Results are mixed with declining traffic and aeronautical revenue offset by CBX and non-aero growth. Guidance implies continued traffic weakness. Monitor CBX integration and traffic recovery; the CBFE trust filing process is a potential catalyst. Historical momentum is against the stock (past reports all lost).
Price Chart
Executive Summary
Pacific Airport Group reported mixed 2Q26 results: total revenue +3.7% YoY to Ps. 11,290M, EBITDA +8.4% to Ps. 5,965M, and net income +9.0% to Ps. 2,894M. However, passenger traffic declined 5.6% and aeronautical revenue fell 3.2%, offset by strong non-aero growth (+23.9%) including first CBX consolidation. 2026 guidance was revised: passenger traffic -3% to 0% YoY, total revenue +7-10%, EBITDA +10-12%.
Key Facts
- Total revenue +3.7% YoY to Ps. 11,290M (2Q26 vs 2Q25)
- EBITDA +8.4% to Ps. 5,965M; margin (ex-IFRIC-12) 69.3% vs 67.1%
- Net income +9.0% to Ps. 2,894M
- Passenger traffic -5.6% (891.6K fewer passengers)
- Aeronautical revenue -3.2%; non-aero +23.9% (CBX contributed Ps. 468M)
- 2026 guidance: traffic -3% to 0%, total revenue +7-10%, EBITDA +10-12%
- CBX acquisition closed; goodwill/intangibles of Ps. 37.7B recognized
Financial Impact
Revenue growth of 3.7% driven by CBX consolidation; organic traffic and aeronautical revenue declining. EBITDA margin expansion partly from one-time technical assistance fee reversal.
Risk Factors
- Continued passenger traffic decline (-5.6% in Q2) and expected -3% to 0% for full year
- Higher cost of services (+23.2%) and interest expense (+37.6%) pressuring margins
- Preliminary purchase accounting for CBX may change fair values; goodwill of Ps. 30.8B subject to impairment
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 8 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (PAC) — Batch item 1 | 0001171843-26-004612 |
| Document: 0001171843-26-004612-index-headers.html | 0001171843-26-004612 |
| Document: 0001171843-26-004612-index.html | 0001171843-26-004612 |
| Document: 0001171843-26-004612.txt | 0001171843-26-004612 |
| 6-K Filing (PAC) — Batch item 5 | 0001171843-26-004612 |
| Document: 0001171843-26-004612-index-headers.html | 0001171843-26-004612 |
| Document: 0001171843-26-004612-index.html | 0001171843-26-004612 |
| Document: 0001171843-26-004612.txt | 0001171843-26-004612 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 20, 2026 6d ago | 6-K | $217.41 | awaiting T+5 | — | $222.42 (+2.30%) |
Oct 6, 2026 20d ago | 6-K | $201.41 $196.49 | ▲ +2.44% | ▲ +1.46% | $222.42 (−10.43%) |
Jul 14, 2026 14w ago | 6-K | $225.95 $217.12 | ▼ −3.91% | ▼ −2.61% | $222.42 (−1.56%) |
Jul 14, 2026 14w ago | Press Release | $225.95 $217.12 | ▼ −3.91% | ▼ −2.61% | $222.42 (−1.56%) |
Apr 20, 2026 27w ago | Press Release | $258.23 $254.67 | ▼ −1.38% | ▼ −2.46% | $222.42 (−13.87%) |
Apr 17, 2026 27w ago | Press Release | $250.43 $254.33 | ▲ +1.56% | ▲ +0.64% | $222.42 (−11.18%) |
US Market Status
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