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 revenuesincreased 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:
- 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.
- 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:
- 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%.
- 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.
- 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 assets1
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:
- 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.
- 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:
- 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.
- 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:
- 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.
- 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.
- 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 assets1
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:
- 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.
- 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 [email protected]. 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):
| Common Stock | Legal Reserve | Reserve for Share Repurchase |
Premium on share suscription |
Retained Earnings | Other comprehensive income |
Total controlling interest |
Non-controlling interest | Total Stockholders’ 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 Officer
Gisela Murillo, Investor Relations |
[email protected]
[email protected] |
