Mexico · Delayed Price · Currency is MXN Grupo Aeroportuario del Pacífico Earnings Call Transcripts
Fiscal Year 2026
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Revenue and EBITDA grew despite a 5.5% drop in passenger traffic, driven by strong non-aeronautical and cargo performance. Guidance for 2026 remains unchanged, with recovery expected by Q4 and major investments focused on CBX and CapEx.
Fiscal Year 2025
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Q4 2025 saw a slight decline in passenger traffic but double-digit revenue growth, with strong commercial performance in Mexico offsetting hurricane-related declines in Jamaica. 2026 guidance anticipates moderate growth, with a focus on integrating CBX and continued CapEx for expansion.
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The integration of CBX and internalization of the technical assistance agreement will diversify revenue, simplify ownership, and deliver immediate free cash flow accretion. The transaction increases U.S. dollar revenues, unlocks cost synergies, and positions the company for long-term growth.
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Revenue and EBITDA grew strongly in Q3 2025, driven by robust domestic demand and new commercial initiatives, despite international traffic headwinds. Major investments and new routes are set to support future growth, with tariff increases planned for 2026.
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Revenue, EBITDA, and net income grew strongly in Q2 2025, driven by higher passenger traffic and new routes. Non-aeronautical revenues surged, and the balance sheet remains healthy. Guidance is maintained, with cautious optimism amid U.S. policy uncertainties.
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Q1 2025 saw 26% revenue growth and 21% EBITDA growth, with margins stabilizing at 67% due to higher concession fees and business mix. Guidance remains intact, CapEx is on track, and new route expansion and commercial growth are expected to drive future performance.
Fiscal Year 2024
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Q3 saw a 5.7% drop in passenger traffic due to engine inspections, but total revenue rose 6% year-over-year, driven by a 39% surge in non-aeronautical income. Major CapEx plans and gradual tariff hikes are set, with 2025 traffic expected to grow 5%.
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Passenger traffic declined 3.9% year-over-year due to ongoing engine inspections, but commercial revenues grew nearly 11% and new routes were added. EBITDA fell 8.3% on higher costs, while the GWTC acquisition and new commercial spaces are expected to drive growth in H2 and beyond.