Grupo Aeroportuario del Pacífico, S.A.B. de C.V. Q1 FY2026 earnings call

Raul Revuelta mentioned that total passenger traffic across GAP's 14 airports decreased by 5.5% in the first quarter. In Jamaica, recovery of hotel capacity was better than expected but passenger volume not yet at pre-storm levels. In Mexico, traffic declines were due to security incidents and global macroeconomic volatility. Aeronautical revenues were resilient, non-aeronautical business continued to grow. Cost of service increased due to higher personnel, security, maintenance costs and operational area expansion. GAP maintains strong liquidity with cash and cash equivalents of MXN 23.2 billion, and has ongoing CapEx focusing on enhancing capacity and passenger experience. Strategic initiative related to CBX and internalization of technical assistance services expected to be completed in second quarter of 2026.

Total revenues increased by 2.8% compared to the first quarter of 2025. Aeronautical revenues for the group grew by 3.9%, with Mexico seeing a 9.3% increase. EBITDA increased by 6.4% to MXN 6 billion with an EBITDA margin of 68.3%. The aeronautical revenues in Mexico were primarily driven by the implementation of the maximum tariff for the 2025-2029 regulatory period, and the bonded warehouse business, which represents around 21% of total non-aeronautical revenues, saw growth due to increased cargo related to electronics production shifts.

Raul Revuelta stated that they are between 92% and 93% of maximum tariff compliance and expect to be close to 95% by year-end. On traffic, while difficult to predict due to global factors, they expect some temporary effects from security to be behind by summer and maintain original guidance for the year. The CBX transaction is expected to be consolidated in May.

Challenging traffic environment, including headwinds from Hurricane Melissa in Jamaica, security incidents in Mexico affecting passenger demand, global macroeconomic volatility impacting operations including geopolitical tension and fuel prices, which pressure airline operation costs and may lead to capacity realignment.

Q: On the aeronautical part, what's current maximum tariff compliance and traffic outlook?

A: Between 92%-93% compliance, expect to be close to 95% by year-end. Traffic outlook is difficult to predict due to global factors but summer leisure may have additional seats.

Q: On CBX and TA transaction, what's pending and timeline?

A: Doing best to consolidate results during May.

Q: On commercial front, strong cargo performance and capital allocation?

A: Cargo growth due to electronics production shift to Guadalajara area. Capital allocation focus on CBX conclusion, no other major projects currently.

Q: On cost side, why depreciation flat despite CapEx?

A: Aligned, no major new capitalized projects, and assets already 100% depreciated offset increase.

Q: On capacity movements and CBX financing in pesos?

A: Not seeing structural capacity change due to security, fuel cost effects early. CBX financed in pesos due to favorable exchange rate to avoid balance sheet volatility.

Q: On traffic expectations next year and Viva/Volaris merger?

A: No particular change seen yet, talks ongoing.

Q: On accounts payable increase?

A: Due to bond issuance in March for CBX acquisition and CapEx.

Q: On CapEx modeling and jet fuel concern?

A: CapEx deployed more intensively in following months. Jet fuel concern related to seat supply depending on demand resilience.

Q: On Tijuana traffic pressure?

A: Expect summer recovery with additional seats and softer comparison base.