Mexican market totaling Ps. 10,718.0 million, split into two tranches and reportedly 1.74 times oversubscribed. This adds significant peso-denominated debt funding to support its growth plans.
The first tranche, “GAP 26”, issued 27.67 million securities for Ps. 2,767.0 million, maturing in March 2029 with interest every 28 days at a variable rate of the TIIE funding rate plus 45 basis points. The second tranche, “GAP 26-2”, issued 79.51 million securities for Ps. 7,951.0 million, maturing in March 2036 with a fixed rate of 9.87% and semiannual interest.
Both tranches received top national-scale credit ratings of “Aaa.mx” from Moody’s and “mxAAA” from S&P. The company plans to use the proceeds primarily to finance the acquisition of a 25% stake in Cross Border Xpress (CBX) and to fund capital expenditures under its 2025–2029 Master Development Program.
Pacific Airport Group filed an initial insider ownership report for Simon Carrasco Mar, who serves as Director of Business Development. This Form 3 does not report any buy, sell, or other share transactions; it simply establishes his status as an officer subject to insider reporting rules.
Grupo Aeroportuario del Pacífico (GAP) reports that the Key Performance Indicator tied to its sustainability-linked bonds “GAP 22L,” “GAP 23L,” “GAP 23-2L,” “GAP 24L,” and “GAP 24-2L” has received independent limited assurance.
KPMG Cárdenas Dosal, S.C., applying ISAE 3000 (Revised), issued a limited assurance report over GAP’s KPI of a 25% reduction in absolute Scope 1 and Scope 2 greenhouse gas emissions (CO2, CH4, NOx) across all operations in Mexico and Jamaica as of December 31, 2025 versus a 2019 baseline, using emissions inventory assurance from Ruby Canyon. KPMG concluded that nothing came to its attention to indicate this KPI was not achieved in all material respects under the Sustainability-Linked Financing Frameworks.
Grupo Aeroportuario del Pacífico refinanced a bank loan of USD$95.5 million with BBVA México, replacing a facility that matured on the same date. The new loan runs for six months, with an option to extend for another six months, and monthly interest at a variable rate of SOFR plus 40 basis points.
The financing includes a 10-basis-point structuring fee and an additional 10-basis-point fee if the extension option is used, with principal due at maturity. GAP continues to operate 12 airports in Mexico’s Pacific region and two major international airports in Jamaica.
Pacific Airport Group filed an initial insider ownership report for Martinez Mira Juan Francisco, who serves as Dir. Sustainability, Q&I, IT. This Form 3 does not list any transactions or derivative positions, indicating it is a baseline disclosure of insider status rather than a trading event.
Pacific Airport Group director Gallardo Thurlow Juan Ignacio filed an initial Form 3 reporting existing holdings in Series B and Series BB shares. The filing shows indirect ownership of Series BB shares that are convertible into 75,791,619 Series B shares through Aeropuertos Mexicanos del Pacifico (AMP), as well as 21,628,281 Series B shares indirectly via AMP, 602,731 Series B shares held directly, and 140,007 Series B shares held indirectly through Equipos del Aigua. The director may be deemed to beneficially own AMP-held securities through control of PAL Aeropuertos but expressly disclaims beneficial ownership except to the extent of pecuniary interest.