GUADALAJARA, Mexico, April 20, 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 first quarter ended March 31, 2026 (1Q26). Figures are unaudited and prepared following International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"). The results reported herein do not reflect the pending business combination approved at the Extraordinary General Shareholders' Meeting held on December 11, 2025, which contemplates the integration of the Cross Border Xpress ("CBX") and the internalization of the technical assistance services provided by AMP. Definitive transaction agreements have not yet been executed, and consummation remains subject to customary closing conditions.
Summary of Results 1Q26 vs. 1Q25
-- The sum of aeronautical and non-aeronautical services revenues increased
by Ps. 380.9 million, or 4.5%. Total revenues increased by Ps. 314.4
million, or 2.8%.
-- Cost of services increased by Ps. 94.5 million, or 6.5%.
-- Income from operations increased by Ps. 359.7 million, or 7.7%.
-- EBITDA increased by Ps. 360.0 million, or 6.4%, an increase from Ps.
5,628.8 million in 1Q25 to Ps. 5,988.8 million in 1Q26. EBITDA margin
(excluding the effects of IFRIC-12) went from 67.1% in 1Q25 to 68.3% in
1Q26.
-- Comprehensive income increased by Ps. 551.4 million, or 19.6%, from an
income of Ps. 2,814.4 million in 1Q25 to an income of Ps. 3,365.8 million
in 1Q26.
Company's Financial Position:
During 1Q26, total aeronautical revenues increased compared to 1Q25, primarily driven by the airports in Mexico. This growth was partially offset by lower passenger traffic in Jamaica, where the impact of Hurricane Melissa in 4Q25 continued to weigh on the recovery of hotel capacity along the tourist corridor between Negril and Ocho Ríos; as a result, passenger traffic has not yet fully recovered.
In Mexico, security-related events in the state of Jalisco during February 2026 led to temporary disruptions in mobility and affected travel demand to certain destinations. In this context, Guadalajara and Puerto Vallarta airports presented passenger traffic decreases in March 2026 compared to March 2025.
In 1Q26, GAP issued bond certificates for a total amount of Ps.10,718.0 million under the ticker symbols "GAP 26" and "GAP 26-2," for Ps.2,767.0 million and Ps.7,951.0 million, respectively. Proceeds will be used to acquire a 25% stake in CBX, as well as to finance capital expenditures in line with the 2025--2029 Master Development Program.
Additionally, the Company refinanced its existing loans with Scotiabank and BBVA for USD$95.5 million each through new financing with The Bank of Nova Scotia and BBVA, respectively. The Company also repaid bond certificates for a total amount of Ps.1,120.0 million (ticker symbol "GAP 23L") using proceeds from a new bank loan with Scotiabank for the same amount.
As of March 31, 2026, the Company reported a cash and cash equivalents position of Ps.23,185.1 million.
Passenger Traffic
During 1Q26, the 14 airports operated by GAP recorded a decrease of 902.1 thousand total passengers, representing a 5.5% decrease compared to 1Q25.
During this period, the following new routes were inaugurated:
Domestic
Airline Departure Arrival Opening date Frequencies Volaris Guadalajara Mazatlan March 29, 2026 3 weekly ------------- -------------- ------------ -------------- ----------- Aerus Morelia Santa Lucia March 30, 2026 5 weekly ------------- -------------- ------------ -------------- ----------- Aerus Morelia Uruapan March 30, 2026 5 weekly ------------- -------------- ------------ -------------- ----------- Note: Frequencies can vary without prior notice. International Airline Departure Arrival Opening date Frequencies Southwest Puerto San Diego March 5, 2026 1 daily Vallarta ------------- -------------- ------------ -------------- ----------- Southwest Los Cabos Indianapolis March 7, 2026 1 weekly ------------- -------------- ------------ -------------- ----------- Southwest Montego Bay Nashville March 7, 2026 1 weekly ------------- -------------- ------------ -------------- ----------- Southwest Puerto St. Louis March 21, 2026 1 weekly Vallarta ------------- -------------- ------------ -------------- ----------- Note: Frequencies can vary without prior notice.
Domestic Terminal Passengers -- 14 airports (in thousands):
Airport 1Q25 1Q26 Change
Guadalajara 3,021.1 3,035.6 0.5%
-------- -------- -----
Tijuana* 2,057.5 1,968.5 (4.3%)
-------- -------- -----
Los Cabos 668.9 628.3 (6.1%)
-------- -------- -----
Puerto Vallarta 653.6 644.8 (1.4%)
-------- -------- -----
Montego Bay 0.0 0.0 N/A
-------- -------- ---------
Guanajuato 515.5 510.8 (0.9%)
-------- -------- -----
Hermosillo 508.7 480.6 (5.5%)
-------- -------- -----
Kingston 0.1 0.7 821.1%
-------- -------- -----
Morelia 186.1 192.8 3.6%
-------- -------- -----
La Paz 280.6 313.8 11.8%
-------- -------- -----
Mexicali 293.1 257.7 (12.1%)
-------- -------- -----
Aguascalientes 151.8 138.9 (8.5%)
-------- -------- -----
Los Mochis 165.0 163.3 (1.1%)
-------- -------- -----
Manzanillo 34.8 32.7 (5.9%)
-------- -------- -----
Total 8,536.9 8,368.5 (2.0%)
International Terminal Passengers -- 14 airports (in
thousands):
Airport 1Q25 1Q26 Change
Guadalajara 1,507.0 1,492.1 (1.0%)
-------- -------- -----
Tijuana* 1,014.9 897.6 (11.6%)
-------- -------- -----
Los Cabos 1,382.9 1,372.7 (0.7%)
-------- -------- -----
Puerto Vallarta 1,472.5 1,278.9 (13.1%)
-------- -------- -----
Montego Bay 1,338.9 917.4 (31.5%)
-------- -------- -----
Guanajuato 263.1 257.8 (2.0%)
-------- -------- -----
Hermosillo 20.9 22.0 4.9%
-------- -------- -----
Kingston 428.0 414.8 (3.1%)
-------- -------- -----
Morelia 174.2 215.6 23.7%
-------- -------- -----
La Paz 8.7 12.6 44.5%
-------- -------- -----
Mexicali 1.8 1.8 3.2%
-------- -------- -----
Aguascalientes 73.7 77.3 4.9%
-------- -------- -----
Los Mochis 1.9 1.8 (3.1%)
-------- -------- -----
Manzanillo 43.9 36.3 (17.4%)
-------- -------- -----
Total 7,732.5 6,998.7 (9.5%)
*CBX users are classified as international
passengers.
Total Terminal Passengers -- 14 airports (in thousands):
Airport 1Q25 1Q26 Change
Guadalajara 4,528.2 4,527.8 (0.0%)
-------- -------- -----
Tijuana* 3,072.3 2,866.1 (6.7%)
-------- -------- -----
Los Cabos 2,051.8 2,001.0 (2.5%)
-------- -------- -----
Puerto Vallarta 2,126.1 1,923.7 (9.5%)
-------- -------- -----
Montego Bay 1,338.9 917.4 (31.5%)
-------- -------- -----
Guanajuato 778.6 768.7 (1.3%)
-------- -------- -----
Hermosillo 529.6 502.5 (5.1%)
-------- -------- -----
Kingston 428.1 415.5 (2.9%)
-------- -------- -----
Morelia 360.3 408.3 13.3%
-------- -------- -----
La Paz 289.3 326.4 12.8%
-------- -------- -----
Mexicali 294.9 259.6 (12.0%)
-------- -------- -----
Aguascalientes 225.5 216.2 (4.1%)
-------- -------- -----
Los Mochis 166.9 165.1 (1.1%)
-------- -------- -----
Manzanillo 78.7 69.0 (12.3%)
-------- -------- -----
Total 16,269.3 15,367.2 (5.5%)
1,767.0 1,332.9 -24.6%
14,502.3 14,034.3 -3.2%
*CBX users are classified as international
passengers.
CBX Users (in thousands):
Airport 1Q25 1Q26 Change
Tijuana 998.2 886.3 (11.2%)
-------- -------- -----
Consolidated Results for the First Quarter of 2026 (in thousands of pesos):
1Q25 1Q26 Change
Revenues
-------------- -------------- ----------
Aeronautical services 5,999,133 6,234,471 3.9%
---------- ---------- ------
Non-aeronautical services 2,393,875 2,539,478 6.1%
---------- ---------- ------
Improvements to concession
assets (IFRIC-12) 2,662,175 2,595,679 (2.5%)
---------- ---------- ------
Total revenues 11,055,183 11,369,627 2.8%
---------- ---------- ------
8,393,008 8,773,948 4.5%
---------- ---------- ------
Operating costs
-------------- -------------- ----------
Costs of services: 1,457,089 1,551,571 6.5%
---------- ---------- ------
Employee costs 613,362 684,224 11.6%
---------- ---------- ------
Maintenance 256,903 260,763 1.5%
---------- ---------- ------
Safety, security &
insurance 215,207 233,405 8.5%
---------- ---------- ------
Utilities 125,231 125,013 (0.2%)
---------- ---------- ------
Business operated
directly by us 87,336 89,528 2.5%
---------- ---------- ------
Other operating expenses 159,050 158,638 (0.3%)
---------- ---------- ------
Technical assistance fees 283,900 299,542 5.5%
---------- ---------- ------
Concession taxes 1,048,916 947,078 (9.7%)
---------- ---------- ------
Depreciation and
amortization 932,575 932,957 0.0%
---------- ---------- ------
Cost of improvements to
concession assets
(IFRIC-12) 2,662,175 2,595,679 (2.5%)
---------- ---------- ------
Other (income) (25,683) (13,071) (49.1%)
---------- ---------- ------
Total operating costs 6,358,972 6,313,756 (0.7%)
---------- ---------- ------
Income from operations 4,696,211 5,055,871 7.7%
---------- ---------- ------
Financial Result (929,490) (723,258) (22.2%)
---------- ---------- ------
Income before income taxes 3,766,721 4,332,613 15.0%
---------- ---------- ------
Income taxes (908,605) (1,020,605) 12.3%
---------- ---------- ------
Net income 2,858,115 3,312,008 15.9%
---------- ---------- ------
Currency translation effect (75,058) 35,121 (146.8%)
---------- ---------- ------
Cash flow hedges, net of
income tax (776) - (100.0%)
---------- ---------- ------
Remeasurements of employee
benefit -- net income tax 32,099 18,642 (41.9%)
---------- ---------- ------
Comprehensive income 2,814,380 3,365,771 19.6%
---------- ---------- ------
Non-controlling interest (114,926) (138,515) 20.5%
---------- ---------- ------
Comprehensive income
attributable to controlling
interest 2,699,454 3,227,255 19.6%
---------- ---------- ------
1Q25 1Q26 Change
EBITDA 5,628,786 5,988,828 6.4%
---------- ---------- ------
Comprehensive income 2,814,380 3,365,771 19.6%
---------- ---------- ------
Comprehensive income per
share (pesos) 5.5700 6.6612 19.6%
---------- ---------- ------
Comprehensive income per ADS
(US dollars) 3.0888 3.6940 19.6%
---------- ---------- ------
Operating income margin 42.5% 44.5% 4.7%
---------- ---------- ------
Operating income margin
(excluding IFRIC-12) 56.0% 57.6% 3.0%
---------- ---------- ------
EBITDA margin 50.9% 52.7% 3.5%
---------- ---------- ------
EBITDA margin (excluding
IFRIC-12) 67.1% 68.3% 1.8%
---------- ---------- ------
Costs of services and
improvements / total
revenues 37.5% 36.5% (2.8%)
---------- ---------- ------
Cost of services / total
revenues (excluding
IFRIC-12) 17.7% 17.7% (0.0%)
---------- ---------- ------
- Net income and comprehensive income per share for 1Q26 and 1Q25 were calculated based on 505,277,464 shares outstanding as of March 31, 2026, and March 31, 2025, respectively. Figures in U.S. dollar were converted from pesos using an exchange rate of Ps. 18.0327 per U.S. dollar, as published by the U.S. Federal Reserve Board (noon buying rate) on March 31, 2026.
- For consolidating the Jamaican airports, an average exchange rate of Ps. 17.5578 per U.S. dollar was used, corresponding to the three-month period ended March 31, 2026.
Revenues (1Q26 vs. 1Q25)
-- Aeronautical services revenues increased by Ps. 235.3 million, or 3.9%.
-- Non-aeronautical services revenues increased by Ps. 145.6 million, or 6.1%.
-- Revenues from improvements to concession assets decreased by Ps. 66.5 million, or 2.5%.
-- Total revenues increased by Ps. 314.4 million, or 2.8%.
The change in aeronautical services revenues was primarily due to the following factors:
1. Revenues at the Mexican airports increased by Ps. 472.9 million, or 9.3%,
compared to 1Q25. This increase was mainly driven the phased
implementation in 2025 of the new airport maximum tariffs approved for
the 2025--2029 regulatory period.
2. Revenues at the Jamaican airports decreased by Ps. 237.6 million, or
26.2%, compared to 1Q25, mainly due to a 24.6% decrease in passenger
traffic during the quarter, resulting from the impact of the Hurricane
Melissa, as previously described. Additionally, the 14.0% appreciation of
the Mexican peso against the U.S. dollar negatively affected revenue
translation. In U.S. dollar terms, revenues decreased by US$6.3 million,
or 16.4%.
The change in non-aeronautical services revenues was primarily driven by the following factors:
1. Revenues at Mexican airports increased by Ps. 222.6 million, or 10.7%,
compared to 1Q25. Revenues from businesses operated directly by us
increased by Ps. 199.8 million, or 19.9%. Revenues from businesses
operated by third parties increased Ps. 22.2 million, or 2.2%. The
fastest-growing business lines were food and beverage and car rental,
which together increased by Ps. 33.9 million, or 7.0%. This increase was
partially offset by a decrease in duty-free revenues, which declined Ps.
10.5 million, or 8.7%, due to the 14.0% appreciation of the Mexican peso.
2. Revenues at the Jamaican airports decreased by Ps. 76.9 million, or 24.7%,
compared to 1Q25, primarily due to the decline in passenger traffic and
the peso appreciation in the 1Q26. In U.S. dollar terms, revenues
decreased by US$1.8 million, or 14.2%.
1Q25 1Q26 Change
Businesses operated by third parties:
--------- --------- ---------
Food and beverage 342,580 351,294 2.5%
--------- --------- -----
Car rental 205,297 212,573 3.5%
--------- --------- -----
Duty-free 216,685 182,533 (15.8%)
--------- --------- -----
Retail 191,173 183,349 (4.1%)
--------- --------- -----
Leasing of space 116,904 104,286 (10.8%)
--------- --------- -----
Timeshares 70,905 62,607 (11.7%)
--------- --------- -----
Ground transportation 56,573 53,188 (6.0%)
--------- --------- -----
Other commercial revenues 72,025 74,678 3.7%
--------- --------- -----
Communications and financial services 31,390 30,083 (4.2%)
--------- --------- -----
Total 1,303,532 1,254,591 (3.8%)
--------- --------- -----
Businesses operated directly by us:
--------- --------- ---------
Cargo operation and bonded warehouse 434,269 547,551 26.1%
--------- --------- -----
Car parking 178,470 191,904 7.5%
--------- --------- -----
Convenience stores 169,500 190,661 12.5%
--------- --------- -----
VIP Lounges 168,016 162,301 (3.4%)
--------- --------- -----
Advertising 34,840 39,695 13.9%
--------- --------- -----
Hotel operation 37,441 47,319 26.4%
--------- --------- -----
Access control services - 39,332 100.0%
--------- --------- -----
Total 1,022,536 1,218,763 19.2%
--------- --------- -----
Recovery of costs 67,808 66,125 (2.5%)
--------- --------- -----
Total Non-aeronautical Revenues 2,393,875 2,539,479 6.1%
--------- --------- -----
Figures expressed in thousands of Mexican pesos.
-- Revenues from improvements to concession assets(1)
Revenues from improvements to concession assets (IFRIC-12) decreased by Ps. 66.5 million, or 2.5%, compared to 1Q25. The change was composed of:
1. Improvements to concession assets at the Company's Mexican airports,
decreased by Ps. 171.8 million, or 6.6%, 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. 105.3 million, or 154.9%.
(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 decreased by Ps. 45.2 million, or 0.7%, compared to 1Q25, mainly due to a decrease of Ps. 101.8 million, or 9.7%, in concession fees, and the cost of improvements to concession assets (IFRIC-12) of Ps. 66.5 million, or 2.5%. This effect was partially offset by an increase in the cost of services of Ps. 94.5 million, or 6.5%, and higher technical assistance fees of Ps. 15.6 million, or 5.5%. Excluding the cost of improvements to concession assets (IFRIC-12), operating costs increased by Ps. 21.3 million, or 0.6%, compared to 1Q25.
This increase in total operating costs was primarily due to the following factors:
Mexican airports:
-- Operating costs increased by Ps. 50.3 million, or 0.9%, compared to 1Q25,
mainly due to higher technical assistance and concession fees, which
together increased by Ps. 96.5 million, or 11.4%; a Ps. 116.8 million, or
9.6%, increase in the cost of services; a Ps. 14.1 million, or 1.8%,
increase in depreciation and amortization. This effect was partially
offset by a Ps. 171.8 million, or 6.6%, decrease in the cost of
improvements to the concession assets (IFRIC-12). Excluding the cost of
improvements to concession assets (IFRIC-12), operating costs increased
by Ps. 240.1 million, or 8.5%.
The change in the cost of services at our Mexican airports during 1Q26 was mainly due to:
-- Employee costs increased by Ps. 74.6 million, or 13.6%, mainly due to an
increase in personnel, salary adjustments, and amendments to the Federal
Labor Law.
-- Safety, security, and insurance increased by Ps. 28.8 million, or 19.3%,
mainly due to an increase in security personnel headcount and significant
increases in the minimum wage.
-- Maintenance increased by Ps. 17.6 million, or 8.7%, compared to 1Q25,
mainly due to the opening of new operational areas, and airfield
maintenance.
Jamaican Airports:
-- Operating expenses decreased by Ps. 95.5 million, or 10.2%, compared to
1Q25, mainly due to a reduction in concession fees of Ps. 155.0 million,
or 33.7%; cost of services of Ps. 32.0 million, or 12.7%; and
depreciation and amortization of Ps. 13.7 million, or 8.9%, driven by the
decline in passenger traffic and the 14.0% appreciation of the Mexican
peso against the U.S. dollar. This effect was partially offset by an
increase in the cost of improvements to concession assets (IFRIC-12) of
Ps. 105.3 million, or 154.9%.
Operating income margin increased from 42.5% in 1Q25 to 44.5% in 1Q26. Excluding the effects of IFRIC-12, the operating income margin increased from 56.0% in 1Q25 to 57.6% in 1Q26. Income from operations increased by Ps. 359.7 million, or 7.7%, compared to 1Q25.
EBITDA margin went from 50.9% in 1Q25 to 52.7% in 1Q26. Excluding the effects of IFRIC-12, EBITDA margin went from 67.1% in 1Q25 to 68.3% in 1Q26. The nominal value of EBITDA increased by Ps. 360.0 million, or 6.4%, compared to 1Q25.
Financial results decreased expenses by Ps. 206.2 million, or 22.2%, going from a net expense of Ps. 929.5 million in 1Q25 to a net expense of Ps. 723.3 million in 1Q26. This change was mainly the result of:
-- Foreign exchange rate fluctuations, which changed from a loss of Ps.
123.9 million in 1Q25 to a gain of Ps. 173.4 million in 1Q26, resulting
in a foreign exchange gain of Ps. 297.3 million due to the appreciation
of the Mexican peso. Additionally, the foreign currency translation
effect recorded a gain compared to the foreign exchange loss in 1Q25,
resulting in a net gain of Ps. 110.2 million.
-- Interest expense decreased by Ps. 66.0 million, or 5.7%, compared to
1Q25, mainly due to a decrease in reference rates.
-- Interest income decreased by Ps. 157.1 million, or 47.2%, compared to
1Q25, mainly due to a decrease in the cash and cash equivalents average
balance and decrease in the reference rates.
In 1Q26, net and comprehensive income increased by Ps. 551.4 million, or 19.6%, compared to 1Q25, mainly driven by income before taxes, which increased by Ps. 565.9 million or 15.0%.
Net income increased by Ps. 453.9 million, or 15.9%, compared to 1Q25. Income tax for the period increased by Ps. 112.0 million, or 12.3%, comprised of an increase in current income tax of Ps. 95.2 million and a decrease in the deferred tax benefit of Ps. 16.8 million.
Statement of Financial Position
As of March 31, 2026, total assets increased by Ps. 16,288.8 million compared to the same period in 2025, mainly due to: (i) an increase in cash and cash equivalents of Ps. 6,957.0 million, (ii) an increase in improvements to concession assets of Ps. 4,962.1 million; (iii) an increase in construction in progress of Ps. 2,723.9 million; (iv) an increase in advanced payments to suppliers of Ps. 2,167.8 million; and (v) an increase in deferred income taxes of Ps. 649.9 million. This effect was partially offset by a decrease in (i) airport concessions of Ps. 873.4 million and (ii) other acquired rights of Ps. 275.3 million, among others.
As of March 31, 2026, total liabilities increased by Ps. 15,523.2 million compared to the same period in 2025. This increase was mainly attributable to: (i) an increase in bond certificates of Ps. 15,598.0 million; (ii) security deposits received of Ps. 135.4 million. This effect was partially offset by decreases in (i) deferred income taxes of Ps. 523.3 million and (ii) rights over concession assets of Ps. 272.2 million, among others.
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.
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 1Q25 1Q26 Change
Guadalajara
--------- --------- ---------
Aeronautical services 1,589,087 1,771,988 11.5%
--------- --------- -----
Non-aeronautical services 360,536 388,724 7.8%
--------- --------- -----
Improvements to concession assets (IFRIC
12) 1,174,426 1,118,313 (4.8%)
--------- --------- -----
Total Revenues 3,124,049 3,279,025 5.0%
--------- --------- -----
Operating income 1,182,231 1,367,589 15.7%
--------- --------- -----
EBITDA 1,394,102 1,580,739 13.4%
--------- --------- -----
Tijuana
--------- --------- ---------
Aeronautical services 732,814 824,931 12.6%
--------- --------- -----
Non-aeronautical services 124,721 133,693 7.2%
--------- --------- -----
Improvements to concession assets (IFRIC
12) 386,094 453,866 17.6%
--------- --------- -----
Total Revenues 1,243,629 1,412,489 13.6%
--------- --------- -----
Operating income 406,403 485,379 19.4%
--------- --------- -----
EBITDA 532,938 613,262 15.1%
--------- --------- -----
Los Cabos
--------- --------- ---------
Aeronautical services 946,632 1,036,592 9.5%
--------- --------- -----
Non-aeronautical services 362,666 345,845 (4.6%)
--------- --------- -----
Improvements to concession assets (IFRIC
12) 205,863 212,863 3.4%
--------- --------- -----
Total Revenues 1,515,161 1,595,299 5.3%
--------- --------- -----
Operating income 838,814 884,871 5.5%
--------- --------- -----
EBITDA 935,852 990,037 5.8%
--------- --------- -----
Puerto Vallarta
--------- --------- ---------
Aeronautical services 988,172 997,927 1.0%
--------- --------- -----
Non-aeronautical services 187,583 189,339 0.9%
--------- --------- -----
Improvements to concession assets (IFRIC
12) 503,536 410,908 (18.4%)
--------- --------- -----
Total Revenues 1,679,291 1,598,175 (4.8%)
--------- --------- -----
Operating income 781,159 794,840 1.8%
--------- --------- -----
EBITDA 846,378 857,034 1.3%
--------- --------- -----
Montego Bay
--------- --------- ---------
Aeronautical services 585,365 347,867 (40.6%)
--------- --------- -----
Non-aeronautical services 244,588 178,341 (27.1%)
--------- --------- -----
Improvements to concession assets (IFRIC
12) 48,986 48,363 (1.3%)
--------- --------- -----
Total Revenues 878,940 574,571 (34.6%)
--------- --------- -----
Operating income 342,516 212,907 (37.8%)
--------- --------- -----
EBITDA 432,334 295,583 (31.6%)
--------- --------- -----
Exhibit A: Operating results by airport (in thousands of pesos):
Airport 1Q25 1Q26 Change
Guanajuato
---------- ---------- ---------
Aeronautical services 268,399 294,232 9.6%
---------- ---------- -----
Non-aeronautical services 50,637 45,809 (9.5%)
---------- ---------- -----
Improvements to concession assets
(IFRIC 12) 130,222 73,383 (43.6%)
---------- ---------- -----
Total Revenues 449,258 413,424 (8.0%)
---------- ---------- -----
Operating income 199,152 210,205 5.6%
---------- ---------- -----
EBITDA 225,070 241,286 7.2%
---------- ---------- -----
Hermosillo
---------- ---------- ---------
Aeronautical services 143,349 153,152 6.8%
---------- ---------- -----
Non-aeronautical services 26,571 26,981 1.5%
---------- ---------- -----
Improvements to concession assets
(IFRIC 12) 17,224 5,657 (67.2%)
---------- ---------- -----
Total Revenues 187,144 185,790 (0.7%)
---------- ---------- -----
Operating income 78,353 84,981 8.5%
---------- ---------- -----
EBITDA 104,683 110,580 5.6%
---------- ---------- -----
Others (1)
---------- ---------- ---------
Aeronautical services 745,314 807,780 8.4%
---------- ---------- -----
Non-aeronautical services 118,544 111,955 (5.6%)
---------- ---------- -----
Improvements to concession assets
(IFRIC 12) 195,823 272,325 39.1%
---------- ---------- -----
Total Revenues 1,059,681 1,192,060 12.5%
---------- ---------- -----
Operating income 232,157 283,669 22.2%
---------- ---------- -----
EBITDA 337,204 384,906 14.1%
---------- ---------- -----
Total
---------- ---------- ---------
Aeronautical services 5,999,132 6,234,470 3.9%
---------- ---------- -----
Non-aeronautical services 1,475,845 1,420,686 (3.7%)
---------- ---------- -----
Improvements to concession assets
(IFRIC 12) 2,662,175 2,595,679 (2.5%)
---------- ---------- -----
Total Revenues 10,137,151 10,250,835 1.1%
---------- ---------- -----
Operating income 4,060,782 4,324,441 6.5%
---------- ---------- -----
EBITDA 4,808,562 5,073,426 5.5%
---------- ---------- -----
(1) (Others include the operating results of the Aguascalientes, La Paz, Los Mochis, Manzanillo, Mexicali, Morelia, and Kingston airports.)
Exhibit B: Consolidated statement of financial position as of March 31 (in thousands of pesos):
2025 2026 Change %
Assets
----------- ------------ ----------- ----------
Current assets
----------- ------------ ----------- ----------
Cash and cash
equivalents 16,227,819 23,185,136 6,957,317 42.9%
---------- ----------- ---------- ------
Trade accounts
receivable -
Net 3,328,186 3,410,039 81,853 2.5%
---------- ----------- ---------- ------
Other current
assets 1,196,602 1,227,344 30,742 2.6%
---------- ----------- ---------- ------
Total current
assets 20,752,607 27,822,519 7,069,912 34.1%
---------- ----------- ---------- ------
Advanced payments
to suppliers 926,353 3,094,180 2,167,827 234.0%
---------- ----------- ---------- ------
Machinery,
equipment and
improvements to
leased buildings
- Net 4,657,478 4,442,717 (214,761) (4.6%)
---------- ----------- ---------- ------
Improvements to
concession
assets - Net 25,186,205 30,148,259 4,962,054 19.7%
---------- ----------- ---------- ------
Construction
in-progress 11,760,860 14,484,845 2,723,985 23.2%
---------- ----------- ---------- ------
Airport
concessions -
Net 9,515,482 8,642,096 (873,386) (9.2%)
---------- ----------- ---------- ------
Rights to use
airport
facilities -
Net 979,700 929,550 (50,150) (5.1%)
---------- ----------- ---------- ------
Other acquired
rights 2,005,950 1,730,620 (275,330) (13.7%)
---------- ----------- ---------- ------
Deferred income
taxes - Net 8,361,180 9,011,049 649,869 7.8%
---------- ----------- ---------- ------
Other non-current
assets 86,633 215,438 128,805 148.7%
---------- ----------- ---------- ------
Total assets 84,232,447 100,521,273 16,288,826 19.3%
---------- ----------- ---------- ------
Liabilities
----------- ------------ ----------- ----------
Current
liabilities 12,333,203 18,607,185 6,273,982 50.9%
---------- ----------- ---------- ------
Long-term
liabilities 44,463,118 53,712,376 9,249,258 20.8%
---------- ----------- ---------- ------
Total
liabilities 56,796,322 72,319,562 15,523,240 27.3%
---------- ----------- ---------- ------
Stockholders'
Equity
----------- ------------ ----------- ----------
Common stock 1,194,390 1,194,390 - 0.0%
---------- ----------- ---------- ------
Legal reserve 920,187 238,878 (681,309) (74.0%)
---------- ----------- ---------- ------
Retained earnings 19,705,850 21,873,663 2,167,813 11.0%
---------- ----------- ---------- ------
Reserve for share
repurchase 2,500,000 2,500,000 - 0.0%
---------- ----------- ---------- ------
Foreign currency
translation
reserve 689,812 (145,739) (835,551) (121.1%)
---------- ----------- ---------- ------
Remeasurements of
employee benefit
-- Net 40,382 36,524 (3,858) (9.6%)
---------- ----------- ---------- ------
Cash flow hedges-
Net (5,361) - 5,361 (100.0%)
---------- ----------- ---------- ------
Total
controlling
interest 25,045,260 25,697,716 652,456 2.6%
---------- ----------- ---------- ------
Non-controlling
interest 2,390,866 2,503,995 113,129 4.7%
---------- ----------- ---------- ------
Total
stockholder's
equity 27,436,126 28,201,711 765,585 2.8%
---------- ----------- ---------- ------
Total
liabilities
and
stockholders'
equity 84,232,447 100,521,273 16,288,826 19.3%
---------- ----------- ---------- ------
The non-controlling interest corresponds to the 25.5% stake held in the Montego Bay airport by Vantage Airport Group Limited ("Vantage"), as well as the 48.5% held by the shareholders of GWTC.
Exhibit C: Consolidated statement of cash flows (in thousands of pesos):
1Q25 1Q26 Change
Cash flows from operating
activities:
----------- ----------- ----------
Consolidated net income 2,858,116 3,312,008 15.9%
---------- ---------- ------
Postemployment benefit costs 14,161 20,508 44.8%
---------- ---------- ------
Allowance expected credit loss 25,392 21,402 (15.7%)
---------- ---------- ------
Depreciation and amortization 932,575 932,957 0.0%
---------- ---------- ------
Loss (gain) on sale of
machinery, equipment and
improvements to leased assets 1,989 (1,669) (183.9%)
---------- ---------- ------
Interest expense 1,247,253 1,020,739 (18.2%)
---------- ---------- ------
Provisions (30,688) 34,307 (211.8%)
---------- ---------- ------
Income tax expense 908,605 1,020,605 12.3%
---------- ---------- ------
Unrealized exchange loss 110,879 (122,546) (210.5%)
---------- ---------- ------
6,068,282 6,238,311 2.8%
---------- ---------- ------
Changes in working capital:
----------- ----------- ----------
(Increase) decrease in
----------- ----------- ----------
Trade accounts receivable (656,044) 69,230 (110.6%)
---------- ---------- ------
Recoverable tax on assets and
other assets 81,639 63,015 (22.8%)
---------- ---------- ------
Increase (decrease)
----------- ----------- ----------
Concession taxes payable 33,274 224,240 573.9%
---------- ---------- ------
Accounts payable 71,452 2,110,894 2854.3%
---------- ---------- ------
Cash generated by operating
activities 5,598,603 8,705,690 55.5%
---------- ---------- ------
Income taxes paid (1,122,042) (1,133,849) 1.1%
---------- ---------- ------
Net cash flows provided by
operating activities 4,476,561 7,571,841 69.1%
---------- ---------- ------
Cash flows from investing
activities:
----------- ----------- ----------
Machinery, equipment and
improvements to concession
assets (1,706,642) (1,757,612) 3.0%
---------- ---------- ------
Cash flows from sales of
machinery and equipment 118 1,559 1221.2%
---------- ---------- ------
Other investment activities 13,822 (113,150) (918.6%)
---------- ---------- ------
Net cash used by investment
activities (1,692,702) (1,869,203) 10.4%
---------- ---------- ------
Bond certificates issued 6,000,000 10,718,000 78.6%
---------- ---------- ------
Bond certificates paid (4,500,000) (1,120,000) (75.1%)
---------- ---------- ------
Bank loans paid - (4,498,971) 100.0%
---------- ---------- ------
Bank loans - 3,378,971 100.0%
---------- ---------- ------
Interest paid on bank loans (1,365,386) (1,361,703) (0.3%)
---------- ---------- ------
Interest paid on lease (690) (2,778) 302.6%
---------- ---------- ------
Payments of obligations for
leasing (16,332) (10,557) (35.4%)
---------- ---------- ------
Net cash flows used in
financing activities 117,592 7,102,962 5940.3%
---------- ---------- ------
Effects of exchange rate
changes on cash held (139,660) (73,662) (47.3%)
---------- ---------- ------
Net increase (decrease) in cash
and cash equivalents 2,761,791 12,731,938 361.0%
---------- ---------- ------
Cash and cash equivalents at
beginning of the period 13,466,026 10,453,198 (22.4%)
---------- ---------- ------
Cash and cash equivalents at
the end of the period 16,227,819 23,185,136 42.9%
---------- ---------- ------
Exhibit D: Consolidated statements of profit or loss and other comprehensive income (in thousands of pesos):
Consolidated Results for the
First Quarter of 2025
(thousands)
1Q25 1Q26 Change
Revenues
----------- ----------- ----------
Aeronautical services 5,999,133 6,234,471 3.9%
---------- ---------- ------
Non-aeronautical services 2,393,875 2,539,478 6.1%
---------- ---------- ------
Improvements to concession
assets (IFRIC-12) 2,662,175 2,595,679 (2.5%)
---------- ---------- ------
Total revenues 11,055,183 11,369,627 2.8%
---------- ---------- ------
Operating costs
----------- ----------- ----------
Costs of services: 1,457,089 1,551,571 6.5%
---------- ---------- ------
Employee costs 613,362 684,224 11.6%
---------- ---------- ------
Maintenance 256,903 260,763 1.5%
---------- ---------- ------
Safety, security &
insurance 215,207 233,405 8.5%
---------- ---------- ------
Utilities 125,231 125,013 (0.2%)
---------- ---------- ------
Business operated directly
by us 87,336 89,528 2.5%
---------- ---------- ------
Other operating expenses 159,050 158,638 (0.3%)
---------- ---------- ------
Technical assistance fees 283,900 299,542 5.5%
---------- ---------- ------
Concession taxes 1,048,916 947,078 (9.7%)
---------- ---------- ------
Depreciation and amortization 932,575 932,957 0.0%
---------- ---------- ------
Cost of improvements to
concession assets
(IFRIC-12) 2,662,175 2,595,679 (2.5%)
---------- ---------- ------
Other (income) (25,683) (13,071) (49.1%)
---------- ---------- ------
Total operating costs 6,358,972 6,313,756 (0.7%)
---------- ---------- ------
Income from operations 4,696,211 5,055,871 7.7%
---------- ---------- ------
Financial Result (929,490) (723,258) (22.2%)
---------- ---------- ------
Income before income taxes 3,766,721 4,332,613 15.0%
---------- ---------- ------
Income taxes (908,605) (1,020,605) 12.3%
---------- ---------- ------
Net income 2,858,115 3,312,008 15.9%
---------- ---------- ------
Currency translation effect (75,058) 35,121 (146.8%)
---------- ---------- ------
Cash flow hedges, net of
income tax (776) - (100.0%)
---------- ---------- ------
Remeasurements of employee
benefit -- net income tax 32,099 18,642 (41.9%)
---------- ---------- ------
Comprehensive income 2,814,380 3,365,771 19.6%
---------- ---------- ------
Non-controlling interest (114,926) (138,515) 20.5%
---------- ---------- ------
Comprehensive income
attributable to controlling
interest 2,699,454 3,227,255 19.6%
---------- ---------- ------
The non-controlling interest corresponds to the 25.5% stake held in the Montego Bay airport by Vantage Airport Group Limited ("Vantage"), as well as the 48.5% held by the shareholders of GWTC.
Exhibit E: Consolidated stockholders' equity (in thousands of pesos):
Reserve Other Total Total
Common Legal for Share Retained comprehensive controlling Non-controlling Stockholders'
Stock Reserve Repurchase 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
--------- ------- ---------- ---------- --------- ---- ---------- --------------- -----------
Comprehensive
income:
--------- ------- ---------- ---------- --------------- -------------- --------------- ---------------
Net income - - - 2,748,127 - 2,748,127 109,996 2,858,123
--------- ------- ---------- ---------- --------- ---- ---------- --------------- -----------
Foreign
currency
translation
reserve - - - - (79,988) (79,988) 4,930 (75,058)
--------- ------- ---------- ---------- --------- --- ---------- --------------- -----------
Remeasurements
of employee
benefit --
Net - - - - 32,099 32,099 - 32,099
--------- ------- ---------- ---------- --------- ---- ---------- --------------- -----------
Reserve for
cash flow
hedges -- Net
of income tax - - - - (776) (776) - (776)
--------- ------- ---------- ---------- --------- --- ---------- --------------- -----------
Balance as of
March 31, 2025 1,194,390 920,187 2,500,000 19,705,850 724,834 25,045,258 2,390,866 27,436,125
--------- ------- ---------- ---------- --------- ---- ---------- --------------- -----------
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
--------- ------- ---------- ---------- --------- --- ---------- --------------- -----------
Comprehensive
income:
--------- ------- ---------- ---------- --------------- -------------- --------------- ---------------
Net income - - - 3,178,332 - 3,178,332 133,685 3,312,017
--------- ------- ---------- ---------- --------- ---- ---------- --------------- -----------
Foreign
currency
translation
reserve - - - - 30,291 30,291 4,830 35,121
--------- ------- ---------- ---------- --------- ---- ---------- --------------- -----------
Remeasurements
of employee
benefit --
Net - - - - 18,642 18,642 - 18,642
--------- ------- ---------- ---------- --------- ---- ---------- --------------- -----------
Balance as of
March 31, 2026 1,194,390 238,878 2,500,000 21,873,663 (109,215) 25,697,716 2,503,995 28,201,711
--------- ------- ---------- ---------- --------- --- ---------- --------------- -----------
The non-controlling interest corresponds to the 25.5% stake held in the Montego Bay airport by Vantage Airport Group Limited ("Vantage"), as well as the 48.5% held by the shareholders of GWTC.
Exhibit F: Other operating data:
Other data (thousands)
1Q25 1Q26 Change
Total passengers 16,269.6 15,367.2 (5.5%)
-------- -------- ----
Total cargo volume (in WLUs) 650.7 703.8 8.2%
-------- -------- ----
Total WLUs 16,920.2 16,071.0 (5.0%)
-------- -------- ----
Aeronautical & non aeronautical services per
passenger (pesos) 515.9 571.0 10.7%
-------- -------- ----
Aeronautical services per WLU (pesos) 354.6 387.9 9.4%
-------- -------- ----
Non aeronautical services per passenger (pesos) 147.1 165.3 12.3%
-------- -------- ----
Cost of services per WLU (pesos) 87.8 96.5 10.0%
-------- -------- ----
WLU = Workload units represent passenger traffic plus cargo units (1 cargo unit = 100 kilograms of cargo).
Alejandra Soto Investor Relations and Social Responsibility Officer
asoto@aeropuertosgap.com.mx
Gisela Murillo, Investor Relations
gmurillo@aeropuertosgap.com.mx
+52 33 3880 1100 ext. 20294
(END) Dow Jones Newswires
April 20, 2026 19:56 ET (23:56 GMT)