The CBX acquisition is clearly accretive to EBITDA margins, but the core Mexican airport business showed only 0.4% passenger growth and faces peso appreciation headwinds. The sharp increase in financial leverage (short-term debt up 286%) and declining Jamaican traffic warrant monitoring. Watch for the final fair value adjustments from the CBX business combination and any update on the 2025-2029 tariff implementation.
Price Chart
Executive Summary
Pacific Airport Group (PAC) reported 3Q26 results showing total revenue up 21.8% YoY to Ps. 11,667.8 million, driven by the CBX acquisition and higher aeronautical tariffs. However, total passenger traffic declined 1.4% YoY, with international traffic down 4.5%, and net income grew only 8.1% due to a 57.6% surge in financial expenses from higher debt. Excluding CBX, organic revenue growth was a modest 3.4%, and the Jamaican airports continued to struggle with a 15.8% passenger decline.
Key Facts
- Total revenues increased 21.8% YoY to Ps. 11,667.8 million in 3Q26, but excluding CBX, organic growth was only 3.4%.
- Total passenger traffic declined 1.4% YoY to 15.4 million; international traffic fell 4.5%.
- Net income rose 8.1% to Ps. 2,914.1 million, while comprehensive income grew 32.8% to Ps. 3,265.1 million.
- EBITDA increased 19.2% to Ps. 6,064.6 million; EBITDA margin (ex-IFRIC-12) improved to 67.8% from 64.3%.
- Financial expenses surged 57.6% to Ps. 1,043.1 million due to higher debt for CAPEX and the CBX acquisition.
- CBX contributed Ps. 775.5 million in revenue and Ps. 558.2 million in EBITDA (72.0% margin) during 3Q26.
- Jamaican airports saw a 15.8% passenger decline and a 12.7% drop in aeronautical revenues.
- Total debt (bank loans + bonds) increased significantly, with short-term bank loans rising 286.5% to Ps. 19,434.4 million.
Financial Impact
Revenue growth of 21.8% was largely acquisition-driven; organic growth of 3.4% was modest. Net income growth of 8.1% was constrained by higher interest costs. EBITDA margin expansion (ex-IFRIC-12) was a positive, but passenger traffic decline and Jamaican weakness are headwinds.
Risk Factors
- Continued peso appreciation against USD could further pressure international tariff revenues and Jamaican translation.
- Higher debt levels and rising interest expense may compress net income growth despite EBITDA expansion.
- Sustained passenger traffic decline, especially in international and Jamaican segments, could erode revenue growth.
- Preliminary purchase price accounting for CBX may result in future adjustments to goodwill and intangible assets.
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001171843-26-006694 |
| Document: 0001171843-26-006694-index-headers.html | 0001171843-26-006694 |
| Document: 0001171843-26-006694-index.html | 0001171843-26-006694 |
| Document: 0001171843-26-006694.txt | 0001171843-26-006694 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 20, 2026 6d ago | 6-K | $217.41 | awaiting T+5 | — | $224.67 (+3.34%) |
Oct 6, 2026 20d ago | 6-K | $201.41 $196.49 | ▲ +2.44% | ▲ +1.46% | $224.67 (−11.55%) |
Jul 14, 2026 14w ago | 6-K | $225.95 $217.12 | ▼ −3.91% | ▼ −2.61% | $224.67 (−0.57%) |
Jul 14, 2026 15w ago | Press Release | $225.95 $217.12 | ▼ −3.91% | ▼ −2.61% | $224.67 (−0.57%) |
Apr 20, 2026 27w ago | Press Release | $258.23 $254.67 | ▼ −1.38% | ▼ −2.46% | $224.67 (−13.00%) |
Apr 17, 2026 27w ago | Press Release | $250.43 $254.33 | ▲ +1.56% | ▲ +0.64% | $224.67 (−10.29%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Create a free account Live analysis, Telegram alerts, watchlists and the MCP server for subscribers