The combination of strong organic growth, particularly in high-margin non-aeronautical services, and the transformative CBX acquisition with significant cost synergies, positions GPAEF for continued outperformance. Traders should monitor the successful completion of the CBX deal and the integration of the technical services for further upside.
Price Chart
Executive Summary
Pacific Airport Group (GPAEF) reported strong 2025 financial performance with 10% YoY net profit growth to $1.0 billion, driven by a 13.9% increase in non-aeronautical revenues. The company is advancing a major acquisition of Cross Border Xpress (CBX) and internalizing technical services, funded by a recent $580 million bond issuance. This filing, combined with recent positive 6-Ks on sustainability assurance and a successful bond refinancing, confirms a bullish strategic and financial trajectory.
Key Facts
- 2025 net profit increased 11.3% YoY to $1.0 billion (Ps. 10,000.6 million).
- Non-aeronautical revenues grew 13.9% YoY to $970.4 million, now 29.8% of combined aeronautical and non-aeronautical revenue.
- Company announced acquisition of 25% stake in Cross Border Xpress (CBX) for $580 million, funded by bond issuance.
- Recent 6-K filings confirm successful bond refinancing and independent assurance on sustainability-linked bond KPI achievement.
- Internalization of technical assistance services from AMP is expected to generate annual savings of ~$971.8 million (3.1% of EBITDA).
Financial Impact
The acquisition and internalization initiatives are expected to generate significant future value through new revenue streams from CBX and annual cost savings of approximately $971.8 million.
Risk Factors
- Execution risk related to the pending CBX acquisition and business combination.
- Potential for increased leverage from the $580 million bond issuance.
- Sensitivity to U.S.-Mexico border policies due to the CBX investment.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 2 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 20-F Filing (Primary) | 0001193125-26-161714 |
| Document: pac-ex4_1.htm | 0001193125-26-161714 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
May 7, 2026 24w ago | 6-K | $24.89 $24.63 | ▼ −1.04% | ▼ −2.55% | $22.28 (−10.47%) |
May 5, 2026 24w ago | 6-K | $24.89 $24.63 | ▲ +1.04% | ▲ +2.18% | $22.28 (+10.47%) |
Apr 23, 2026 26w ago | 6-K | $26.70 $24.89 | ▼ −6.80% | ▼ −7.71% | $22.28 (−16.55%) |
Apr 17, 2026 27w ago | 20-F | $24.56 $26.70 | ▲ +8.71% | ▲ +7.80% | $22.28 (−9.28%) |
Mar 31, 2026 29w ago | 6-K | $24.56 $24.56 | · 0.00% | ▼ −3.77% | $22.28 (−9.28%) |
US Market Status
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