GUADALAJARA, Mexico, Oct. 19, 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 third quarter ended September 30, 2026 (3Q26). The results presented in this report include the effects of the business combination effective May 1, 2026. The figures are unaudited and have been prepared following International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB").
Summary of Results 3Q26 vs. 3Q25
-- The sum of aeronautical and non-aeronautical services revenues increased
by Ps. 1,041.6 million, or 13.2%. Total revenues increased by Ps. 2,091.2
million, or 21.8%. Excluding the impact of the incorporation of Cross
Border Xpress ("CBX") operations, aeronautical and non-aeronautical
services revenues would have increased by Ps. 266.1 million, or 3.4%,
while total revenues would have increased by Ps. 1,315.7 million, or
13.7%.
-- Cost of services increased by Ps. 409.2 million, or 26.8%. Excluding the
impact of the incorporation of CBX operations, the cost of services would
have increased by Ps. 192.5 million, or 12.6%.
-- Income from operations increased by Ps. 897.7 million, or 21.6%.
Excluding the contribution from CBX operations, operating income would
have increased by Ps. 382.4 million, or 9.2%.
-- EBITDA increased by Ps. 979.0 million, or 19.2%, an increase from Ps.
5,085.6 million in 3Q25 to Ps. 6,064.6 million in 3Q26. EBITDA margin
(excluding the effects of IFRIC-12) went from 64.3% in 3Q25 to 67.8% in
3Q26.
-- Comprehensive income increased by Ps. 807.3 million, or 32.8%, from an
income of Ps. 2,457.8 million in 3Q25 to an income of Ps. 3,265.1 million
in 3Q26.
Business Combination:
As of May 1, 2026, GAP's consolidated results reflect the effects of the business combination, which included the integration of CBX operations and the internalization of technical assistance and technology transfer services. This transaction was approved by the Shareholders' Meeting held on December 11, 2025, and formalized through the execution of the merger agreement signed on April 30, 2026.
The Company is currently in the process of determining the fair values of the assets acquired and liabilities assumed as a result of the business combination. Accordingly, the amounts related to this transaction presented in the consolidated financial statements included in this report are preliminary and subject to adjustment.
Passenger Traffic
During 3Q26, the 14 airports operated by GAP recorded a decrease of 222.0 thousand total passengers, representing a 1.4% decrease compared to 3Q25.
During this period, the following new routes were inaugurated:
Domestic Airline Departure Arrival Opening date Frequencies Viva Manzanillo Santa Lucía July 2, 2026 3 weekly -------- ---------- ---------------- ------------- ----------- Mexicana Hermosillo Santa Lucía July 20, 2026 6 weekly -------- ---------- ---------------- ------------- ----------- Mexicana Guanajuato Santa Lucía July 20, 2026 6 weekly -------- ---------- ---------------- ------------- -----------
(Note: Frequencies can vary without prior notice.)
International Airline Departure Arrival Opening date Frequencies Liat Air Montego Bay Guadeloupe July 19, 2026 2 weekly -------- ----------- ---------- ------------- -----------
(Note: Frequencies can vary without prior notice.)
Domestic Terminal Passengers -- 14 airports (in thousands):
Airport 3Q25 3Q26 Change 9M25 9M26 Change
Guadalajara 3,183.1 3,361.4 5.6% 9,295.2 9,583.0 3.1%
------- ------- -------- -------- -------- --------
Tijuana* 2,237.3 2,145.6 (4.1%) 6,434.0 6,087.8 (5.4%)
------- ------- -------- -------- -------- --------
Los Cabos 762.1 793.9 4.2% 2,170.7 2,145.5 (1.2%)
------- ------- -------- -------- -------- --------
Puerto Vallarta 870.7 843.6 (3.1%) 2,354.6 2,267.6 (3.7%)
------- ------- -------- -------- -------- --------
Montego Bay 0.0 0.0 (100.0%) 0.0 0.0 (100.0%)
------- ------- -------- -------- -------- --------
Guanajuato 575.9 573.3 (0.5%) 1,668.3 1,617.9 (3.0%)
------- ------- -------- -------- -------- --------
Hermosillo 537.1 516.8 (3.8%) 1,591.3 1,494.6 (6.1%)
------- ------- -------- -------- -------- --------
Kingston 0.8 0.4 (48.2%) 1.0 1.3 27.9%
------- ------- -------- -------- -------- --------
Morelia 208.5 191.6 (8.1%) 567.7 556.3 (2.0%)
------- ------- -------- -------- -------- --------
La Paz 347.2 372.7 7.4% 955.9 1,044.1 9.2%
------- ------- -------- -------- -------- --------
Mexicali 330.4 284.1 (14.0%) 929.2 808.4 (13.0%)
------- ------- -------- -------- -------- --------
Aguascalientes 164.0 188.0 14.6% 483.2 487.7 0.9%
------- ------- -------- -------- -------- --------
Los Mochis 178.5 177.9 (0.3%) 522.9 516.7 (1.2%)
------- ------- -------- -------- -------- --------
Manzanillo 31.5 37.3 18.5% 97.6 98.6 1.0%
------- ------- -------- -------- -------- --------
Total 9,427.1 9,486.7 0.6% 27,071.6 26,709.5 (1.3%)
International Terminal Passengers -- 14 airports (in
thousands):
3Q25 3Q26 Change 9M25 9M26 Change
Guadalajara 1,502.0 1,698.8 13.1% 4,396.2 4,689.8 6.7%
------- ------- ------- -------- -------- -------
Tijuana* 974.6 1,049.1 7.7% 3,041.2 2,896.8 (4.7%)
------- ------- ------- -------- -------- -------
Los Cabos 893.2 748.7 (16.2%) 3,500.5 3,205.7 (8.4%)
------- ------- ------- -------- -------- -------
Puerto Vallarta 498.3 374.6 (24.8%) 2,819.9 2,272.6 (19.4%)
------- ------- ------- -------- -------- -------
Montego Bay 1,243.6 957.7 (23.0%) 3,847.2 2,866.9 (25.5%)
------- ------- ------- -------- -------- -------
Guanajuato 266.4 261.2 (1.9%) 782.1 741.2 (5.2%)
------- ------- ------- -------- -------- -------
Hermosillo 19.1 21.1 10.1% 59.3 64.4 8.6%
------- ------- ------- -------- -------- -------
Kingston 528.2 534.6 1.2% 1,409.7 1,384.8 (1.8%)
------- ------- ------- -------- -------- -------
Morelia 195.7 196.8 0.6% 525.7 604.2 14.9%
------- ------- ------- -------- -------- -------
La Paz 7.9 8.7 9.8% 25.5 34.0 33.5%
------- ------- ------- -------- -------- -------
Mexicali 1.9 2.1 6.5% 5.5 5.8 4.0%
------- ------- ------- -------- -------- -------
Aguascalientes 89.5 85.9 (4.1%) 245.7 248.1 1.0%
------- ------- ------- -------- -------- -------
Los Mochis 2.2 2.8 27.2% 6.1 6.7 11.5%
------- ------- ------- -------- -------- -------
Manzanillo 10.2 9.1 (11.0%) 72.4 62.1 (14.2%)
------- ------- ------- -------- -------- -------
Total 6,232.7 5,951.1 (4.5%) 20,736.9 19,083.0 (8.0%)
(*CBX users are classified as international passengers.)
Total Terminal Passengers -- 14 airports (in thousands):
Airport 3Q25 3Q26 Change 9M25 9M26 Change
Guadalajara 4,685.1 5,060.2 8.0% 13,691.4 14,272.9 4.2%
-------- -------- ------- -------- -------- -------
Tijuana* 3,211.9 3,194.8 (0.5%) 9,475.2 8,984.6 (5.2%)
-------- -------- ------- -------- -------- -------
Los Cabos 1,655.3 1,542.6 (6.8%) 5,671.1 5,351.2 (5.6%)
-------- -------- ------- -------- -------- -------
Puerto Vallarta 1,369.0 1,218.3 (11.0%) 5,174.5 4,540.2 (12.3%)
-------- -------- ------- -------- -------- -------
Montego Bay 1,243.6 957.7 (23.0%) 3,847.2 2,866.9 (25.5%)
-------- -------- ------- -------- -------- -------
Guanajuato 842.3 834.5 (0.9%) 2,450.4 2,359.1 (3.7%)
-------- -------- ------- -------- -------- -------
Hermosillo 556.2 537.9 (3.3%) 1,650.5 1,559.0 (5.5%)
-------- -------- ------- -------- -------- -------
Kingston 529.1 535.0 1.1% 1,410.7 1,386.0 (1.8%)
-------- -------- ------- -------- -------- -------
Morelia 404.2 388.4 (3.9%) 1,093.4 1,160.5 6.1%
-------- -------- ------- -------- -------- -------
La Paz 355.1 381.4 7.4% 981.4 1,078.2 9.9%
-------- -------- ------- -------- -------- -------
Mexicali 332.3 286.1 (13.9%) 934.7 814.1 (12.9%)
-------- -------- ------- -------- -------- -------
Aguascalientes 253.6 273.9 8.0% 728.9 735.8 1.0%
-------- -------- ------- -------- -------- -------
Los Mochis 180.7 180.7 (0.0%) 529.0 523.5 (1.0%)
-------- -------- ------- -------- -------- -------
Manzanillo 41.6 46.3 11.3% 170.0 160.7 (5.4%)
-------- -------- ------- -------- -------- -------
Total 15,659.8 15,437.8 (1.4%) 47,808.5 45,792.6 (4.2%)
(*CBX users are classified as international passengers.)
CBX Users (in thousands):
Airport 3Q25 3Q26 Change 9M25 9M26 Change
Tijuana 954.4 1,034.3 8.4% 2,984.0 2,856.4 (4.3%)
----- ------- ------ ------- ------- ------
Consolidated Results for the Third Quarter (in thousands
of pesos):
3Q25 3Q26 Change
Revenues
--------- ----------- --------
Aeronautical services 5,474,043 5,616,003 2.6%
--------- ----------- --------
Non-aeronautical services 2,431,480 3,331,087 37.0%
--------- ----------- --------
Improvements to concession assets
(IFRIC-12) 1,671,060 2,720,728 62.8%
--------- ----------- --------
Total revenues 9,576,583 11,667,818 21.8%
--------- ----------- --------
Operating costs
--------- ----------- --------
Costs of services: 1,525,550 1,934,789 26.8%
--------- ----------- --------
Employee costs 633,119 714,248 12.8%
--------- ----------- --------
Maintenance 307,625 358,304 16.5%
--------- ----------- --------
Safety, security & insurance 243,706 280,581 15.1%
--------- ----------- --------
Utilities 174,887 171,364 (2.0%)
--------- ----------- --------
Professional services 43,383 52,052 20.0%
--------- ----------- --------
Business operated directly by us 84,697 87,614 3.4%
--------- ----------- --------
Other operating expenses 38,133 169,927 345.6%
--------- ----------- --------
CBX operating expenses - 100,699 100.0%
--------- ----------- --------
Technical assistance fees 226,322 43,001 (81.0%)
--------- ----------- --------
Concession taxes 1,075,399 926,781 (13.8%)
--------- ----------- --------
Depreciation and amortization 935,683 1,016,905 8.7%
--------- ----------- --------
Cost of improvements to concession assets
(IFRIC-12) 1,671,060 2,720,728 62.8%
--------- ----------- --------
Other (income) (7,397) (22,067) 198.3%
--------- ----------- --------
Total operating costs 5,426,617 6,620,137 22.0%
--------- ----------- --------
Income from operations 4,149,966 5,047,681 21.6%
--------- ----------- --------
Financial Result (661,828) (1,043,083) 57.6%
--------- ----------- --------
Income before income taxes 3,488,138 4,004,598 14.8%
--------- ----------- --------
Income taxes (792,158) (1,090,497) 37.7%
--------- ----------- --------
Net income 2,695,980 2,914,101 8.1%
--------- ----------- --------
Currency translation effect (231,955) 352,888 (252.1%)
--------- ----------- --------
Cash flow hedges, net of income tax 2,692 - (100.0%)
--------- ----------- --------
Remeasurements of employee benefit -- net
income tax (8,929) (1,869) (79.1%)
--------- ----------- --------
Comprehensive income 2,457,788 3,265,120 32.8%
--------- ----------- --------
Non-controlling interest (96,975) (163,201) 68.3%
--------- ----------- --------
Comprehensive income attributable to
controlling interest 2,360,813 3,101,919 31.4%
--------- ----------- --------
3Q25 3Q26 Change
EBITDA 5,085,649 6,064,586 19.2%
--------- ----------- --------
Comprehensive income 2,457,788 3,265,120 30.9%
--------- ----------- --------
Comprehensive income per share (pesos) 4.8642 5.4874 12.8%
--------- ----------- --------
Comprehensive income per ADS (US dollars) 2.6932 3.0383 12.8%
--------- ----------- --------
Operating income margin 43.3% 43.3% (0.2%)
--------- ----------- --------
Operating income margin (excluding IFRIC-12) 52.5% 56.4% 7.5%
--------- ----------- --------
EBITDA margin 53.1% 52.0% (2.1%)
--------- ----------- --------
EBITDA margin (excluding IFRIC-12) 64.3% 67.8% 5.4%
--------- ----------- --------
Costs of services and improvements / total
revenues 34.5% 39.9% 15.5%
--------- ----------- --------
Cost of services / total revenues (excluding
IFRIC-12) 20.7% 21.6% 4.4%
--------- ----------- --------
- Net income and comprehensive income per share for 3Q26 and 3Q25 were calculated based on 595,018,195 shares outstanding as of September 30, 2026, and 505,277,464 as of September 30, 2025, respectively. Figures in U.S. dollar were converted from pesos using an exchange rate of Ps. 18.0609 per U.S. dollar, as published by the U.S. Federal Reserve Board (noon buying rate) on September 30, 2026.
- For consolidating the Jamaican airports and CBX, an average exchange rate of Ps. 17.2497 per U.S. dollar was used, corresponding to the three-month period ended September 30, 2026.
Revenues (3Q26 vs. 3Q25)
-- Aeronautical services revenues increased by Ps. 142.0 million, or 2.6%.
-- Non-aeronautical services revenues increased by Ps. 899.6 million, or
37.0%.
-- Revenues from improvements to concession assets increased by Ps. 1,049.6
million, or 62.8%.
-- Total revenues increased by Ps. 2,091.2 million, or 21.8%.
The change in aeronautical services revenues was primarily due to the following factors:
1. Revenues from the Mexican airports increased by Ps. 247.7 million, or
5.3%, compared to 3Q25, primarily driven by the gradual implementation of
the maximum tariffs approved for the 2025--2029 regulatory period and an
increase in passenger traffic of 0.4%. This growth was partially offset
by the 7.5% appreciation of the Mexican peso against the U.S. dollar,
which negatively impacted revenues from international tariffs denominated
in U.S. dollars.
2. Revenues from the Jamaican airports decreased by Ps. 105.7 million, or
12.7%, compared to 3Q25, mainly due to a 15.8% decrease in passenger
traffic during the quarter. In addition, the appreciation of the Mexican
peso against the U.S. dollar negatively affected the translation of
revenues.
The change in non-aeronautical services revenues was primarily driven by the following factors:
1. Revenues from the Mexican airports increased by Ps. 163.2 million, or
7.6%, compared to 3Q25. Revenues from businesses operated directly by us
increased by Ps. 164.0 million, or 14.2%, while revenues from businesses
operated by third parties decreased by Ps. 0.8 million, or 1.4%.
2. Revenues from the Jamaican airports decreased by Ps. 39.1 million, or
13.2%, compared to 3Q25, primarily due to the decline in passenger
traffic and the peso appreciation against the U.S. dollar during 3Q26.
3. Revenues generated by CBX amounted to Ps. 775.5 million, equivalent to
US$44.6 million. During this period, a total of 1,034,274 passengers used
the facilities in both directions, representing an average revenue of
US$43.1 per user.
Non-aeronautical revenues for the Third Quarter (in
thousands of pesos):
3Q25 3Q26 Change
Businesses operated by third parties:
--------- --------- -------
Food and beverage 321,111 318,723 (0.7%)
--------- --------- -------
Car rental 216,384 206,567 (4.5%)
--------- --------- -------
Retail 182,824 181,566 (0.7%)
--------- --------- -------
Duty-free 193,930 170,145 (12.3%)
--------- --------- -------
Leasing of space 98,210 109,902 11.9%
--------- --------- -------
Timeshares 64,409 60,594 (5.9%)
--------- --------- -------
Ground transportation 43,384 40,808 (5.9%)
--------- --------- -------
Other commercial revenues 37,085 37,840 2.0%
--------- --------- -------
Communications and financial services 29,791 25,391 (14.8%)
--------- --------- -------
Total 1,187,128 1,151,536 (3.0%)
--------- --------- -------
Businesses operated directly by us:
--------- --------- -------
CBX revenues - 775,507 100.0%
--------- --------- -------
Cargo operation and bonded warehouse 558,941 674,777 20.7%
--------- --------- -------
Car parking 194,318 202,359 4.1%
--------- --------- -------
Convenience stores 158,158 176,504 11.6%
--------- --------- -------
VIP Lounges 152,028 160,561 5.6%
--------- --------- -------
Advertising 71,445 84,453 18.2%
--------- --------- -------
Hotel operation 48,892 47,045 (3.8%)
--------- --------- -------
Total 1,183,783 2,121,206 79.2%
--------- --------- -------
Recovery of costs 60,569 58,346 (3.7%)
--------- --------- -------
Total Non-aeronautical Revenues 2,431,480 3,331,087 37.0%
--------- --------- -------
(Figures expressed in thousands of Mexican pesos.)
-- Revenues from improvements to concession assets (1)
Revenues from improvements to concession assets (IFRIC-12) increased by Ps. 1,049.6 million, or 62.8%, compared to 3Q25. The change was composed of:
1. Improvements to concession assets at the Company's Mexican airports,
increased by Ps.970.3 million, or 66.8%, 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. 79.4 million, or 36.3%, primarily due to
investments at Kingston Airport.
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 increased by Ps. 1,193.5 million, or 22.0%, compared to 3Q25, mainly due to Ps. 1,049.6 million, or 62.8%, increase in the cost of improvements to concession assets (IFRIC 12); a Ps. 409.2 million, or 26.8%, increase in cost of services; and a Ps. 81.2 million, or 8.7%, increase in depreciation and amortization. These increases were partially offset by Ps. 183.3 million, or 81.0%, decrease in technical assistance fees, and Ps. 148.6 million decrease in concession fees, or 13.8%. Excluding the cost of improvements to concession assets (IFRIC 12), operating expenses increased by Ps. 143.9 million, or 3.8%, compared to 3Q25.
The changes in total operating costs were primarily due to the following factors:
Mexican airports:
-- Operating costs increased by Ps. 993.0 million, or 22.7%, compared to
3Q25, primarily due to a Ps. 970.3 million increase in the cost of
improvements to concession assets (IFRIC 12); a Ps. 223.8 million
increase in cost of services; and a Ps. 42.1 million increase in
depreciation and amortization. These increases were partially offset by
Ps. 183.3 million decrease in technical assistance fees, and Ps. 46.0
million in concession fees.
The change in the cost of services at our Mexican airports during 3Q26 was mainly due to:
-- Employee costs increased by Ps. 84.7 million, or 14.8%, mainly due to an
increase in operational personnel at the airports and bonded warehouse,
as well as salary adjustments.
-- Maintenance increased by Ps. 35.2 million, or 13.5%, mainly due to the
opening of new operational areas, and airfield maintenance.
-- Safety, security, and insurance increased by Ps. 24.0 million, or 13.1%,
mainly due to an increase in security personnel headcount, minimum wage
adjustments, and higher insurance costs related to goods safeguarded
within the bonded warehouse.
Jamaican Airports:
-- Operating expenses decreased by Ps. 58.5 million, or 4.2%, compared to
3Q25, mainly due to a decrease of Ps. 102.6 million, or 22.7%, in
concession fees, resulting from lower revenues at Montego Bay airport; a
Ps. 31.3 million, or 13.6%, decrease in cost of services; and a Ps. 3.8
million, or 2.7%, decrease in depreciation and amortization. These
decreases were partially offset by Ps. 79.4 million, or 36.3%, increase
in the cost of improvements to concession assets (IFRIC 12).
Cross Border Xpress:
-- CBX's operating expenses amounted to Ps. 260.2 million during 3Q26,
primarily consisting of cost of services of Ps. 216.7 million and
depreciation and amortization of Ps. 42.9 million.
Operating income margin remained at 43.3% in both quarters. Excluding the effects of IFRIC-12, the operating income margin increased from 52.5% in 3Q25 to 56.4% in 3Q26. Income from operations increased by Ps. 897.7 million, or 21.6%, compared to 3Q25, with CBX contributing Ps. 515.3 million.
EBITDA margin decreased from 53.1% in 3Q25 to 52.0% in 3Q26. Excluding the effects of IFRIC-12, EBITDA margin increased from 64.3% in 3Q25 to 67.8% in 3Q26. EBITDA increased by Ps. 979.0 million, or 19.2%, compared to 3Q25. EBITDA margin growth, excluding the effects of IFRIC 12, was partially offset by the impact on the Jamaican airports from the appreciation of the Mexican peso and lower passenger traffic. CBX contributed Ps. 558.2 million, with an EBITDA margin of 72.0%.
Financial results increased expenses by Ps. 381.3 million, or 57.6%, going from a net expense of Ps. 661.8 million in 3Q25 to a net expense of Ps. 1,043.1 million in 3Q26. This change was mainly the result of:
-- Foreign exchange gains increased from Ps. 60.9 million in 3Q25 to Ps.
114.1 million in 3Q26, resulting in an additional foreign exchange gain
of Ps. 53.2 million due to the appreciation of the Mexican peso.
Additionally, the foreign currency translation effect resulted in a gain
of Ps. 584.8 million.
-- Interest expense increased by Ps. 473.9 million, or 41.8%, compared to
3Q25, primarily due to higher debt levels to finance airport CAPEX and
the acquisition of a 25% equity interest in CBX.
-- Interest income increased by Ps. 38.9 million, or 18.2%, compared to
3Q25, mainly due to the increase in cash and cash equivalents.
In 3Q26, net and comprehensive income increased by Ps. 807.3 million, or 32.8%, compared to 3Q25, primarily driven by a Ps. 516.5 million, or 14.8%, increase in income before taxes, mainly attributable to the increase in EBITDA, as previously described.
Net income increased by Ps. 218.1 million, or 8.1%, compared to 3Q25. Income tax increased by Ps. 298.3 million, or 37.7%, reflecting a Ps. 129.1 million increase in current income tax and a Ps. 169.2 million decrease in the deferred tax benefit. This was mainly attributable to a lower inflationary effect, as inflation decreased from 0.7% in 3Q25 to 0.4% in 3Q26, and a Ps. 88.4 million decrease in the recognition of tax loss carryforwards compared to the same quarter of 2025.
Consolidated Results for the Nine Months (in thousands
of pesos):
9M25 9M26 Change
Revenues
----------- ----------- --------
Aeronautical services 17,236,364 17,428,572 1.1%
----------- ----------- --------
Non-aeronautical services 7,268,014 8,897,278 22.4%
----------- ----------- --------
Improvements to concession assets
(IFRIC-12) 7,009,385 8,001,304 14.2%
----------- ----------- --------
Total revenues 31,513,762 34,327,155 8.9%
----------- ----------- --------
Operating costs
----------- ----------- --------
Costs of services: 4,545,888 5,403,138 18.9%
----------- ----------- --------
Employee costs 1,885,203 2,168,367 15.0%
----------- ----------- --------
Maintenance 821,358 935,621 13.9%
----------- ----------- --------
Safety, security & insurance 691,429 774,349 12.0%
----------- ----------- --------
Utilities 448,850 445,591 (0.7%)
----------- ----------- --------
Professional services 149,446 193,938 29.8%
----------- ----------- --------
Business operated directly by us 258,665 276,570 6.9%
----------- ----------- --------
Other operating expenses 290,936 437,511 50.4%
----------- ----------- --------
CBX operating expenses - 171,191 100.0%
----------- ----------- --------
Technical assistance fees 731,901 77,858 (89.4%)
----------- ----------- --------
Concession taxes 3,052,380 2,789,402 (8.6%)
----------- ----------- --------
Depreciation and amortization 2,793,217 2,929,281 4.9%
----------- ----------- --------
Cost of improvements to concession
assets (IFRIC-12) 7,009,385 8,001,304 14.2%
----------- ----------- --------
Other (income) (43,542) 36,698 (184.3%)
----------- ----------- --------
Total operating costs 18,089,229 19,237,682 6.3%
----------- ----------- --------
Income from operations 13,424,533 15,089,473 12.4%
----------- ----------- --------
Financial Result (2,324,863) (2,712,625) 16.7%
----------- ----------- --------
Income before income taxes 11,099,670 12,376,849 11.5%
----------- ----------- --------
Income taxes (2,890,438) (3,257,230) 12.7%
----------- ----------- --------
Net income 8,209,234 9,119,619 11.1%
----------- ----------- --------
Currency translation effect (730,540) (55,268) (92.4%)
----------- ----------- --------
Cash flow hedges, net of income tax 4,584 - (100.0%)
----------- ----------- --------
Remeasurements of employee benefit --
net income tax 23,837 16,842 (29.3%)
----------- ----------- --------
Comprehensive income 7,507,114 9,081,193 21.0%
----------- ----------- --------
Non-controlling interest (302,853) (404,575) 33.6%
----------- ----------- --------
Comprehensive income attributable to
controlling interest 7,204,263 8,676,618 20.4%
----------- ----------- --------
9M25 9M26 Change
EBITDA 16,217,750 18,018,755 11.1%
----------- ----------- --------
Comprehensive income 7,507,114 9,081,193 21.0%
----------- ----------- --------
Comprehensive income per share (pesos) 14.8574 15.2620 2.7%
----------- ----------- --------
Comprehensive income per ADS (US dollars) 8.2263 8.4503 2.7%
----------- ----------- --------
Operating income margin 42.6% 44.0% 3.2%
----------- ----------- --------
Operating income margin (excluding
IFRIC-12) 54.8% 57.3% 4.6%
----------- ----------- --------
EBITDA margin 51.5% 52.5% 2.0%
----------- ----------- --------
EBITDA margin (excluding IFRIC-12) 66.2% 68.4% 3.4%
----------- ----------- --------
Costs of services and improvements / total
revenues 37.0% 39.0% 5.6%
----------- ----------- --------
Cost of services / total revenues
(excluding IFRIC-12) 19.0% 20.5% 8.3%
----------- ----------- --------
- Net income and comprehensive income per share for 9M26 and 9M25 were calculated based on 595,018,195 and 505,277,464 shares outstanding, respectively. U.S. dollar figures were converted from pesos using an exchange rate of Ps. 18.0609 per U.S. dollar, as published by the U.S. Federal Reserve Board (noon buying rate) on September 30, 2026.
- For the purpose of consolidating Jamaican airports and CBX, an average exchange rate of Ps. 17.4043 per U.S. dollar was used, corresponding to the nine months ended September 30, 2026.
Revenues (9M26 vs. 9M25)
-- Aeronautical services revenues increased by Ps. 192.2 million, or 1.1%.
-- Non-aeronautical services revenues increased by Ps. 1,629.3 million, or
22.4%.
-- Revenues from improvements to concession assets increased by Ps. 991.9
million, or 14.2%.
-- Total revenues increased by Ps. 2,813.4 million, or 8.9%.
The change in aeronautical services revenues comprised primarily of the following factors:
1. Revenues from the Mexican airports increased by Ps. 688.4 million, or
4.7%, compared to 9M25, primarily due to the gradual implementation of
the maximum tariffs approved for the 2025--2029 regulatory period. This
effect was partially offset by the 10.9% appreciation of the Mexican peso
against the U.S. dollar and a 2.4% decline in passenger traffic.
2. Revenues from the Jamaican airports decreased by Ps. 496.2 million, or
19.3%, compared to 9M25, mainly due to a 19.1% decline in passenger
traffic, as well as the appreciation of the Mexican peso against the U.S.
dollar.
The change in non-aeronautical services revenues comprised primarily of the following factors:
1. Revenues from the Mexican airports increased by Ps. 550.6 million, or
8.6%, compared to 9M25, primarily driven by a Ps. 553.8 million, or 17.1%,
increase in revenues from businesses operated directly by us.
2. Revenues from the Jamaican airports decreased by Ps. 164.9 million, or
18.3%, compared to 9M25, mainly due to lower passenger traffic and the
appreciation of the Mexican peso against the U.S. dollar.
3. CBX generated total revenues of Ps. 1,243.6 million, equivalent to
US$71.5 million, during the May to September 2026 period. During this
period, a total of 1,660,698 passengers used the CBX facilities in both
directions, resulting in average revenue of US$43.1 per user.
Non-aeronautical revenues for the Nine Months (in
thousands of pesos):
9M25 9M26 Change
Businesses operated by third parties:
--------- --------- -------
Food and beverage 1,006,370 997,741 (0.9%)
--------- --------- -------
Car rental 632,809 632,312 (0.1%)
--------- --------- -------
Retail 565,429 549,433 (2.8%)
--------- --------- -------
Duty-free 618,776 523,271 (15.4%)
--------- --------- -------
Leasing of space 328,068 321,027 (2.1%)
--------- --------- -------
Timeshares 203,132 185,689 (8.6%)
--------- --------- -------
Other commercial revenues 168,120 173,916 3.4%
--------- --------- -------
Ground transportation 151,152 140,876 (6.8%)
--------- --------- -------
Communications and financial services 90,033 82,759 (8.1%)
--------- --------- -------
Total 3,763,889 3,607,023 (4.2%)
--------- --------- -------
Businesses operated directly by us:
--------- --------- -------
Cargo operation and bonded warehouse 1,507,323 1,849,367 22.7%
--------- --------- -------
CBX revenues - 1,243,606 100.0%
--------- --------- -------
Car parking 550,659 588,354 6.8%
--------- --------- -------
Convenience stores 489,246 547,025 11.8%
--------- --------- -------
VIP Lounges 488,364 478,873 (1.9%)
--------- --------- -------
Advertising 149,652 192,694 28.8%
--------- --------- -------
Hotel operation 123,215 141,109 14.5%
--------- --------- -------
Other businesses operated directly by us - 56,263 100.0%
--------- --------- -------
Total 3,308,459 5,097,291 54.1%
--------- --------- -------
Recovery of costs 195,666 192,964 (1.4%)
--------- --------- -------
Total Non-aeronautical Revenues 7,268,014 8,897,278 22.4%
--------- --------- -------
(Figures expressed in thousands of Mexican pesos.)
-- Revenues from improvements to concession assets (1)
Revenues from improvements to concession assets (IFRIC-12) increased by Ps. 991.9 million, or 14.2%, compared to 9M25. The change was composed of:
1. Improvements to concession assets at the Company's Mexican airports,
which increased by Ps. 626.8 million, or 9.4%, following investments
under the Master Development Program for the 2025-2029 period.
2. Improvements to concession assets at the Company's Jamaican airports,
which increased Ps. 365.1 million, or 99.0%.
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 cost increased by Ps. 1,148.5 million, or 6.3%, compared to 9M25, primarily due to an increase of Ps. 991.9 million, or 14.2%, in the cost of improvements to the concession assets (IFRIC-12); a Ps. 857.3 million, or 18.9%, increase in cost of services; a Ps. 136.1 million, or 4.9%, increase in depreciation and amortization; and a Ps. 80.2 million increase other expenses. These increases were partially offset by Ps. 262.9 million, or 8.6%, decrease in concession taxes, and Ps. 654.0 million, or 89.4%, decrease in technical assistance fees. Excluding costs related to improvements to concession assets (IFRIC 12), operating expenses increased by Ps. 156.5 million, or 1.4%.
Mexican airports:
-- Operating costs increased by Ps. 782.9 million, or 5.1%, compared to
9M25, primarily due to a Ps. 626.8 million, or 9.4%, increase in cost of
improvements to concession assets (IFRIC 12); a Ps. 553.9 million
increase in cost of services; Ps. 79.8 million in other non-recurring
expenses; a Ps. 82.9 million increase in concession taxes; and a Ps. 93.5
million increase in depreciation and amortization. These increases were
partially offset by a Ps. 654.0 million, or 89.4%, decrease in technical
assistance fees.
The change in the cost of services at our Mexican airports during 9M26 was mainly due to:
-- Employee costs increased by Ps. 287.8 million, or 17.0%, primarily due to
salary adjustments and additional operating personnel.
-- Maintenance increased by Ps. 90.9 million, or 13.3%, primarily due to the
opening of new operational and terminal areas, as well as airfield
maintenance activities.
-- Safety, security and insurance increased by Ps. 80.1 million, or 15.9%,
primarily due to increased security staffing, significant minimum wage
increases, and higher insurance costs associated with safeguarding goods
at the bonded warehouse.
Jamaican Airports:
-- Operating costs decreased by Ps. 70.3 million, or 2.5%, compared to 9M25,
mainly due to a Ps. 345.9 million, or 25.9%, decrease in concession fees,
a decrease of Ps. 65.6 million, or 9.1%, in cost of services, and a Ps.
25.1 million, or 5.7% decrease in depreciation and amortization. These
effects were partially offset by an increase of Ps. 365.1 million, or
99.0%, in the cost of improvements to concession assets (IFRIC-12).
Cross Border Xpress:
-- As of May 1, 2026, GAP's consolidated results include CBX's operating
expenses of Ps. 437.2 million, consisting of Ps. 368.9 million in cost of
services and Ps. 67.6 million in depreciation and amortization,
corresponding to five months of operations.
Operating income margin increased from 42.6% in 9M25 to 44.0% in 9M26. Excluding the effects of IFRIC-12, the operating income margin went from 54.8% in 9M25 to 57.3% in 9M26. Income from operations increased by Ps. 1,665.0 million, or 12.4%, compared to 9M25, with CBX contributing Ps. 806.4 million.
EBITDA margin went from 51.5% in 9M25 to 52.5% in 9M26. Excluding the effects of IFRIC-12, EBITDA margin went from 66.2% in 9M25 to 68.4% in 9M26. EBITDA increased by Ps. 1,801.0 million, or 11.1%, compared to 9M25. CBX contributed Ps. 874.0 million, with an EBITDA margin of 70.3%.
Financial results increased in expenses by Ps. 387.8 million, or 16.7%, from a net expense of Ps. 2,324.9 million in 9M25 to Ps. 2,712.6 million in 9M26. This change was mainly the result of:
-- Foreign exchange fluctuations, which went from a loss of Ps. 103.3
million in 9M25 to a gain of Ps. 270.2 million in 9M26, resulting in a
foreign exchange gain of Ps. 373.5 million due to the appreciation of the
Mexican peso. Additionally, the foreign currency translation effect
generated a gain of Ps. 675.3 million compared to 9M25.
-- Interest expense increased by Ps.763.2 million, or 25.5%, compared to
9M25, mainly due to higher borrowings of bank loans.
-- Interest income increased by Ps. 2.0 million, or 0.1%, compared to 9M25.
In 9M26, net and comprehensive income increased by Ps. 1,574.1 million, or 21.0%, compared to 9M25. Income before taxes increased by Ps. 1,277.2 million, mainly due to the increase in EBITDA, as mentioned above.
During 9M26, net income increased by Ps. 910.4 million, or 11.1%, compared to 9M25, mainly due to the increase in EBITDA, partially offset by an increase in financial expenses. Income tax expense increased by Ps. 366.8 million, reflecting a Ps. 86.5 million increase in current income tax expense and a Ps. 280.1 million decrease in the deferred tax benefit.
Statement of Financial Position
As of September 30, 2026, total assets increased by Ps. 63,515.2 million compared to the same period in 2025, primarily due to: i) a Ps. 37,926.5 million increase in goodwill and intangible assets; ii) a Ps. 12,269.6 million increase in cash and cash equivalents; and iii) a net increase of Ps. 12,519.7 million in land, construction in progress, advances to suppliers, machinery, equipment, and improvements to leased buildings, partially offset by a decrease in improvements to concession assets.
Total liabilities increased by Ps. 28,464.7 million compared to the same period in 2025, primarily due to: i) a Ps. 14,615.7 million increase in short- and long-term bank loans and accrued interest; ii) a Ps. 12,512.9 million increase in dividends payable; and iii) a Ps. 2,767.2 million increase in accounts payable. These increases were partially offset by a Ps. 1,261.6 million decrease in other short- and long-term liabilities.
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. In May 2026, GAP completed a business combination pursuant to which it acquired full ownership of the Cross Border Xpress ("CBX"), a cross-border terminal located in San Diego, California and connected to the Tijuana International Airport.
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 3Q25 3Q26 Change 9M25 9M26 Change
Guadalajara
--------- --------- ------- --------- --------- -------
Aeronautical
services 1,675,393 1,818,838 8.6% 4,826,909 5,282,883 9.4%
--------- --------- ------- --------- --------- -------
Non-aeronautical
services 366,762 418,228 14.0% 1,076,093 1,198,671 11.4%
--------- --------- ------- --------- --------- -------
Improvements to
concession
assets (IFRIC
12) 32,396 1,118,313 3352.0% 2,381,248 3,354,940 40.9%
--------- --------- ------- --------- --------- -------
Total Revenues 2,074,551 3,355,380 61.7% 8,284,250 9,836,493 18.7%
--------- --------- ------- --------- --------- -------
Operating income 1,279,842 1,362,334 6.4% 3,704,807 3,999,164 7.9%
--------- --------- ------- --------- --------- -------
EBITDA 1,500,475 1,588,266 5.9% 4,344,993 4,695,857 8.1%
--------- --------- ------- --------- --------- -------
Tijuana
--------- --------- ------- --------- --------- -------
Aeronautical
services 854,459 917,325 7.4% 2,442,392 2,599,959 6.5%
--------- --------- ------- --------- --------- -------
Non-aeronautical
services 130,331 132,670 1.8% 380,982 390,841 2.6%
--------- --------- ------- --------- --------- -------
Improvements to
concession
assets (IFRIC
12) 386,094 453,866 17.6% 1,158,282 1,361,598 17.6%
--------- --------- ------- --------- --------- -------
Total Revenues 1,370,884 1,503,861 9.7% 3,981,656 4,352,398 9.3%
--------- --------- ------- --------- --------- -------
Operating income 539,959 555,630 2.9% 1,512,347 1,571,506 3.9%
--------- --------- ------- --------- --------- -------
EBITDA 668,966 678,962 1.5% 1,893,364 1,952,895 3.1%
--------- --------- ------- --------- --------- -------
Los Cabos
--------- --------- ------- --------- --------- -------
Aeronautical
services 682,610 690,892 1.2% 2,533,180 2,574,899 1.6%
--------- --------- ------- --------- --------- -------
Non-aeronautical
services 299,056 266,655 (10.8%) 1,011,056 945,436 (6.5%)
--------- --------- ------- --------- --------- -------
Improvements to
concession
assets (IFRIC
12) 205,863 212,863 3.4% 617,590 638,588 3.4%
--------- --------- ------- --------- --------- -------
Total Revenues 1,187,529 1,170,410 (1.4%) 4,161,825 4,158,923 (0.1%)
--------- --------- ------- --------- --------- -------
Operating income 528,725 477,586 (9.7%) 2,174,338 2,069,184 (4.8%)
--------- --------- ------- --------- --------- -------
EBITDA 633,293 583,399 (7.9%) 2,480,243 2,388,992 (3.7%)
--------- --------- ------- --------- --------- -------
Puerto Vallarta
--------- --------- ------- --------- --------- -------
Aeronautical
services 489,808 496,282 1.3% 2,198,758 2,094,026 (4.8%)
--------- --------- ------- --------- --------- -------
Non-aeronautical
services 131,037 117,574 (10.3%) 502,084 449,621 (10.4%)
--------- --------- ------- --------- --------- -------
Improvements to
concession
assets (IFRIC
12) 503,536 410,908 (18.4%) 1,510,609 1,232,724 (18.4%)
--------- --------- ------- --------- --------- -------
Total Revenues 1,124,382 1,024,765 (8.9%) 4,211,452 3,776,371 (10.3%)
--------- --------- ------- --------- --------- -------
Operating income 322,377 295,737 (8.3%) 1,687,809 1,505,950 (10.8%)
--------- --------- ------- --------- --------- -------
EBITDA 384,674 353,682 (8.1%) 1,878,895 1,689,373 (10.1%)
--------- --------- ------- --------- --------- -------
Cargo and bonded
warehouse
business
--------- --------- ------- --------- --------- -------
Non-aeronautical
services 557,664 675,078 21.1% 1,506,045 1,849,668 22.8%
--------- --------- ------- --------- --------- -------
Total Revenues 557,664 675,078 21.1% 1,506,045 1,849,668 22.8%
--------- --------- ------- --------- --------- -------
Operating income 276,034 359,163 30.1% 872,798 1,142,528 30.9%
--------- --------- ------- --------- --------- -------
EBITDA 327,347 413,585 26.3% 946,330 1,218,811 28.8%
--------- --------- ------- --------- --------- -------
Montego Bay
--------- --------- ------- --------- --------- -------
Aeronautical
services 489,463 351,195 (28.2%) 1,593,262 1,069,143 (32.9%)
--------- --------- ------- --------- --------- -------
Non-aeronautical
services 233,167 192,103 (17.6%) 709,717 559,841 (21.1%)
--------- --------- ------- --------- --------- -------
Improvements to
concession
assets (IFRIC
12) 50,427 106,115 110.4% 163,781 205,166 25.3%
--------- --------- ------- --------- --------- -------
Total Revenues 773,056 649,413 (16.0%) 2,466,760 1,834,150 (25.6%)
--------- --------- ------- --------- --------- -------
Operating income 245,526 300,338 22.3% 893,543 708,857 (20.7%)
--------- --------- ------- --------- --------- -------
EBITDA 328,900 354,556 7.8% 1,152,712 929,002 (19.4%)
--------- --------- ------- --------- --------- -------
Exhibit A: Operating results by airport (in thousands of pesos):
Airport 3Q25 3Q26 Change 9M25 9M26 Change
Guanajuato
--------- ---------- ------- ---------- ---------- -------
Aeronautical
services 292,742 297,558 1.6% 841,372 854,709 1.6%
--------- ---------- ------- ---------- ---------- -------
Non-aeronautical
services 49,266 49,996 1.5% 146,806 145,531 (0.9%)
--------- ---------- ------- ---------- ---------- -------
Improvements to
concession
assets (IFRIC
12) 130,222 73,383 (43.6%) 390,665 220,150 (43.6%)
--------- ---------- ------- ---------- ---------- -------
Total Revenues 472,230 420,937 (10.9%) 1,378,844 1,220,390 (11.5%)
--------- ---------- ------- ---------- ---------- -------
Operating income 219,684 204,421 (6.9%) 627,259 592,066 (5.6%)
--------- ---------- ------- ---------- ---------- -------
EBITDA 244,716 234,089 (4.3%) 703,666 684,172 (2.8%)
--------- ---------- ------- ---------- ---------- -------
Hermosillo
--------- ---------- ------- ---------- ---------- -------
Aeronautical
services 160,028 165,705 3.5% 465,274 479,546 3.1%
--------- ---------- ------- ---------- ---------- -------
Non-aeronautical
services 26,563 28,039 5.6% 83,324 82,617 (0.8%)
--------- ---------- ------- ---------- ---------- -------
Improvements to
concession
assets (IFRIC
12) 17,224 5,657 (67.2%) 51,672 16,972 (67.2%)
--------- ---------- ------- ---------- ---------- -------
Total Revenues 203,814 199,401 (2.2%) 600,270 579,135 (3.5%)
--------- ---------- ------- ---------- ---------- -------
Operating income 87,456 67,035 (23.4%) 263,677 243,011 (7.8%)
--------- ---------- ------- ---------- ---------- -------
EBITDA 113,054 91,459 (19.1%) 341,316 319,281 (6.5%)
--------- ---------- ------- ---------- ---------- -------
Cross Border Xpress
(1)
--------- ---------- ------- ---------- ---------- -------
Non-aeronautical
services - 775,507 100.0% - 1,243,606 100.0%
--------- ---------- ------- ---------- ---------- -------
Total Revenues - 775,507 100.0% - 1,243,606 100.0%
--------- ---------- ------- ---------- ---------- -------
Operating income - 515,271 100.0% - 806,366 100.0%
--------- ---------- ------- ---------- ---------- -------
EBITDA - 558,210 100.0% - 873,999 100.0%
--------- ---------- ------- ---------- ---------- -------
Others (2)
--------- ---------- ------- ---------- ---------- -------
Aeronautical
services 829,540 878,207 5.9% 2,335,216 2,473,408 5.9%
--------- ---------- ------- ---------- ---------- -------
Non-aeronautical
services 637,634 675,236 5.9% 1,851,907 2,031,446 9.7%
--------- ---------- ------- ---------- ---------- -------
Improvements to
concession
assets (IFRIC
12) 345,298 339,622 (1.6%) 735,538 971,165 32.0%
--------- ---------- ------- ---------- ---------- -------
Total Revenues 1,812,473 1,893,066 4.4% 4,922,661 5,476,019 11.2%
--------- ---------- ------- ---------- ---------- -------
Operating income 767,852 910,165 18.5% 1,687,956 2,450,842 45.2%
--------- ---------- ------- ---------- ---------- -------
EBITDA 1,078,392 1,208,378 12.1% 2,476,231 3,266,373 31.9%
--------- ---------- ------- ---------- ---------- -------
Total
--------- ---------- ------- ---------- ---------- -------
Aeronautical
services 5,474,043 5,616,003 2.6% 17,236,364 17,428,572 1.1%
--------- ---------- ------- ---------- ---------- -------
Non-aeronautical
services 2,431,480 3,331,087 37.0% 7,268,014 8,897,278 22.4%
--------- ---------- ------- ---------- ---------- -------
Improvements to
concession
assets (IFRIC
12) 1,671,060 2,720,728 62.8% 7,009,385 8,001,304 14.2%
--------- ---------- ------- ---------- ---------- -------
Total Revenues 9,576,583 11,667,818 21.8% 31,513,762 34,327,155 8.9%
--------- ---------- ------- ---------- ---------- -------
Operating income 4,149,966 5,047,681 21.6% 13,424,534 15,089,473 12.4%
--------- ---------- ------- ---------- ---------- -------
EBITDA 5,085,649 6,064,586 19.2% 16,217,750 18,018,755 11.1%
--------- ---------- ------- ---------- ---------- -------
(1) (Cross Border Xpress figures correspond to operations
f) (rom May to September) (2026.)
(2) (Others include the operating results of the Aguascalientes,
La Paz, Los Mochis, Manzanillo, Mexicali, Morelia,
and Kingston airports) (, and other subsidiaries.)
Exhibit B: Consolidated statement of financial position as of September 30 (in thousands of pesos):
2025 2026 Change %
Assets
---------- ----------- ---------- --------
Current assets
---------- ----------- ---------- --------
Cash and cash equivalents 11,669,498 23,939,139 12,269,641 105.1%
---------- ----------- ---------- --------
Trade accounts receivable -
Net 3,092,764 3,166,293 73,529 2.4%
---------- ----------- ---------- --------
Other current assets 1,300,225 1,908,994 608,769 46.8%
---------- ----------- ---------- --------
Total current assets 16,062,487 29,014,426 12,951,939 80.6%
---------- ----------- ---------- --------
Advanced payments to
suppliers 2,260,819 3,092,179 831,360 36.8%
---------- ----------- ---------- --------
Machinery, equipment and
improvements to leased
buildings - Net 4,483,734 6,709,301 2,225,567 49.6%
---------- ----------- ---------- --------
Improvements to concession
assets - Net 21,126,479 23,522,494 2,396,015 11.3%
---------- ----------- ---------- --------
Construction in-progress 11,817,083 17,755,999 5,938,916 50.3%
---------- ----------- ---------- --------
Land 5,956,513 7,084,404 1,127,890 18.9%
---------- ----------- ---------- --------
Airport concessions - Net 8,931,658 8,368,862 (562,796) (6.3%)
---------- ----------- ---------- --------
Rights to use airport
facilities - Net 954,626 904,473 (50,153) (5.3%)
---------- ----------- ---------- --------
Other acquired rights 1,868,285 1,592,955 (275,330) (14.7%)
---------- ----------- ---------- --------
Goodwill/intangible assets - 37,926,450 37,926,450 100.0%
---------- ----------- ---------- --------
Deferred income taxes - Net 8,688,584 9,090,910 402,326 4.6%
---------- ----------- ---------- --------
Other non-current assets 756,310 1,359,296 602,986 79.7%
---------- ----------- ---------- --------
Total assets 82,906,577 146,421,749 63,515,172 76.6%
---------- ----------- ---------- --------
Liabilities
---------- ----------- ---------- --------
Current liabilities
---------- ----------- ---------- --------
Bank loans and interest
payable 5,028,636 19,434,447 14,405,812 286.5%
---------- ----------- ---------- --------
Concession fees 495,377 354,163 (141,214) (28.5%)
---------- ----------- ---------- --------
Accounts payable 979,129 3,746,372 2,767,243 282.6%
---------- ----------- ---------- --------
Unrealized revenue - 399,405 399,405 100.0%
---------- ----------- ---------- --------
Other current liabilities 1,471,865 848,290 (623,575) (42.4%)
---------- ----------- ---------- --------
Dividends payable - 12,512,864 12,512,864 100.0%
---------- ----------- ---------- --------
Total current liabilities 7,975,007 37,295,542 29,320,535 367.7%
---------- ----------- ---------- --------
Non-current Liabilities
---------- ----------- ---------- --------
Security deposits received 1,160,490 1,255,201 94,711 8.2%
---------- ----------- ---------- --------
Bank loans 5,309,086 5,519,003 209,918 4.0%
---------- ----------- ---------- --------
Other long-term liabilities 1,835,592 1,197,567 (638,025) (34.8%)
---------- ----------- ---------- --------
Long-term local bonds payable 43,283,722 42,761,266 (522,456) (1.2%)
---------- ----------- ---------- --------
Total liabilities 59,563,896 88,028,579 28,464,683 47.8%
---------- ----------- ---------- --------
Stockholders' Equity
---------- ----------- ---------- --------
Common stock 1,194,390 1,406,522 212,132 17.8%
---------- ----------- ---------- --------
Legal reserve 238,878 238,878 - 0.0%
---------- ----------- ---------- --------
Retained earnings 16,980,228 16,043,600 (936,628) (5.5%)
---------- ----------- ---------- --------
Reserve for share repurchase 2,500,000 2,500,000 - 0.0%
---------- ----------- ---------- --------
Foreign currency translation
reserve 95,577 (231,014) (326,591) (341.7%)
---------- ----------- ---------- --------
Remeasurements of employee
benefit -- Net 32,120 34,725 2,605 8.1%
---------- ----------- ---------- --------
Premium on share subscription - 35,766,611 35,766,611 100.0%
---------- ----------- ---------- --------
Total controlling interest 21,041,193 55,759,322 34,718,129 165.0%
---------- ----------- ---------- --------
Non-controlling interest 2,301,488 2,633,848 332,360 14.4%
---------- ----------- ---------- --------
Total stockholder's equity 23,342,681 58,393,170 35,050,489 150.2%
---------- ----------- ---------- --------
Total liabilities and
stockholders' equity 82,906,577 146,421,749 63,515,172 76.6%
---------- ----------- ---------- --------
(Non-controlling interest represents the minority shareholders' ownership interests in certain of our subsidiaries.)
Exhibit C: Consolidated statement of cash flows (in thousands of pesos):
3Q25 3Q26 Change 9M25 9M26 Change
Cash flows from
operating
activities:
-------------------- ----------- --------- ------------- ----------------- --------
Consolidated net
income 2,695,980 2,914,101 8.1% 8,209,234 9,119,619 11.1%
-------------------- ----------- --------- ------------- ----------------- --------
Postemployment
benefit costs 18,062 20,278 12.3% 47,683 61,552 29.1%
-------------------- ----------- --------- ------------- ----------------- --------
Allowance
expected credit
loss 11,130 410 (96.3%) 23,398 61,620 163.4%
-------------------- ----------- --------- ------------- ----------------- --------
Depreciation and
amortization 935,683 1,016,905 8.7% 2,793,217 2,929,281 4.9%
-------------------- ----------- --------- ------------- ----------------- --------
Loss (gain) on
sale of
machinery,
equipment and
improvements to
leased assets (435) 8,426 (2037.0%) 924 2,045 121.2%
-------------------- ----------- --------- ------------- ----------------- --------
Interest expense 1,028,380 1,155,076 12.3% 3,309,889 3,524,785 6.5%
-------------------- ----------- --------- ------------- ----------------- --------
Provisions 10,026 19,514 94.6% (11,641) 55,613 (577.7%)
-------------------- ----------- --------- ------------- ----------------- --------
Income tax
expense 792,158 1,090,497 37.7% 2,890,438 3,257,230 12.7%
-------------------- ----------- --------- ------------- ----------------- --------
Unrealized
exchange loss (87,406) 319,541 (465.6%) (30,602) 190,223 (721.6%)
-------------------- ----------- --------- ------------- ----------------- --------
5,403,578 6,544,748 21.1% 17,232,539 19,201,968 11.4%
-------------------- ----------- --------- ------------- ----------------- --------
Changes in working
capital:
-------------------- ----------- --------- ------------- ----------------- --------
(Increase)
decrease in
-------------------- ----------- --------- ------------- ----------------- --------
Trade accounts
receivable 43,028 195,515 354.4% (450,686) 327,939 (172.8%)
-------------------- ----------- --------- ------------- ----------------- --------
Recoverable tax
on assets and
other assets (154,167) (133,089) (13.7%) (46,803) (154,320) 229.7%
-------------------- ----------- --------- ------------- ----------------- --------
Increase
(decrease)
-------------------- ----------- --------- ------------- ----------------- --------
Concession taxes
payable (39,589) 260,658 (758.4%) (254,695) 130,478 (151.2%)
-------------------- ----------- --------- ------------- ----------------- --------
Accounts payable 1,488,079 (266,541) (117.9%) 1,441,592 (62,747) (104.4%)
-------------------- ----------- --------- ------------- ----------------- --------
Cash generated
by operating
activities 6,740,929 6,601,291 (2.1%) 17,921,947 19,443,319 8.5%
-------------------- ----------- --------- ------------- ----------------- --------
Income taxes
paid (2,477,296) (1,102,145) (55.5%) (4,802,085) (3,725,270) (22.4%)
-------------------- ----------- --------- ------------- ----------------- --------
Net cash flows
provided by
operating
activities 4,263,633 5,499,146 29.0% 13,119,861 15,718,047 19.8%
-------------------- ----------- --------- ------------- ----------------- --------
Cash flows from
investing
activities:
-------------------- ----------- --------- ------------- ----------------- --------
Machinery,
equipment and
improvements to
concession
assets (4,218,537) (3,679,727) (12.8%) (6,603,300) (8,622,782) 30.6%
-------------------- ----------- --------- ------------- ----------------- --------
Cash flows from
sales of
machinery and
equipment 836 (19,113) (2386.2%) 2,610 (16,499) (732.2%)
-------------------- ----------- --------- ------------- ----------------- --------
Other investment
activities 1,079,384 144,894 (86.6%) (653,186) 47,518 (107.3%)
-------------------- ----------- --------- ------------- ----------------- --------
Acquisition of a
25% interest in
CBX - - 0.0% - (8,445,060) 100.0%
-------------------- ----------- --------- ------------- ----------------- --------
Net cash used by
investment
activities (3,138,317) (3,553,946) 13.2% (7,253,875) (17,036,823) 134.9%
-------------------- ----------- --------- ------------- ----------------- --------
Dividends
declared and
paid (4,254,436) - (100.0%) (8,508,872) (203,882) (97.6%)
-------------------- ----------- --------- ------------- ----------------- --------
Dividends paid
to
non-controlling
interests (411,347) (126,099) (69.3%) (564,228) (126,099) (77.7%)
-------------------- ----------- --------- ------------- ----------------- --------
Cash and cash
equivalentes
from business
combination - - 0.0% - 5,428,000 100.0%
-------------------- ----------- --------- ------------- ----------------- --------
Bond
certificates
issued 8,500,000 - (100.0%) 14,500,000 10,718,000 (26.1%)
-------------------- ----------- --------- ------------- ----------------- --------
Bond
certificates
paid - (2,757,588) 100.0% (7,000,000) (3,877,588) (44.6%)
-------------------- ----------- --------- ------------- ----------------- --------
Bank loans paid (2,233,515) 1,120,000 (150.1%) (5,688,452) (3,378,971) (40.6%)
-------------------- ----------- --------- ------------- ----------------- --------
Bank loans 693,817 6,000,000 764.8% 3,942,915 10,498,971 166.3%
-------------------- ----------- --------- ------------- ----------------- --------
Interest paid on
bank loans (1,131,482) (1,671,721) 47.7% (3,437,967) (3,941,744) 14.7%
-------------------- ----------- --------- ------------- ----------------- --------
Interest paid on
lease (493) (2,672) 442.0% (1,775) (8,112) 357.1%
-------------------- ----------- --------- ------------- ----------------- --------
Payments of
obligations for
leasing (9,449) (13,176) 39.4% (28,348) (34,207) 20.7%
-------------------- ----------- --------- ------------- ----------------- --------
Net cash flows
used in
financing
activities 1,153,095 2,548,744 121.0% (6,786,727) 15,074,367 (322.1%)
-------------------- ----------- --------- ------------- ----------------- --------
Effects of
exchange rate
changes on cash
held (306,255) (361,358) 18.0% (875,787) (269,651) (69.2%)
-------------------- ----------- --------- ------------- ----------------- --------
Net increase
(decrease) in
cash and cash
equivalents 1,972,155 4,132,586 109.5% (1,796,529) 13,485,941 (850.7%)
-------------------- ----------- --------- ------------- ----------------- --------
Cash and cash
equivalents at
beginning of
the period 9,697,343 19,806,553 104.2% 13,466,026 10,453,198 (22.4%)
-------------------- ----------- --------- ------------- ----------------- --------
Cash and cash
equivalents at
the end of the
period 11,669,498 23,939,139 105.1% 11,669,498 23,939,139 105.1%
-------------------- ----------- --------- ------------- ----------------- --------
Exhibit D: Consolidated statements of profit or loss and other comprehensive income (in thousands of pesos):
3Q25 3Q26 Change 9M25 9M26 Change
Revenues
--------- ----------- -------- ----------- ----------- --------
Aeronautical
services 5,474,043 5,616,003 2.6% 17,236,364 17,428,572 1.1%
--------- ----------- -------- ----------- ----------- --------
Non-aeronautical
services 2,431,480 3,331,087 37.0% 7,268,014 8,897,278 22.4%
--------- ----------- -------- ----------- ----------- --------
Improvements to
concession
assets
(IFRIC-12) 1,671,060 2,720,728 62.8% 7,009,385 8,001,304 14.2%
--------- ----------- -------- ----------- ----------- --------
Total revenues 9,576,583 11,667,818 21.8% 31,513,762 34,327,155 8.9%
--------- ----------- -------- ----------- ----------- --------
Operating costs
--------- ----------- -------- ----------- ----------- --------
Costs of
services: 1,525,550 1,934,789 26.8% 4,545,888 5,403,138 18.9%
--------- ----------- -------- ----------- ----------- --------
Employee
costs 633,119 714,248 12.8% 1,885,203 2,168,367 15.0%
--------- ----------- -------- ----------- ----------- --------
Maintenance 307,625 358,304 16.5% 821,358 935,621 13.9%
--------- ----------- -------- ----------- ----------- --------
Safety,
security &
insurance 243,706 280,581 15.1% 691,429 774,349 12.0%
--------- ----------- -------- ----------- ----------- --------
Utilities 174,887 171,364 (2.0%) 448,850 445,591 (0.7%)
--------- ----------- -------- ----------- ----------- --------
Professional
services 43,383 52,052 20.0% 149,446 193,938 29.8%
--------- ----------- -------- ----------- ----------- --------
Business
operated
directly by
us 84,697 87,614 3.4% 258,665 276,570 6.9%
--------- ----------- -------- ----------- ----------- --------
Other
operating
expenses 38,133 169,927 345.6% 290,936 437,511 50.4%
--------- ----------- -------- ----------- ----------- --------
CBX operating
expenses - 100,699 100.0% - 171,191 100.0%
--------- ----------- -------- ----------- ----------- --------
Technical
assistance fees 226,322 43,001 (81.0%) 731,901 77,858 (89.4%)
--------- ----------- -------- ----------- ----------- --------
Concession taxes 1,075,399 926,781 (13.8%) 3,052,380 2,789,402 (8.6%)
--------- ----------- -------- ----------- ----------- --------
Depreciation and
amortization 935,683 1,016,905 8.7% 2,793,217 2,929,281 4.9%
--------- ----------- -------- ----------- ----------- --------
Cost of
improvements to
concession
assets
(IFRIC-12) 1,671,060 2,720,728 62.8% 7,009,385 8,001,304 14.2%
--------- ----------- -------- ----------- ----------- --------
Other (income) (7,397) (22,067) 198.3% (43,542) 36,698 (184.3%)
--------- ----------- -------- ----------- ----------- --------
Total operating
costs 5,426,617 6,620,137 22.0% 18,089,229 19,237,682 6.3%
--------- ----------- -------- ----------- ----------- --------
Income from
operations 4,149,966 5,047,681 21.6% 13,424,533 15,089,473 12.4%
--------- ----------- -------- ----------- ----------- --------
Financial Result (661,828) (1,043,083) 57.6% (2,324,863) (2,712,625) 16.7%
--------- ----------- -------- ----------- ----------- --------
Income before
income taxes 3,488,138 4,004,598 14.8% 11,099,670 12,376,849 11.5%
--------- ----------- -------- ----------- ----------- --------
Income taxes (792,158) (1,090,497) 37.7% (2,890,438) (3,257,230) 12.7%
--------- ----------- -------- ----------- ----------- --------
Net income 2,695,980 2,914,101 8.1% 8,209,234 9,119,619 11.1%
--------- ----------- -------- ----------- ----------- --------
Currency
translation
effect (231,955) 352,888 (252.1%) (730,540) (55,268) (92.4%)
--------- ----------- -------- ----------- ----------- --------
Cash flow hedges,
net of income
tax 2,692 - (100.0%) 4,584 - (100.0%)
--------- ----------- -------- ----------- ----------- --------
Remeasurements of
employee benefit
-- net income
tax (8,929) (1,869) (79.1%) 23,837 16,842 (29.3%)
--------- ----------- -------- ----------- ----------- --------
Comprehensive
income 2,457,788 3,265,120 32.8% 7,507,114 9,081,193 21.0%
--------- ----------- -------- ----------- ----------- --------
Non-controlling
interest (96,975) (163,201) 68.3% (302,853) (404,575) 33.6%
--------- ----------- -------- ----------- ----------- --------
Comprehensive
income
attributable to
controlling
interest 2,360,813 3,101,919 31.4% 7,204,263 8,676,618 20.4%
--------- ----------- -------- ----------- ----------- --------
(Non-controlling interest represents the minority shareholders' ownership interests in certain of our subsidiaries.)
Exhibit E: Consolidated stockholders' equity (in thousands of pesos):
Reserve Premium on Other Total Total
Common Legal for Share share Retained comprehensive controlling Non-controlling Stockholders'
Stock Reserve Repurchase suscription Earnings income interest interest 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
--------- --------- ---------- ----------- ------------ -------------- ------------ ---------------- -------------
Decrease in
legal reserve - (681,309) - 681,309 - - - -
--------- --------- ---------- ----------- ------------ -------------- ------------ ---------------- -------------
Dividends
declared - - - (8,508,872) - (8,508,872) (277,305) (8,786,177)
--------- --------- ---------- ----------- ------------ -------------- ------------ ---------------- -------------
Comprehensive
income:
--------- --------- ---------- ----------- ------------ -------------- ------------ ---------------- -------------
Net income - - - - 7,850,068 - 7,850,068 359,171 8,209,239
--------- --------- ---------- ----------- ------------ -------------- ------------ ---------------- -------------
Foreign
currency
translation
reserve - - - - - (674,223) (674,223) (56,318) (730,541)
--------- --------- ---------- ----------- ------------ -------------- ------------ ---------------- -------------
Remeasurements
of employee
benefit --
Net - - - - - 23,837 23,837 - 23,837
--------- --------- ---------- ----------- ------------ -------------- ------------ ---------------- -------------
Reserve for
cash flow
hedges -- Net
of income tax - - - - - 4,584 4,584 - 4,584
--------- --------- ---------- ----------- ------------ -------------- ------------ ---------------- -------------
Balance as of
September 30,
2025 1,194,390 238,878 2,500,000 - 16,980,228 127,697 21,041,192 2,301,488 23,342,681
--------- --------- ---------- ----------- ------------ -------------- ------------ ---------------- -------------
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
--------- --------- ---------- ----------- ------------ -------------- ------------ ---------------- -------------
Capital
increase 212,132 212,132 212,132
--------- --------- ---------- ----------- ------------ -------------- ------------ ---------------- -------------
Dividends
declared - - - (12,376,379) - (12,376,379) (136,206) (12,512,585)
--------- --------- ---------- ----------- ------------ -------------- ------------ ---------------- -------------
Increase from
share
suscription - - - 35,766,611 - - 35,766,611 - 35,766,611
--------- --------- ---------- ----------- ------------ -------------- ------------ ---------------- -------------
Comprehensive
income:
--------- --------- ---------- ----------- ------------ -------------- ------------ ---------------- -------------
Net income - - - - 8,714,760 - 8,714,760 404,858 9,119,618
--------- --------- ---------- ----------- ------------ -------------- ------------ ---------------- -------------
Retained
earnings from
business
combination - 1,009,888 - 1,009,888 - 1,009,888
--------- --------- ---------- ----------- ------------ -------------- ------------ ---------------- -------------
Foreign
currency
translation
reserve - - - - - (54,985) (54,985) (283) (55,268)
--------- --------- ---------- ----------- ------------ -------------- ------------ ---------------- -------------
Remeasurements
of employee
benefit --
Net - - - - - 16,842 16,842 - 16,842
--------- --------- ---------- ----------- ------------ -------------- ------------ ---------------- -------------
Balance as of
September 30,
2026 1,406,522 238,878 2,500,000 35,766,611 16,043,600 (196,291) 55,759,320 2,633,849 58,393,170
--------- --------- ---------- ----------- ------------ -------------- ------------ ---------------- -------------
(Non-controlling interest represents the minority shareholders' ownership interests in certain of our subsidiaries.)
Exhibit F: Other operating data:
3Q25 3Q26 Change 9M25 9M26 Change
Total passengers 15,659.6 15,437.8 (1.4%) 47,808.4 45,792.6 (4.2%)
-------- -------- ------ -------- -------- ------
Total cargo volume (in
WLUs) 717.5 771.4 7.5% 2,054.8 2,218.8 8.0%
-------- -------- ------ -------- -------- ------
Total WLUs 16,377.1 16,209.3 (1.0%) 49,863.2 48,011.4 (3.7%)
-------- -------- ------ -------- -------- ------
Aeronautical & non
aeronautical services
per passenger
(pesos) 504.8 579.6 14.8% 512.6 574.9 12.2%
-------- -------- ------ -------- -------- ------
Aeronautical services
per WLU (pesos) 334.2 346.5 3.7% 345.7 363.0 5.0%
-------- -------- ------ -------- -------- ------
Non aeronautical
services per
passenger (pesos) 155.3 215.8 39.0% 152.0 194.3 27.8%
-------- -------- ------ -------- -------- ------
Cost of services per
WLU (pesos) 93.2 119.4 28.1% 91.2 112.5 23.4%
-------- -------- ------ -------- -------- ------
WLU = Workload units represent passenger traffic plus cargo units (1 cargo unit = 100 kilograms of cargo).
Saúl Villarreal, Chief Financial svillarreal@aeropuertosgap.com.mx
Officer Gisela Murillo, Investor Relations gmurillo@aeropuertosgap.com.mx
+52 33 3880 1100 ext. 20294
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