Grupo Aeroportuario Del Pacifico (NYSE:PAC) reported higher third-quarter 2026 revenue and profitability despite a year-over-year decline in passenger traffic, as the airport operator benefited from the consolidation of Cross Border Xpress, internalized technical-assistance services and growth in directly operated businesses.
Chief Executive Officer Raúl Revuelta said the company’s 14 airports handled about 18.4 million passengers during the quarter, down 1.4% from a year earlier. The decline improved from the 5.6% drop recorded in the second quarter, though Revuelta said the company does not yet view the trend as evidence of a broad recovery across its markets.
Revenue excluding construction services increased 13.2%, while EBITDA rose 19.2% to MXN 6.1 billion. EBITDA margin, excluding IFRIC 12 effects, expanded 350 basis points to 67.8%.
“We are not assuming that recovery will be uniform or immediate,” Revuelta said, citing uneven international leisure demand and differing recovery speeds among destinations.
Traffic trends vary across airports
Domestic passenger traffic increased 0.6% in the third quarter, while international traffic fell 4.5%. Guadalajara remained the company’s principal growth driver, with total traffic up 8% and international passengers rising 13.1%. Revuelta attributed Guadalajara’s performance to its mix of visiting-friends-and-relatives, business and leisure travel.
Tijuana traffic slipped 0.5%, but users of the Cross Border Xpress, or CBX, facility rose 8.4% to about 1 million. The CBX capture rate, measuring the share of relevant passengers using the facility, increased to 32.4% from 29.7% a year earlier.
Leisure-oriented airports remained under pressure. Passenger traffic declined 11% at Puerto Vallarta and 6.8% at Los Cabos. International traffic at Puerto Vallarta fell 24.8%, which Revuelta said reflected security concerns following events in Jalisco in February. Montego Bay passenger traffic declined 23% as the Jamaican market continued to recover after a hurricane, with hotel reopening and airline connectivity affecting the pace of normalization.
For the fourth quarter, management expects Jamaica to benefit from a substantial return of airline seats and easier comparisons beginning in late October. Revuelta also pointed to increased seat offerings for Puerto Vallarta and Los Cabos following Thanksgiving, as well as recently launched Volaris routes from Guadalajara to Washington and Nashville.
The company maintained its 2026 passenger-traffic guidance of a decline of 3% to flat growth. Revuelta said reaching that range will require a meaningful improvement in fourth-quarter traffic. Looking to 2027, he said the company’s initial view was for mid-single-digit traffic growth, while cautioning that airlines were still placing some capacity on sale.
CBX and directly operated businesses lift revenue
Aeronautical-services revenue increased 2.6% from the prior-year quarter. Revenue at Mexican airports rose 5.3%, helped by the gradual implementation of maximum tariffs approved for the 2025-2029 regulatory period. That growth was partly offset by a 7.5% appreciation of the Mexican peso against the U.S. dollar, which affected dollar-denominated international passenger charges.
In Jamaica, aeronautical revenue declined 12.7% due to lower passenger traffic and the stronger peso’s translation effect.
Non-aeronautical revenue rose 37%, supported primarily by CBX consolidation and directly operated business lines. Excluding CBX, directly operated-business revenue increased about 13.7%. Cargo operations and the bonded-warehouse business generated approximately MXN 674 million in quarterly revenue, up 20.7%.
- Advertising revenue increased 18.2%.
- Convenience-store revenue rose 11.6%.
- VIP-lounge revenue increased 5.6%.
- Duty-free revenue declined 12.3%, reflecting weaker international traffic and foreign-exchange effects.
CBX generated MXN 775 million in third-quarter revenue and MXN 558 million in EBITDA. Average revenue per passenger reached $43, compared with $42.80 in the second quarter. Revuelta said the company is evaluating seasonal pricing strategies, commercial development and a new food-and-beverage area expected to be operational by the end of next year.
Management expects CBX’s long-term EBITDA margin to be about 72% to 73%, compared with a margin near 70% in the first nine months of 2026. Revuelta said integration synergies are beginning to materialize and should be fully implemented over the next 24 months.
Capital program and tariff plans
Excluding IFRIC 12, operating expenses rose 3.8% year over year. Costs of service increased 12.6%, excluding CBX operations, as personnel, maintenance and security expenses increased. The company said those costs were partially offset by lower technical-assistance fees following the internalization of those services, as well as lower concession fees in Jamaica.
Higher financial expenses associated with the investment program and CBX transaction partly offset the stronger operating performance at the net-income level, according to management.
GAP invested MXN 8.6 billion during the first nine months of 2026 on its Mexican Master Development Programs and Jamaican capital-development plans. Revuelta said the current 2025-2029 cycle is the largest infrastructure expansion program under the company’s concession framework, including projects at Guadalajara, Puerto Vallarta and Tijuana.
Management said it retains flexibility over discretionary projects, such as new commercial services or hotels, but does not currently expect to alter committed Mexican Master Development Program investments. Revuelta said the next master plan could require roughly 50% to 60% of the current program’s investment level, as the existing plan significantly expands terminal capacity.
The company expects to implement its next Mexican tariff increase during the first week of January, with a blended increase of about 7%. Management expects that to bring tariff fulfillment to roughly 95% of the approved maximum level, subject in part to peso exchange-rate movements.
GAP also said it intends to distribute the MXN 20.80-per-share cash dividend approved at its April 2026 annual shareholders meeting once it completes an update of its outstanding share count with its bank. Separately, management expects the establishment transaction for FIBRA GAP, which it described as part of its long-term capital strategy, to be completed during November, subject to applicable processes and conditions.
About Grupo Aeroportuario Del Pacifico (NYSE:PAC)
Grupo Aeroportuario del Pacífico, SAB. de C.V. (NYSE: PAC), commonly known as GAP, develops, operates and maintains airport facilities under long-term concessions. Its business includes passenger and aircraft services, airport infrastructure, commercial areas, parking and other complementary services that support travelers, airlines and cargo operators.
GAP operates 12 airports in Mexico, including those serving Guadalajara, Tijuana, Puerto Vallarta, Los Cabos, Guanajuato, Hermosillo, La Paz, Mexicali, Morelia, Aguascalientes, Manzanillo and Los Mochis.
