The CBX acquisition provides a high-margin, dollar-denominated revenue stream, but underlying traffic trends (especially international) remain soft. The raised guidance implies acceleration in H2; monitor monthly traffic data and peso/dollar dynamics for signs of recovery. The dilutive share count (~89.7M new shares) caps near-term EPS upside.
Price Chart
Executive Summary
PAC reported Q2 2026 revenue of $647M (+3.7% YoY in pesos) and EBITDA of $342M (+8.4%), but comprehensive income per ADS fell to $2.36 from $2.53 a year ago, missing the $2.98 consensus. Passenger traffic declined 5.6% YoY, weighed by the Jamaican airports and peso headwinds, although the newly consolidated CBX cross-border terminal contributed $26.8M in revenue and a 67.5% EBITDA margin. Management raised full-year guidance to 7–10% revenue growth and 10–12% EBITDA growth, reflecting the CBX acquisition and gradual tariff implementation.
Key Financial Metrics
Key Facts
- Total revenues +3.7% YoY in pesos (Ps. 11,289.7M) and EBITDA +8.4% (Ps. 5,965.3M), with CBX contributing Ps. 468.1M in May–June revenue
- Comprehensive income per ADS $2.36 vs $2.53 prior year and consensus $2.98 — a miss of ~20.8%
- Passenger traffic fell 5.6% in Q2 (15.0M vs 15.9M), driven by 9.4% decline in international passengers and 16.9% drop at Montego Bay due to Hurricane Melissa
- Non-aeronautical revenues surged 23.9% YoY, driven by CBX (Ps. 468.1M), cargo (+22.0%), and parking (+9.1%)
- 2026 guidance raised: total revenue growth 7–10%, EBITDA growth 10–12%, EBITDA margin ~67% ±1%
- Business combination effective May 1 added 89.7M new shares (dilution ~17.7%) and generated Ps. 30.8B in goodwill
Financial Impact
EBITDA grew ~8.4% to Ps. 5,965M ($342M), but EPS/comprehensive income per ADS missed consensus by ~20.8% due to dilution and lower traffic. The CBX acquisition adds ~$53.6M annualized EBITDA, partially offsetting organic weakness.
Risk Factors
- Continued passenger traffic decline, especially in Jamaica and Puerto Vallarta, could weigh on aeronautical and non-aeronautical revenues
- Mexican peso appreciation against the USD reduces reported revenue and EPS for USD-denominated investors
- Integration of CBX and the associated share dilution may pressure ROE and EPS growth
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3326564 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 20, 2026 7d ago | 6-K | $217.41 | awaiting T+5 | — | $224.13 (+3.09%) |
Oct 6, 2026 20d ago | 6-K | $201.41 $196.49 | ▲ +2.44% | ▲ +1.46% | $224.13 (−11.28%) |
Jul 14, 2026 15w ago | 6-K | $225.95 $217.12 | ▼ −3.91% | ▼ −2.61% | $224.13 (−0.81%) |
Jul 14, 2026 15w ago | Press Release | $225.95 $217.12 | ▼ −3.91% | ▼ −2.61% | $224.13 (−0.81%) |
Apr 20, 2026 27w ago | Press Release | $258.23 $254.67 | ▼ −1.38% | ▼ −2.46% | $224.13 (−13.21%) |
Apr 17, 2026 27w ago | Press Release | $250.43 $254.33 | ▲ +1.56% | ▲ +0.64% | $224.13 (−10.50%) |
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