Grupo Aeroportuario del Pacífico reported a 19.2% increase in EBITDA for the third quarter of 2026, helped by the integration of Cross Border Xpress operations. GAP earnings showed total revenue rising 21.8% from a year earlier, even as passenger traffic across its 14 airports declined 1.4%.
Key Takeaways
- Third-quarter EBITDA reached 6,064.6 million Mexican pesos, up from 5,085.6 million pesos a year earlier.
- Excluding CBX operations, aeronautical and non-aeronautical services revenue increased 3.4%, versus 13.2% on a consolidated basis.
- International passenger traffic fell 4.5%, outweighing a 0.6% increase in domestic passengers.
Table of Contents
- GAP earnings rise despite lower passenger traffic
- CBX integration changes the year-over-year comparison
- International traffic offsets domestic growth
- Conclusion
GAP earnings rise despite lower passenger traffic
GAP's third-quarter results announcement, issued on October 19, 2026, covers the quarter ended September 30. The company said its figures were unaudited and prepared under International Financial Reporting Standards.
The EBITDA margin, excluding the effects of IFRIC-12, increased to 67.8% from 64.3% a year earlier, a gain of 3.5 percentage points. Comprehensive income rose 32.8% to 3,265.1 million pesos; that measure is distinct from net profit.
Operating income increased 21.6%, or 897.7 million pesos. Excluding CBX's contribution, operating income would have risen 9.2%, showing that the expanded consolidation scope accounted for a substantial part of the reported growth.
| Item | Details |
|---|---|
| Tijuana | 3,194,800 total terminal passengers in Q3 2026; down 0.5% year over year. |
| Los Cabos | 1,542,600 total terminal passengers in Q3 2026; down 6.8% year over year. |
| Puerto Vallarta | 1,218,300 total terminal passengers in Q3 2026; down 11.0% year over year. |
| Montego Bay | 957,700 total terminal passengers in Q3 2026; down 23.0% year over year. |
CBX integration changes the year-over-year comparison
The consolidated results include a business combination effective May 1, 2026, encompassing CBX operations and the internalization of technical assistance and technology transfer services. Shareholders approved the transaction on December 11, 2025, and the merger agreement was signed on April 30, 2026.
Total revenue increased by 2,091.2 million pesos. Without the incorporation of CBX operations, the increase would have been 1,315.7 million pesos, or 13.7%. Growth in the narrower measure of aeronautical and non-aeronautical services revenue was considerably lower without CBX.
Costs also rose faster on a consolidated basis. Cost of services increased 26.8%, compared with a 12.6% increase excluding CBX operations.
GAP is still determining the fair values of assets acquired and liabilities assumed in the combination. The transaction-related amounts in the financial statements remain preliminary and subject to adjustment.
International traffic offsets domestic growth
The airport network handled 222,000 fewer passengers than in the third quarter of 2025. Domestic terminal traffic reached approximately 9.49 million passengers, while international traffic totaled approximately 5.95 million. CBX users are classified as international passengers.
Guadalajara was a notable area of growth, with total terminal passengers increasing 8.0% to approximately 5.06 million. Several other major airports recorded declines, including the destinations shown below.
Conclusion
GAP's reported growth reflects both improved results and the addition of CBX operations, rather than stronger passenger volumes across the network. The outstanding accounting item is completion of the business combination's fair-value assessment, which could adjust the preliminary transaction amounts.
Read More News
Disclaimer
This FinanceVelix article provides general information, not personalized financial, investment, legal, or tax advice. Market prices, interest rates and economic conditions can change; investments carry a risk of loss. Facts reflect the material available when published and may change. Check important information independently and consult a qualified professional when needed. Mentioning an asset, company, or service is not an endorsement.
