Mexico · Delayed Price · Currency is MXN Grupo Aeroportuario del Pacífico Earnings Call Transcripts
Fiscal Year 2026
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Passenger traffic fell 5.6% year-over-year, but revenue and EBITDA grew due to diversification and CBX consolidation. 2026 guidance anticipates flat to -3% traffic, strong non-aeronautical growth, and continued investment, with risks from macroeconomic and security factors.
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FIBRA GAP is launched to fund Mexican airport infrastructure, giving investors access to resilient, high-growth assets with strong governance and stable cash flows. GAP retains operational control, incurs no major new costs, and optimizes capital structure. Proceeds are dedicated to CapEx under the Master Development Plan.
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Revenue and EBITDA grew despite a 5.5% drop in passenger traffic, driven by strong Mexican operations and cargo growth. Guidance for 2026 remains at 2%-6% traffic growth, with recovery expected in summer 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 deal brings high-margin, dollarized assets, significant cost savings, and strategic growth opportunities, with strong shareholder alignment and governance.
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Q3 2025 saw 17.4% revenue growth and 12.8% EBITDA growth, driven by strong domestic demand and expansion of directly operated businesses, despite international traffic headwinds and higher costs. Guidance for margins and tariff increases remains on track.
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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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Revenue grew 26% year-over-year in Q1 2025, with strong gains in both aeronautical and non-aeronautical segments. EBITDA margin declined to 67.1% due to higher concession fees, but financial health remains robust. Management is confident in full-year guidance and continues to invest in infrastructure and network expansion.
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% as costs rose, but guidance was revised upward for non-aeronautical revenue and GWTC integration.