PAC

This article first appeared on GuruFocus. Underlying Net Profit After Tax (NPAT): AUD14.8 million, down 43% from AUD26 million in the prior corresponding period. Statutory Net Loss After Tax: AUD1.5 million, compared with a profit of AUD58.2 million in FY25. Total Underlying Income: AUD25.1 million, down 48%. Boutique Income: AUD7.1 million, reflecting portfolio exits. Interest Income: AUD16.8 million, now 67% of underlying income. Total Overheads: AUD9.4 million, down 41%. Corporate Overheads: AUD5.4 million, down 21%. Interest Expense: AUD2.6 million, down from AUD6.7 million after debt repayment. Underlying Earnings Per Share (EPS): AUD0.502, down 10%. Underlying Pre-tax Cash Earnings: AUD14.4 million, representing 91% of underlying profit before tax. Total Dividends Declared: AUD0.48 per share, up 12%. Fair Value Net Asset Value (NAV) per Share: AUD16.18 at June 30, up 4% from AUD15.51 a year earlier. Statutory NAV per Share: AUD13.96 at June 30. Funds Under Management: AUD26.4 billion, down from AUD30 billion. Cash and Short-term Deposits: AUD157.7 million at year-end, up AUD19.8 million. Corporate Net Assets: AUD174.9 million, up from AUD144.3 million. Total Liabilities: Down 89% to AUD8.9 million. Shares on Issue: Declined 7% to 27.9 million shares. Share Buyback: Repurchased over 2.2 million shares at a cost of AUD22.9 million. Total Shareholder Return (FY26): 10.4%, versus 6.1% for the S&P/ASX 200. Total Shareholder Return (5-year annualized): 18.4%, versus 7.8% for the S&P/ASX 200. Warning! GuruFocus has detected 5 Warning Sign with ASX:PAC. High Yield Dividend Stocks in Gurus' Portfolio This Powerful Chart Made Peter Lynch 29% A Year For 13 Years How to calculate the intrinsic value of a stock? Is ASX:PAC fairly valued? Test your thesis with our free DCF calculator. Release Date: August 27, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Total shareholder return exceeded the broader market over both the past financial year and the past five years. Declared total dividends of AUD0.48 per share, a 12% increase from the prior year, including the first franked dividends since 2023. Reduced total overhead expenses by 41% compared to the prior year, with further cost reductions expected in FY27. Fair value NAV per share increased to AUD16.18, up 4% year-over-year, and has compounded at over 14% per annum over the past five years. Eliminated all financial debt and strengthened the balance sheet, with cash and short-term deposits increasing to AUD157.7 million. Continued capital management through an on-market share buyback, reducing shares on issue by 7% during the period. Successfully exited non-core holdings (Janus Henderson, Aether) and partially sold Victory Park Capital, generating proceeds for capital returns. Interest income now covers corporate overheads more than three times over, providing a strong cash buffer. Commenced a strategic review to explore options to further optimize shareholder value, including a potential acquisition of River Capital. Underlying pre-tax cash earnings conversion was strong at 91% of underlying profit before tax. Underlying net profit after tax declined 43% to AUD14.8 million due to a reshaped earnings base. Statutory net loss after tax of AUD1.5 million, driven by non-cash fair value adjustments and absence of prior-year gains on sale. Funds under management decreased from AUD30 billion to AUD26.4 billion, partly due to the exit from Aether and a stronger Australian dollar. Boutique income fell significantly to AUD7.1 million, reflecting the exits of several portfolio companies. The fair value of Victory Park Capital reduced due to slower fundraising and higher discount rates for private credit strategies. The company received a non-binding proposal from River Capital at an implied valuation of AUD13 per share, which is below the fair value NAV of AUD16.18 per share. The strategic review introduces uncertainty regarding the company's future direction and potential outcomes. Interest expense and investment management fees, while rolling off in FY27, contributed to lower earnings in FY26. The share price has historically traded below fair value NAV, and liquidity remains low, with daily volumes sometimes near zero. The company's portfolio is now heavily weighted towards cash, making it challenging to maintain historical return levels. Q: Can you provide more detail on the drivers behind the valuation uplift for Roc Partners?A: Ron Patel (Acting CFO) explained that Roc Partners had a positive fundraising outlook, and after revisiting their model in more detail, the outlook for the next five years of cash flows supported an uplift in fair value. Michael Clarke (Managing Director) added that the uplift also reflects the consistent valuation framework now applied across all portfolio investments. Q: Is there a market for selling the Abacus bonds, or do you plan to hold them until maturity?A: Michael Clarke (Managing Director) stated that the company monitors the market for the bonds regularly, but they would only look to exit prior to maturity if there was a sufficient premium over the AUD25 face value in the period leading up to maturity in 2028. He clarified that the bonds held are not the same as the listed bond many follow. Q: At the AUD16.18 fair value NAV, the 6.3 million shares proposed as consideration for River Capital implies a valuation of roughly AUD100 million. Would the Board need to believe River is worth substantially more than that to consider the transaction in shareholders' interests?A: Michael Clarke (Managing Director) noted that it is very early days, as the proposal was only received in August. He clarified that the fair value NAV is a moment-in-time valuation without allowance for the cost of running the company. He acknowledged the math but stated no determinations have been made yet, and the Board will work through the analysis with advisors. Q: Is it fair to say the Board's history of valuing its own assets, as evidenced by capital markets transactions, is pretty good?A: Michael Clarke (Managing Director) agreed, noting that over the last three years, virtually all transactions were undertaken at either close to or above fair value. He emphasized that the valuation approach is designed to be rigorous and supportable, and the company has reviewed the methodology to confirm confidence in its veracity. Q: With AUD8-9 per share in cash and short-term investments, the AUD13 price implies a huge discount to the quality boutique part of the portfolio. Is that a reasonable characterization?A: Michael Clarke (Managing Director) pushed back on the "huge discount" characterization, noting that as an ongoing concern, one would deduct AUD1-2 per share for the cost of running the company. He highlighted that the shares have historically traded below fair value NAV, and the stock is illiquid, with daily volumes ranging from zero to low tens of thousands of shares. Q: Given the success of the previous off-market buyback, is that option open to the company again to intensify remaining shareholders' interest in the quality boutiques?A: Michael Clarke (Managing Director) confirmed that the Board will consider all options, including on-market and off-market buybacks, as part of the strategic review. He noted that the previous off-market buyback at AUD12 was a judgment made by the Board based on advisor input, and that fair value NAV at that time was well below current levels. Q: Would any shares acquired by River Capital principals through the book build be subject to escrow, or would that only apply to the consideration shares?A: Michael Clarke (Managing Director) stated it is very early days, but his understanding is that any increase in stakes would likely be subject to escrow. He confirmed the company will update the market under continuous disclosure requirements as they work through the proposal. Q: Would there be a maximum percentage that River Capital principals and their associates would be committed to acquire through the book build?A: Michael Clarke (Managing Director) noted that all parties would be bound by rules around majority shareholder issues and takeover provisions. He acknowledged it is a very complicated transaction involving movements of shares through time, and both PAC and River Capital would need to be extremely mindful of regulatory requirements. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Interested in Grupo Aeroportuario Del Pacifico, S.A. de C.V.? Here are five stocks we like better. Grupo Aeroportuario Del Pacifico reported stronger Q2 2026 profitability even as traffic fell, with passenger volume down 5.6% but revenue excluding construction up 4.9% and EBITDA up 8.4% to MXN 6 billion. Management said tariff increases, directly operated commercial businesses and the initial consolidation of Cross Border Xpress helped offset weaker airport traffic. Non-aeronautical revenue was the standout driver, rising 23.9% as GAP’s commercial businesses and CBX scaled up. Growth was especially strong in cargo, advertising, hotel operations, convenience stores and parking, showing the company can still grow earnings despite softer passenger trends. GAP updated its 2026 outlook to reflect continued traffic pressure, now forecasting passenger volume from a 3% decline to flat growth and EBITDA growth of 10% to 12%. The company also said it expects two dividend distributions this year and is progressing on its FIBRA GAP approval process. Grupo Aeroportuario Del Pacifico (NYSE:PAC) said second-quarter 2026 earnings improved despite weaker passenger traffic, as tariff adjustments, directly operated commercial businesses and the initial consolidation of Cross Border Xpress helped offset declines across parts of its airport network. Chief Executive Officer Raul Revuelta said total passenger traffic across GAP’s 14 airports fell 5.6% from the second quarter of 2025. Even so, revenue excluding construction services rose 4.9%, EBITDA increased 8.4% to MXN 6 billion, and EBITDA margin expanded 230 basis points to 69.3%. → 3 Space Stocks That Could Outshine SpaceX After Its IPO “While we are not satisfied with the current traffic performance, this quarter demonstrates that GAP is increasingly capable of protecting earnings and generating growth through multiple complementary revenue streams,” Revuelta said. Revuelta attributed the passenger decline to several factors in both Mexico and Jamaica. In Jamaica, he said the company continues to feel the impact of Hurricane Melissa, with hotel capacity along the main tourist corridor still below pre-storm levels. He said hotel reopenings point to an extended recovery through the second half of the year. → The SK Hynix IPO and 2027’s AI Memory Squeeze In Mexico, Revuelta said airlines managed capacity in response to economic conditions, while rising jet fuel costs pressured airfares. He also cited security concerns affecting international leisure demand for certain beach destinations, including Puerto Vallarta, where international passenger traffic fell 27% during the quarter. GAP is working with airlines and regional tourism stakeholders to rebuild connectivity and travel confidence, he said. Guadalajara was an exception during the quarter. The city hosted four of five FIFA World Cup matches in June, and Revuelta said Guadalajara Airport successfully handled additional charter flights, national teams, delegations and fans while maintaining normal operations. Traffic at the airport rose 6%, though he said that was partly offset by temporary softness at other GAP airports during the tournament. → Meta Platforms Stock Rises as Muse Spark 1.1 AI Model Debuts Aeronautical revenue declined 3.2%, primarily because of lower passenger traffic in Mexico and Jamaica and a 10.9% appreciation of the Mexican peso, which negatively affected the translation of U.S. dollar revenue and international passenger charges. Revuelta said the decline was partly offset by the gradual implementation of maximum tariffs approved for the 2025-2029 regulatory period in Mexico. Non-aeronautical revenue rose 23.9%, helped by growth in businesses operated directly by GAP and the consolidation of Cross Border Xpress, or CBX, beginning May 1. Excluding CBX, directly operated business lines increased 17% despite lower passenger traffic. Cargo and bonded warehouse operations grew 22%. Advertising increased 58%. Hotel operations rose 27%. Convenience stores grew 11%. Parking increased 9%. Revuelta said the results show GAP’s commercial strategy “does not solely depend on passengers volume.” He said duty-free and VIP lounges, which are more exposed to international leisure traffic and foreign exchange, remained under pressure but should improve as international traffic recovers. CBX generated MXN 168 million in revenue during May and June, with more than 626,000 passengers using the facility in both directions. Revuelta said that represented average revenue of $42.8 per passenger, in line with company expectations. He said CBX traffic remained below the prior year but that pricing and the commercial model were resilient. GAP updated its annual outlook to reflect the CBX consolidation, internalization of technical assistance services, current traffic trends and investment progress. The company now expects passenger traffic to range from a 3% decline to flat growth for 2026. Revuelta said the forecast assumes gradual improvement in the second half but does not assume all airports return to growth at the same time or that Puerto Vallarta and Montego Bay fully recover this year. The company expects aeronautical revenue to increase 1% to 4%, supported by approved tariffs in Mexico. Non-aeronautical revenue is expected to grow 21% to 24%, driven by GAP-operated businesses and CBX. EBITDA is expected to rise 10% to 12%, with an EBITDA margin of about 67%, plus or minus one percentage point. Revuelta said CapEx is expected to be around MXN 4 billion. In response to analyst questions, Revuelta said June traffic was affected by higher airfares during the World Cup and by substitution of typical business and leisure travelers with tournament-related passengers. He said some domestic leisure demand appeared to shift into July, and additional seats and route openings should support the second half. Asked about tariff compliance, Revuelta said GAP reached 90% fulfillment of the maximum tariff in the first six months and expects to be around 95% by year-end. He said tariffs changed again on July 1 at Los Cabos and Puerto Vallarta, with domestic passenger charges increasing an additional 7%. Revuelta said it is still early to provide a 2027 traffic growth range. He cited oil prices and the war in Iran as factors that could affect airline costs and capacity, as well as uncertainty around the proposed Viva and Volaris merger. Still, he said GAP expects growth in coming years and noted that Jamaica hotel capacity is trending toward normalization by the end of 2026. Chief Financial Officer Saul Villarreal said the company is continuing the approval process for FIBRA GAP, a vehicle intended to subscribe a minority equity interest in the 12 Mexican airport concession areas. Villarreal said the structure is expected to be tax transparent at the Mexican airport level, but GAP would continue paying taxes as a regular company. He said management does not expect a permanent change in GAP’s effective tax rate, though there could be a temporary decrease during 2026 and 2027 due to the tax shield of interest. Villarreal also said GAP expects to make two dividend distributions this year, with one potentially in the current quarter and another in the final quarter. The shareholders meeting approved a distribution of MXN 0.2080 per ordinary share, he said. Asked whether GAP would offer broad concessions or discounts to airlines to support traffic, Revuelta said the company is not considering general discounts. He said GAP may provide specific support on a case-by-case basis when routes face low load factors or when airport connectivity is at risk. Grupo Aeroportuario del Pacífico, SAB. de C.V. (NYSE:PAC), commonly known as GAP, is a leading airport operator in Mexico. Established in 1998 as part of the federal government’s airport privatization program, GAP holds long‐term concession agreements—typically 50 years—to manage, develop and operate airports under a public–private partnership model. Through these concessions, the company undertakes terminal expansions, runway maintenance and the modernization of navigation and security systems. The company’s portfolio comprises 12 airports across Mexico’s Pacific and western regions, including major hubs such as Guadalajara, Tijuana, Los Cabos, Puerto Vallarta and Mazatlán, as well as regional facilities in Aguascalientes, Morelia and La Paz. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Grupo Aeroportuario Del Pacifico Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for July 2026.

GUADALAJARA, Mexico, July 14, 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 second quarter ended June 30, 2026 (2Q26). 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 2Q26 vs. 2Q25 The sum of aeronautical and non-aeronautical services revenues increased by Ps. 399.0 million, or 4.9%. Total revenues increased by Ps. 407.7 million, or 3.7%. Cost of services increased by Ps. 360.7 million, or 23.2%. Income from operations increased by Ps. 407.6 million, or 8.9%. EBITDA increased by Ps. 462.0 million, or 8.4%, an increase from Ps. 5,503.3 million in 2Q25 to Ps. 5,965.3 million in 2Q26. EBITDA margin (excluding the effects of IFRIC-12) went from 67.1% in 2Q25 to 69.3% in 2Q26. Comprehensive income increased by Ps. 215.4 million, or 9.6%, from an income of Ps. 2,234.9 million in 2Q25 to an income of Ps. 2,450.3 million in 2Q26. Business Combination: Effective May 1, 2026, the Company began recognizing the effects of the business combination involving the Cross Border Xpress (“CBX”) operations and the internalization of technical assistance and technology transfer services approved by the Extraordinary General Shareholders’ Meeting held on December 11, 2025, following the execution of the merger agreement on April 30, 2026. As a result of the merger, GAP issued 89,740,731 new net shares and currently has 595,018,195 shares outstanding, consisting of 519,226,576 Series B shares and 75,791,619 Series BB shares. In addition, the equity purchase agreement for the acquisition of the remaining 25% equity interest in CBX was completed, resulting in GAP consolidating 100% ownership of this business. Following the effectiveness of the merger, GAP assumed control of the merged entities to ensure the continuity of service provision, as well as the operation and management of CBX. The business combination resulted in an increase in cash and cash equivalents of Ps. 5,427.1 million, accounts receivable of Ps. 86.7 million, intangible assets of Ps. 6,899.8 million, goodwill of Ps. 30,803.3 million, and machinery, equipment and improvements to leased buildings of Ps. 2,325.1 million, and the acquisition of OTV land for US$50.0 million (equivalent to Ps. 935.0 million). It also resulted in the recognition of liabilities, primarily comprising bank loans of Ps. 1,305.4 million, unrealized revenue of Ps. 337.7 million, accounts payable of Ps. 234.4 million, and deferred income tax of Ps. 216.9 million. Based on the Company’s assessment, the merger qualifies as a business combination. Accordingly, the excess of the consideration transferred over the book value of the net assets acquired was recognized as non-current assets in the form of goodwill and identifiable intangible assets. The Company is currently in the process of determining the fair values arising from the business combination. Accordingly, the amounts presented in the consolidated financial statements included in this report are preliminary and remain subject to change. Passenger Traffic During 2Q26, the 14 airports operated by GAP recorded a decrease of 891.6 thousand total passengers, representing a 5.6% decrease compared to 2Q25. During this period, the following new routes were inaugurated: Domestic Domestic Terminal Passengers – 14 airports (in thousands): - Net income and comprehensive income per share for 2Q26 and 2Q25 were calculated based on 595,018,195 shares outstanding as of June 30, 2026, and 505,277,464 as of June 30, 2025, respectively. Figures in U.S. dollar were converted from pesos using an exchange rate of Ps. 17.4490 per U.S. dollar, as published by the U.S. Federal Reserve Board (noon buying rate) on June 30, 2026. - For consolidating the Jamaican airports, an average exchange rate of Ps. 17.4052 per U.S. dollar was used, corresponding to the three-month period ended June 30, 2026. Revenues (2Q26 vs. 2Q25) Aeronautical services revenues decreased by Ps. 185.1 million, or 3.2%. Non-aeronautical services revenues increased by Ps. 584.1 million, or 23.9%. Revenues from improvements to concession assets increased by Ps. 8.7 million, or 0.3%. Total revenues increased by Ps. 407.7 million, or 3.7%. The change in aeronautical services revenues was primarily due to the following factors: Revenues from the Mexican airports decreased by Ps. 32.2 million, or 0.7%, compared to 2Q25. This decrease was mainly due to a 4.2% decline in passenger traffic and a 10.9% appreciation of the Mexican peso, which directly affected revenues generated from international passenger charges. This effect was partially offset by the gradual implementation of the maximum tariffs approved for the 2025–2029 regulatory period. Revenues from the Jamaican airports decreased by Ps. 152.9 million, or 18.3%, compared to 2Q25, mainly due to a 16.9% decrease in passenger traffic during the quarter, resulting from the impact of Hurricane Melissa. In addition, the 10.9% 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. 164.8 million, or 7.7%, compared to 2Q25. Revenues from businesses operated directly by us increased by Ps. 190.1 million, or 17.0%, while revenues from businesses operated by third parties decreased by Ps. 25.3 million, or 2.7%. Revenues from the Jamaican airports decreased by Ps. 48.9 million, or 54.4%, compared to 2Q25, primarily due to the decline in passenger traffic and the peso appreciation in the 2Q26. Total revenues generated by CBX during May and June amounted to Ps. 468.1 million, equivalent to US$26.8 million. During this period, a total of 626,424 passengers used the facility in both directions, generating an average revenue of US$42.8 per passenger. Non-aeronautical revenues for the Second Quarter (in thousands of pesos): ‐                Revenues from improvements to concession assets 1 Revenues from improvements to concession assets (IFRIC-12) increased by Ps. 8.7 million, or 0.3%, compared to 2Q25. The change was composed of: Improvements to concession assets at the Company’s Mexican airports, decreased by Ps.171.8 million, or 6.6%, 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. 180.5 million, or 220.4%, 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 remained flat compared to 2Q25, mainly due to the decrease in technical assistance fees of Ps. 486.4 million, or 219.4%, and concession fees of Ps. 19.7 million, or 2.1%. These decreases were offset by higher cost of services of Ps. 195.1 million, CBX operating expenses of Ps. 177.4 million, and non-recurring merger-related expenses of Ps. 118.4 million. Excluding the reversal of the technical assistance provision, the consolidation of CBX, and the non-recurring merger-related expenses, operating expenses increased by Ps. 190.7 million, or 3.0%, compared to 2Q25. The changes in total operating costs were primarily due to the following factors: Mexican airports: Operating costs decreased by Ps. 260.4 million, or 4.8%, compared to 2Q25, mainly due to the reversal of the technical assistance fee provision of Ps. 486.4 million and a decrease in the cost of improvements to the concession assets (IFRIC-12) of Ps. 171.8 million. This effect was partially offset by an increase in cost of services of Ps. 242.0 million, non-recurring merger-related expenses of Ps. 118.4 million, and depreciation and amortization of Ps. 37.2 million. The change in the cost of services at our Mexican airports during 2Q26 was mainly due to: Employee costs increased by Ps. 128.5 million, or 22.5%, mainly due to an increase in personnel providing technical assistance services, operational personnel at the airports, salary adjustments, and higher employee benefits resulting from amendments to the Federal Labor Law. Maintenance increased by Ps. 38.1 million, or 17.4%, mainly due to the opening of new operational areas, and airfield maintenance. Other operating expenses increased by Ps. 31.8 million, or 23.7%, mainly due to the recognition of the expected credit loss provision. Safety, security, and insurance increased by Ps. 27.3 million, or 16.1%, mainly due to an increase in security personnel headcount, significant increases in the minimum wage, and higher insurance costs related to goods safeguarded within the bonded warehouse. Jamaican Airports: Operating expenses increased by Ps. 83.7 million, or 9.4%, compared to 2Q25, mainly due to an increase of Ps. 180.5 million, or 220.4%, in cost of improvements to concession assets (IFRIC-12). This effect was partially offset by a reduction in concession fees of Ps. 88.4 million, or 20.8%, resulting from lower revenues at Montego Bay airport, as well as decreases in depreciation and amortization of Ps. 7.5 million, or 5.1%, and cost of services of Ps. 2.3 million, or 1.0%. Cross Border Xpress: Beginning May 1, CBX operating expenses of Ps. 177.4 million were consolidated, consisting of cost of services of Ps. 152.3 million, and depreciation and amortization of Ps. 25.1 million, corresponding to two months of operations. Operating income margin increased from 42.1% in 2Q25 to 44.2% in 2Q26. Excluding the effects of IFRIC-12, the operating income margin increased from 55.8% in 2Q25 to 57.9% in 2Q26. Income from operations increased by Ps. 407.6 million, or 8.9%, compared to 2Q25, with CBX contributing Ps. 291.1 million. EBITDA margin increased from 50.6% in 2Q25 to 52.8% in 2Q26. Excluding the effects of IFRIC-12, EBITDA margin increased from 67.1% in 2Q25 to 69.3% in 2Q26. EBITDA increased by Ps. 462.0 million, or 8.4%, compared to 2Q25. EBITDA margin growth was partially offset by the impact on the Jamaican airports from the appreciation of the Mexican peso and lower passenger traffic. CBX contributed Ps. 315.8 million, with an EBITDA margin of 67.5%. Financial results increased expenses by Ps. 212.7 million, or 29.0%, going from a net expense of Ps. 733.5 million in 2Q25 to a net expense of Ps. 946.3 million in 2Q26. This change was mainly the result of: Foreign exchange losses decreased from Ps. 40.3 million in 2Q25 to Ps. 17.3 million in 2Q26, resulting in a favorable variance of Ps. 23.0 million due to the appreciation of the Mexican peso. Additionally, the foreign currency translation effect resulted in a net loss of Ps. 19.8 million. Interest expense increased by Ps. 343.8 million, or 37.6%, compared to 2Q25, mainly due to higher debt incurred to finance airport CAPEX and the acquisition of the remaining 25% interest in CBX, as well as Ps. 13.9 million in financing costs related to the bank loan contracted by CBX and assumed through the business combination. Interest income increased by Ps. 108.1 million, or 53.8%, compared to 2Q25, mainly due to the increase in cash and cash equivalents. In 2Q26, net and comprehensive income increased by Ps. 215.4 million, or 9.6%, compared to 2Q25, mainly driven by income before taxes, which increased by Ps. 194.8 million or 5.1%. Net income increased by Ps. 238.4 million, or 9.0%, compared to 2Q25. Income tax for the period decreased by Ps. 43.5 million, or 3.7%, comprised of a decrease in current income tax of Ps. 137.7 million and a decrease in the deferred tax benefit of Ps. 94.2 million. Revenues (6M26 vs. 6M25) Aeronautical services revenues increased by Ps. 50.2 million, or 0.4%. Non-aeronautical services revenues increased by Ps. 729.7 million, or 15.1%. Revenues from improvements to concession assets decreased by Ps. 57.7 million, or 1.1%. Total revenues increased by Ps. 722.2 million, or 3.3%. The change in aeronautical services revenues comprised primarily of the following factors: Revenues from the Mexican airports increased by Ps. 440.2 million, or 4.4%, compared to 6M25, primarily due to the gradual implementation of the maximum tariffs approved for the 2025–2029 regulatory period. This effect was partially offset by the 12.5% appreciation of the Mexican peso against the U.S. dollar and a 3.7% decline in passenger traffic. Revenues from the Jamaican airports decreased by Ps. 390.0 million, or 22.4%, compared to 6M25, mainly due to a 20.8% decline in passenger traffic, as well as the 12.5% appreciation of the Mexican peso against the U.S. dollar, with the average exchange rate changing from Ps. 19.9844 in 6M25 to Ps. 17.4815 in 6M26. The change in non-aeronautical services revenues comprised primarily of the following factors: Revenues from the Mexican airports increased by Ps. 387.4 million, or 9.2%, compared to 6M25, primarily driven by a Ps. 389.9 million, or 18.7%, increase in revenues from businesses operated directly by us. Revenues from the Jamaican airports decreased by Ps. 125.8 million, or 20.8%, compared to 6M25, mainly due to lower passenger traffic. Total revenues generated by CBX during May and June amounted to Ps. 468.1 million, equivalent to US$26.8 million. During this period, a total of 626,424 passengers used the facility in both directions, generating average revenue of US$42.8 per passenger. ‐                Revenues from improvements to concession assets 1 Revenues from improvements to concession assets (IFRIC-12) decreased by Ps. 57.7 million, or 1.1%, compared to 6M25. The change was composed of: Improvements to concession assets at the Company’s Mexican airports, which decreased by Ps. 343.5 million, or 6.6%, 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. 285.7 million, or 190.7%. 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 decreased by Ps. 45.1 million, or 0.4%, compared to 6M25, primarily due to a decrease of Ps. 470.7 million in technical assistance fee, resulting from the reversal of the provision following the business combination, with only the fixed fee paid to the strategic partner from January through April 2026 being recognized. In addition, concession fees decreased by Ps. 114.4 million, or 5.8%. These decreases were partially offset by increases in the cost of services of Ps. 174.4 million, CBX operating expenses of Ps. 177.4 million, non-recurring merger-related expenses of Ps. 118.4 million, and depreciation and amortization of Ps. 54.8 million. Excluding the decrease in concession fees, the reversal of the technical assistance fee provision, the consolidation of CBX, and the non-recurring merger-related expenses, operating expenses increased by Ps. 129.8 million, or 1.0%, compared to 6M25. Mexican airports: Operating costs decreased by Ps. 210.1 million, or 1.9%, compared to 6M25, primarily due to the reversal of the technical assistance fee provision of Ps. 470.7 million, or 93.1%, as well as a decrease of Ps. 343.5 million, or 6.6%, in the cost of improvements to the concession assets (IFRIC-12). These effects were partially offset by increases in cost of services of Ps. 379.9 million, non-recurring expenses of Ps. 118.4 million, concession fees of Ps. 54.4 million, and depreciation and amortization of Ps. 51.4 million. The change in the cost of services at our Mexican airports during 6M26 was mainly due to: Employee costs increased by Ps. 203.1 million, or 18.2%, primarily due to salary adjustments, the addition of operational personnel, the incorporation of personnel to provide technical assistance services, and higher employee benefits resulting from changes to the Federal Labor Law. Safety, security and insurance increased by Ps. 56.1 million, or 17.6%, mainly due to an expansion of the security workforce, significant increases in the minimum wage, and higher insurance costs related to goods safeguarded within the bonded warehouse as a result of increased revenues. Maintenance increased by Ps. 55.7 million, or 13.2%, mainly due to the opening of new operational areas and terminal facilities, as well as airfield maintenance activities. Jamaican Airports: Operating costs decreased by Ps. 11.8 million, or 0.6%, compared to 6M25, mainly due to a Ps. 243.4 million, or 27.5%, decrease in concession fees, a decrease of Ps. 34.3 million, or 7.0%, in cost of services, and a Ps. 21.2 million, or 7.1% decrease in depreciation and amortization. These effects were partially offset by an increase of Ps. 285.7 million, or 190.7%, in the cost of improvements to concession assets (IFRIC-12). Cross Border Xpress: Beginning May 1, CBX operating expenses of Ps. 177.4 million were consolidated, consisting of cost of services of Ps. 152.3 million and depreciation and amortization of Ps. 25.1 million, corresponding to two months of operations. Operating income margin increased from 42.3% in 6M25 to 44.3% in 6M26. Excluding the effects of IFRIC-12, the operating income margin went from 55.9% in 6M25 to 57.8% in 6M26. Income from operations increased by Ps. 767.2 million, or 8.3%, compared to 6M25, with CBX contributing Ps. 291.1 million. EBITDA margin went from 50.7% in 6M25 to 52.8% in 6M26. Excluding the effects of IFRIC-12, EBITDA margin went from 67.1% in 6M25 to 68.8% in 6M26. EBITDA increased by Ps. 822.1 million, or 7.4%, compared to 6M25. CBX contributed Ps. 315.8 million, with an EBITDA margin of 69.9%. Financial results increased in expenses by Ps. 6.5 million, or 0.4%, from a net expense of Ps. 1,663.0 million in 6M25 to Ps. 1,669.5 million in 6M26. This change was mainly the result of: Foreign exchange fluctuations, which went from a loss of Ps. 164.3 million in 6M25 to a gain of Ps. 156.1 million in 6M26, resulting in a foreign exchange gain of Ps. 320.4 million due to the appreciation of the Mexican peso. Additionally, the foreign currency translation effect generated a gain of Ps. 90.4 million compared to 6M25. Interest expense increased by Ps. 279.2 million, or 13.6%, compared to 6M25, mainly due to the increase in bond certificates and higher borrowings of bank loans. Interest income decreased by Ps. 34.7 million, or 7.0%, compared to 6M25, mainly due to a decrease in the cash and cash equivalents average balance and changes in the reference rates in both Mexican pesos and U.S. dollars. In 6M26, net and comprehensive income increased by Ps. 766.7 million, or 15.2%, compared to 6M25. Income before taxes increased by Ps. 760.7 million, mainly due to the increase in EBITDA, as mentioned above. During 6M26, net income increased by Ps. 692.3 million, or 12.6%, compared to 6M25, mainly due to the increase in EBITDA, partially offset by higher depreciation and amortization expenses. In addition, income tax expense for the period increased by Ps. 68.5 million, as a result of a Ps. 767.2 million increase in operating income. Statement of Financial Position As of June 30, 2026, total assets increased by Ps. 62,184.3 million compared to the same period in 2025, primarily due to: (i) goodwill and intangible assets of Ps. 37,703.1 million resulting from the business combination following the merger; (ii) an increase in cash and cash equivalents of Ps. 10,076.4 million; and (iii) a Ps. 13,721.8 million increase in improvements to concession assets, construction in progress, advances to suppliers, and property, plant and equipment. Total liabilities increased by Ps. 27,952. 3 million compared to the same period of 2025. This increase was mainly attributable to: (i) an increase in bond certificates of Ps. 18,098.0 million; (ii) a net increase in bank loans of Ps. 419.0 million, resulting from new loans; and (iii) an increase in accounts payable of Ps. 1,804.6 million. Recent events On May 8, 2026, the Company announced the commencement of the process to establish an Irrevocable Trust for the Issuance of Energy and Infrastructure Investment Trust Certificates (Certificados Bursátiles Fiduciarios de Inversión en Energía e Infraestructura, “CBFEs”), with the objective of subscribing a minority equity interest in the 12 Mexican airport concessionaires operated by GAP. As of the date hereof, the Company continues to work through the approval process with the relevant authorities for the issuance of the CBFEs. 2026 Growth Guidance revised Considering the business combination effective in May, passenger traffic trends, and the progress of the Company’s investment projects: 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. 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. Beginning this quarter, the Company’s main airports and new business lines will be reported separately, given their significance and the importance of providing this information to the market on a standalone basis. Exhibit A: Operating results by airport (in thousands of pesos): Exhibit B: Consolidated statement of financial position as of June 30 (in thousands of pesos): Exhibit C: Consolidated statement of cash flows (in thousands of pesos): Exhibit D: Consolidated statements of profit or loss and other comprehensive income (in thousands of pesos): Exhibit E: Consolidated stockholders’ equity (in thousands of pesos): WLU = Workload units represent passenger traffic plus cargo units (1 cargo unit = 100 kilograms of cargo).

In the current global market landscape, rising inflation and geopolitical uncertainties have led to mixed performances across major indices, with sectors like energy seeing gains while others face declines. Amid these conditions, growth companies with high insider ownership can be appealing as they often signal confidence from those closest to the business and may offer resilience in volatile times. Click here to see the full list of 716 stocks from our Fast Growing Global Companies With High Insider Ownership screener. Underneath we present a selection of stocks filtered out by our screen. Simply Wall St Growth Rating: ★★★★☆☆ Overview: Grupo Aeroportuario del Pacífico, S.A.B. de C.V., along with its subsidiaries, is engaged in the development, operation, and management of airports in Mexico and Jamaica with a market cap of MX$254.59 billion. Operations: Grupo Aeroportuario del Pacífico generates its revenue primarily through the development, operation, and management of airports across Mexico and Jamaica. Insider Ownership: 29.5% Earnings Growth Forecast: 15.9% p.a. Grupo Aeroportuario del Pacífico is experiencing earnings growth, forecasted at 15.9% annually, outpacing the Mexican market's 8.5%. Despite revenue growth of 13.8%, it remains below the significant threshold of 20%. The company faces challenges with high debt levels and recent shareholder dilution. Traffic results show a decline in passenger numbers year-over-year, impacting operational metrics. Nonetheless, its return on equity is projected to be very high at 43.6% in three years, indicating potential long-term profitability despite short-term volatility and financial constraints. Click here and access our complete growth analysis report to understand the dynamics of Grupo Aeroportuario del Pacífico. de. Our valuation report here indicates Grupo Aeroportuario del Pacífico. de may be overvalued. Simply Wall St Growth Rating: ★★★★☆☆ Overview: Shenzhen Capchem Technology Co., Ltd. operates in the research, development, production, sale, and service of new electronic chemicals and functional materials both in China and internationally with a market cap of CN¥48.48 billion. Operations: Shenzhen Capchem Technology Co., Ltd. generates revenue through its involvement in the research, development, production, sale, and service of innovative electronic chemicals and functional materials across domestic and international markets. Insider Ownership: 39.2% Earnings Growth Forecast: 26.8% p.a. Shenzhen Capchem Technology is projected to achieve robust revenue growth of 21.9% annually, surpassing the broader Chinese market's 16% rate. The company's recent earnings report highlights a significant rise in sales to CNY 3.36 billion and net income reaching CNY 480.49 million for Q1 2026, doubling year-over-year figures. Despite an unstable dividend history, its price-to-earnings ratio of 37.8x remains attractive compared to the market average of 51.4x, indicating potential value for investors focused on growth with insider ownership considerations. Navigate through the intricacies of Shenzhen Capchem Technology with our comprehensive analyst estimates report here. The valuation report we've compiled suggests that Shenzhen Capchem Technology's current price could be inflated. Simply Wall St Growth Rating: ★★★★★☆ Overview: Guangzhou Great Power Energy and Technology Co., Ltd focuses on the research, development, production, and sale of battery products both in China and internationally, with a market cap of CN¥43.63 billion. Operations: The company's revenue from electronic component manufacturing amounts to CN¥15.02 billion. Insider Ownership: 33.8% Earnings Growth Forecast: 63.6% p.a. Guangzhou Great Power Energy and Technology showcases impressive growth potential with its revenue projected to increase by 34.4% annually, outpacing the Chinese market's 16% rate. The company recently turned profitable, reporting Q1 2026 sales of CNY 4.77 billion, up from CNY 1.69 billion a year ago, and net income of CNY 323.47 million compared to a previous loss. Despite high share price volatility, no recent insider trading activity was noted over the past three months. Unlock comprehensive insights into our analysis of Guangzhou Great Power Energy and Technology stock in this growth report. Upon reviewing our latest valuation report, Guangzhou Great Power Energy and Technology's share price might be too optimistic. Unlock our comprehensive list of 716 Fast Growing Global Companies With High Insider Ownership by clicking here. Ready To Venture Into Other Investment Styles? These 27 companies survived and thrived after COVID and have the right ingredients to survive Trump's tariffs. Discover why before your portfolio feels the trade war pinch. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.The analysis only considers stock directly held by insiders. It does not include indirectly owned stock through other vehicles such as corporate and/or trust entities. All forecast revenue and earnings growth rates quoted are in terms of annualised (per annum) growth rates over 1-3 years. Companies discussed in this article include BMV:GAP B SZSE:300037 and SZSE:300438. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Despite a 5.5% decline in passenger traffic in 1Q, GAP reported revenue up 2.8% and EBITDA up 6.4% to MXN 6 billion, driven by the implementation of the maximum tariff in Mexico and stronger non‑aeronautical performance (notably bonded warehouses). Liquidity was bolstered by a MXN 10.7 billion bond issued on March 31 (cash balance MXN 23.2 billion), with proceeds earmarked for a 25% CBX acquisition and capital expenditures; the company borrowed in pesos to reduce long‑term FX volatility. Management expects the CBX consolidation to complete in Q2, maintained its traffic guidance range of 2%–6% amid geopolitical and fuel uncertainties, and forecasted traffic recovery from Hurricane Melissa and temporary security impacts by the summer. Interested in Grupo Aeroportuario Del Pacifico, S.A. de C.V.? Here are five stocks we like better. Grupo Aeroportuario Del Pacifico (NYSE:PAC) opened 2026 with higher revenue and EBITDA despite a decline in passenger traffic, as management pointed to tariff-driven aeronautical gains in Mexico and continued non-aeronautical momentum as offsets to a “challenging traffic environment.” CEO Raul Revuelta said total passenger traffic across GAP’s 14 airports fell 5.5% year-over-year in the first quarter. He attributed the decline to a combination of factors affecting both Mexico and Jamaica. → GE Vernova Beats Earnings by 790% as Data Center Demand Explodes In Jamaica, Revuelta said the company continues to face headwinds from Hurricane Melissa. While the recovery of hotel capacity along the main tourist corridor has been “better than expected,” he noted passenger volumes have not yet returned to pre-storm levels. Revuelta said trends indicate the company will regain those levels by the fourth quarter of this year. In Mexico, Revuelta described traffic pressure as largely driven by temporary disruptions, including a security incident in Jalisco during the last week of February that he said hurt perceptions of safety and softened demand at leisure destinations such as Puerto Vallarta and Cancún. He said these dynamics extended into March and affected spring break demand. → STMicronelectronics Sends Industrial Chips Into Overdrive Revuelta also highlighted Tijuana’s exposure to cross-border and leisure travel demand, noting that roughly 75% of Cross Border Xpress (CBX) users are U.S.-based passengers accessing domestic flights to Mexican tourist destinations. He added that macroeconomic volatility, geopolitical tension, and fuel prices can pressure airline operating costs and lead carriers to realign capacity. Despite lower traffic, Revuelta reported total revenue increased 2.8% versus the first quarter of 2025. Aeronautical revenue for the group rose 3.9%, while aeronautical revenue in Mexico increased 9.3% driven primarily by implementation of the maximum tariff for the 2025–2029 regulatory period. Revuelta said the tariff is linked to “the highest level of the CapEx investments in the history of the company.” → Tesla’s Earnings Confirm the Shift to AI—But at What Cost? Non-aeronautical revenue increased 6.1%, with Mexican operations up 10.7%. Revuelta said growth was strongest in businesses operated directly by GAP, including the bonded warehouse business, which he said represents around 21% of total non-aeronautical revenue. On the cost side, Revuelta said cost of service rose 6.5% year-over-year, mainly due to higher personnel costs, increased security and maintenance expenses, and expansion of operational areas. He said the company is working to offset pressure while maintaining cost control. EBITDA increased 6.4% to MXN 6 billion, and EBITDA margin was 68.3%. Revuelta noted results were helped by revenue growth and efficiency, while also referencing a temporary effect from a lower additional concession fee at Montego Bay Airport tied to reduced passenger traffic and revenues. Revuelta said GAP maintained a strong liquidity position, reporting cash and cash equivalents of MXN 23.2 billion, which he tied mainly to a “historic bond issuance” of MXN 10.7 billion on March 31. He said the proceeds will be allocated to GAP’s planned acquisition of 25% of CBX and to capital expenditures. CFO Saul Villarreal also discussed the financing, telling analysts the company chose to borrow in pesos to take advantage of the current exchange rate and reduce long-term balance sheet volatility, even if it results in a higher interest rate. Revuelta said the approach provides “certainty about our long-term view balance sheet,” while noting exchange-rate effects still impact the profit and loss statement. Revuelta added that during the quarter the company refinanced existing debt to optimize the balance sheet and strengthen financial flexibility. Revuelta said GAP deployed MXN 1.8 billion in first-quarter capital expenditures under its master development plan (MDP), focused on capacity and passenger experience. Villarreal said CapEx deployment typically accelerates later in the year, as the early months are used for bidding processes. “We will be more intensive in terms of deployment during the following months,” he said. Responding to a question on depreciation staying roughly flat year-over-year, Villarreal said the company did not have major newly capitalized projects that would increase depreciation, and that some previously capitalized assets have reached the end of their depreciation periods, offsetting new depreciation. Revuelta said the CBX business combination and internalization of technical assistance services—approved by shareholders in December 2025—remains in process and is expected to be concluded in the second quarter. On timing, he told Bank of America’s Alan Macias that the company is aiming to consolidate results in May. On commercial performance tied to cargo, Revuelta linked the strength of the bonded warehouse business to rising high-value cargo volumes—particularly electronics—around Guadalajara and central Mexico. He cited “more than 20% increase of cargo of high value” and mentioned Foxconn as an example of large movement in Guadalajara. Revuelta said tariff changes affecting China and parts of Asia have contributed to a shift in production toward the Guadalajara area, lifting both cargo volumes and value, which he said drives bonded warehouse revenues. On capital allocation and inorganic growth, Villarreal said GAP does not have another major project besides concluding and integrating CBX. He added that the Turks and Caicos opportunity “was canceled by the government.” Revuelta said the company is also focused on developing new airport businesses, including work on “two different projects for hotels” at Mexican airports, and improving efficiency in directly operated businesses. Management also addressed airline capacity and fuel-price uncertainty. Revuelta said the company has not seen structural capacity changes tied to security concerns, and described current capacity reductions as not yet significant, though he cited service cuts announced on Guadalajara and reductions in Tijuana and Cancún. He said new routes are still being introduced, including routes Volaris announced from Guadalajara to Mazatlán, Zacatecas, and San Luis. On guidance, Revuelta told analysts that the company was maintaining its previously communicated traffic guidance range (referenced on the call as 2%–6%), while noting uncertainty tied to geopolitics and fuel. He said GAP expects security-related impacts to be “completely behind for the summer,” and said the company will review guidance in the second quarter. Revuelta also provided an update on maximum tariff implementation, telling Bradesco BBI’s Rodolfo Ramos that GAP is at 92%–93% fulfillment and expects to be near 95% by year-end, with additional air passenger fee changes planned for the summer at Puerto Vallarta and Los Cabos. He added that exchange rates matter because a portion of passenger charges are denominated in dollars. For Tijuana specifically, Revuelta told Santander’s Abraham Fuentes that performance has been affected by a mix of issues, including aircraft availability constraints related to Pratt & Whitney engine inspections impacting Volaris, and what he described as temporary security-related effects. He said GAP expects improvement in summer as aircraft return and comparisons ease, adding he remains optimistic Tijuana will post positive passenger growth for the full year. Revuelta closed the call by inviting investors to “GAP Day 2026” on May 13, beginning at CBX facilities in San Diego and continuing at Tijuana International Airport, with management presentations and tours of airport and CBX facilities. Key metrics and items discussed on the call included: Total passenger traffic down 5.5% year-over-year across 14 airports in 1Q 2026 Total revenue up 2.8%; aeronautical revenue up 3.9% (Mexico aeronautical up 9.3%) Non-aeronautical revenue up 6.1% (Mexico non-aeronautical up 10.7%) Cost of service up 6.5% EBITDA up 6.4% to MXN 6 billion; EBITDA margin 68.3% MXN 10.7 billion bond issuance on March 31; cash and cash equivalents reported at MXN 23.2 billion MXN 1.8 billion in 1Q CapEx under the master development plan Proposed dividend of MXN 20.8 per share over the following 12 months, to be discussed at the shareholders meeting Grupo Aeroportuario del Pacífico, SAB. de C.V. (NYSE:PAC), commonly known as GAP, is a leading airport operator in Mexico. Established in 1998 as part of the federal government’s airport privatization program, GAP holds long‐term concession agreements—typically 50 years—to manage, develop and operate airports under a public–private partnership model. Through these concessions, the company undertakes terminal expansions, runway maintenance and the modernization of navigation and security systems. The company’s portfolio comprises 12 airports across Mexico’s Pacific and western regions, including major hubs such as Guadalajara, Tijuana, Los Cabos, Puerto Vallarta and Mazatlán, as well as regional facilities in Aguascalientes, Morelia and La Paz. The article "Grupo Aeroportuario Del Pacifico Q1 Earnings Call Highlights" was originally published by MarketBeat.

Performance was characterized by a 5.5% decrease in total passenger traffic, primarily driven by a security incident in Jalisco during late February and ongoing recovery from Hurricane Melissa in Jamaica. Aeronautical revenue growth of 9.3% in Mexico was largely attributed to the implementation of new maximum tariffs for the 2025-2029 regulatory period. Non-aeronautical revenue resilience was supported by the bonded warehouse business, which benefited from a shift in high-value electronic cargo production from Asia to Central Mexico. Management noted that security-related traffic declines in Puerto Vallarta and Los Cabos during March were temporary and expected to normalize by the summer season. The 6.5% increase in cost of service was driven by higher personnel costs, expanded operational areas, and increased security and maintenance requirements. Strategic positioning was bolstered by a historic MXN 10.7 billion bond issuance to fund the acquisition of a 25% stake in the Cross Border Xpress (CBX) and capital expenditures. Management maintains its 2% to 6% traffic growth guidance, assuming that U.S. travelers will favor short-haul Mexican destinations over Europe during geopolitical volatility. Maximum tariff compliance is projected to reach approximately 95% by year-end following additional passenger fee adjustments in Vallarta and Cabos. The consolidation of the CBX business and technical assistance services is targeted for completion during the second quarter of 2026. Traffic in Jamaica is expected to regain pre-hurricane levels by the fourth quarter of 2026 as hotel capacity continues to recover better than anticipated. CapEx deployment is expected to accelerate in the latter half of the year following the completion of bidding processes for Master Development Plan projects. The Turks and Caicos expansion project was officially canceled by the local government and will no longer be pursued. Management flagged fuel price volatility as a potential risk to airline capacity, particularly for longer-haul domestic routes like those serving Tijuana. A proposed dividend payment of MXN 20.8 per share was submitted for shareholder approval to be paid over the following 12 months. The decision to finance the CBX acquisition in Mexican pesos was a strategic move to lock in favorable exchange rates and avoid long-term balance sheet volatility. Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Growth is driven by a structural shift in manufacturing, with companies like Foxconn increasing production of high-value electronics in Jalisco due to new trade tariffs on Asian goods. Revenue is benefiting from a favorable mix of both increased cargo volume and the high value of the electronic components being moved. Management expects airlines to prioritize shorter routes (under 2 hours) where demand is more resilient to the pass-through of higher fuel costs into airfares. Longer domestic routes, such as those from Tijuana, are more vulnerable to capacity cuts if fuel prices remain elevated near $110 per barrel. Management reported that Viva and Volaris are currently operating as distinct entities and have not communicated plans regarding route overlapping. Further clarity on the strategic impact is pending a specific view from Mexican antitrust authorities regarding the transaction. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here.

GUADALAJARA, Mexico, April 20, 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 first quarter ended March 31, 2026 (1Q26). Figures are unaudited and prepared following International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The results reported herein do not reflect the pending business combination approved at the Extraordinary General Shareholders’ Meeting held on December 11, 2025, which contemplates the integration of the Cross Border Xpress (“CBX”) and the internalization of the technical assistance services provided by AMP. Definitive transaction agreements have not yet been executed, and consummation remains subject to customary closing conditions. Summary of Results 1Q26 vs. 1Q25 The sum of aeronautical and non-aeronautical services revenues increased by Ps. 380.9 million, or 4.5%. Total revenues increased by Ps. 314.4 million, or 2.8%. Cost of services increased by Ps. 94.5 million, or 6.5%. Income from operations increased by Ps. 359.7 million, or 7.7%. EBITDA increased by Ps. 360.0 million, or 6.4%, an increase from Ps. 5,628.8 million in 1Q25 to Ps. 5,988.8 million in 1Q26. EBITDA margin (excluding the effects of IFRIC-12) went from 67.1% in 1Q25 to 68.3% in 1Q26. Comprehensive income increased by Ps. 551.4 million, or 19.6%, from an income of Ps. 2,814.4 million in 1Q25 to an income of Ps. 3,365.8 million in 1Q26. Company’s Financial Position: During 1Q26, total aeronautical revenues increased compared to 1Q25, primarily driven by the airports in Mexico. This growth was partially offset by lower passenger traffic in Jamaica, where the impact of Hurricane Melissa in 4Q25 continued to weigh on the recovery of hotel capacity along the tourist corridor between Negril and Ocho Ríos; as a result, passenger traffic has not yet fully recovered. In Mexico, security-related events in the state of Jalisco during February 2026 led to temporary disruptions in mobility and affected travel demand to certain destinations. In this context, Guadalajara and Puerto Vallarta airports presented passenger traffic decreases in March 2026 compared to March 2025. In 1Q26, GAP issued bond certificates for a total amount of Ps.10,718.0 million under the ticker symbols “GAP 26” and “GAP 26-2,” for Ps.2,767.0 million and Ps.7,951.0 million, respectively. Proceeds will be used to acquire a 25% stake in CBX, as well as to finance capital expenditures in line with the 2025–2029 Master Development Program. Additionally, the Company refinanced its existing loans with Scotiabank and BBVA for USD$95.5 million each through new financing with The Bank of Nova Scotia and BBVA, respectively. The Company also repaid bond certificates for a total amount of Ps.1,120.0 million (ticker symbol “GAP 23L”) using proceeds from a new bank loan with Scotiabank for the same amount. As of March 31, 2026, the Company reported a cash and cash equivalents position of Ps.23,185.1 million. Passenger Traffic During 1Q26, the 14 airports operated by GAP recorded a decrease of 902.1 thousand total passengers, representing a 5.5% decrease compared to 1Q25. During this period, the following new routes were inaugurated: Domestic Domestic Terminal Passengers – 14 airports (in thousands): Consolidated Results for the First Quarter of 2026 (in thousands of pesos): - Net income and comprehensive income per share for 1Q26 and 1Q25 were calculated based on 505,277,464 shares outstanding as of March 31, 2026, and March 31, 2025, respectively. Figures in U.S. dollar were converted from pesos using an exchange rate of Ps. 18.0327 per U.S. dollar, as published by the U.S. Federal Reserve Board (noon buying rate) on March 31, 2026. - For consolidating the Jamaican airports, an average exchange rate of Ps. 17.5578 per U.S. dollar was used, corresponding to the three-month period ended March 31, 2026. Revenues (1Q26 vs. 1Q25) • Aeronautical services revenues increased by Ps. 235.3 million, or 3.9%. • Non-aeronautical services revenues increased by Ps. 145.6 million, or 6.1%. • Revenues from improvements to concession assets decreased by Ps. 66.5 million, or 2.5%. • Total revenues increased by Ps. 314.4 million, or 2.8%. The change in aeronautical services revenues was primarily due to the following factors: The change in non-aeronautical services revenues was primarily driven by the following factors: Figures expressed in thousands of Mexican pesos. ‐ Revenues from improvements to concession assets1 Revenues from improvements to concession assets (IFRIC-12) decreased by Ps. 66.5 million, or 2.5%, compared to 1Q25. The change was composed of: 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 decreased by Ps. 45.2 million, or 0.7%, compared to 1Q25, mainly due to a decrease of Ps. 101.8 million, or 9.7%, in concession fees, and the cost of improvements to concession assets (IFRIC-12) of Ps. 66.5 million, or 2.5%. This effect was partially offset by an increase in the cost of services of Ps. 94.5 million, or 6.5%, and higher technical assistance fees of Ps. 15.6 million, or 5.5%. Excluding the cost of improvements to concession assets (IFRIC-12), operating costs increased by Ps. 21.3 million, or 0.6%, compared to 1Q25. This increase in total operating costs was primarily due to the following factors: Mexican airports: Operating costs increased by Ps. 50.3 million, or 0.9%, compared to 1Q25, mainly due to higher technical assistance and concession fees, which together increased by Ps. 96.5 million, or 11.4%; a Ps. 116.8 million, or 9.6%, increase in the cost of services; a Ps. 14.1 million, or 1.8%, increase in depreciation and amortization. This effect was partially offset by a Ps. 171.8 million, or 6.6%, decrease in the cost of improvements to the concession assets (IFRIC-12). Excluding the cost of improvements to concession assets (IFRIC-12), operating costs increased by Ps. 240.1 million, or 8.5%. The change in the cost of services at our Mexican airports during 1Q26 was mainly due to: Employee costs increased by Ps. 74.6 million, or 13.6%, mainly due to an increase in personnel, salary adjustments, and amendments to the Federal Labor Law. Safety, security, and insurance increased by Ps. 28.8 million, or 19.3%, mainly due to an increase in security personnel headcount and significant increases in the minimum wage. Maintenance increased by Ps. 17.6 million, or 8.7%, compared to 1Q25, mainly due to the opening of new operational areas, and airfield maintenance. Jamaican Airports: Operating expenses decreased by Ps. 95.5 million, or 10.2%, compared to 1Q25, mainly due to a reduction in concession fees of Ps. 155.0 million, or 33.7%; cost of services of Ps. 32.0 million, or 12.7%; and depreciation and amortization of Ps. 13.7 million, or 8.9%, driven by the decline in passenger traffic and the 14.0% appreciation of the Mexican peso against the U.S. dollar. This effect was partially offset by an increase in the cost of improvements to concession assets (IFRIC-12) of Ps. 105.3 million, or 154.9%. Operating income margin increased from 42.5% in 1Q25 to 44.5% in 1Q26. Excluding the effects of IFRIC-12, the operating income margin increased from 56.0% in 1Q25 to 57.6% in 1Q26. Income from operations increased by Ps. 359.7 million, or 7.7%, compared to 1Q25. EBITDA margin went from 50.9% in 1Q25 to 52.7% in 1Q26. Excluding the effects of IFRIC-12, EBITDA margin went from 67.1% in 1Q25 to 68.3% in 1Q26. The nominal value of EBITDA increased by Ps. 360.0 million, or 6.4%, compared to 1Q25. Financial results decreased expenses by Ps. 206.2 million, or 22.2%, going from a net expense of Ps. 929.5 million in 1Q25 to a net expense of Ps. 723.3 million in 1Q26. This change was mainly the result of: Foreign exchange rate fluctuations, which changed from a loss of Ps. 123.9 million in 1Q25 to a gain of Ps. 173.4 million in 1Q26, resulting in a foreign exchange gain of Ps. 297.3 million due to the appreciation of the Mexican peso. Additionally, the foreign currency translation effect recorded a gain compared to the foreign exchange loss in 1Q25, resulting in a net gain of Ps. 110.2 million. Interest expense decreased by Ps. 66.0 million, or 5.7%, compared to 1Q25, mainly due to a decrease in reference rates. Interest income decreased by Ps. 157.1 million, or 47.2%, compared to 1Q25, mainly due to a decrease in the cash and cash equivalents average balance and decrease in the reference rates. In 1Q26, net and comprehensive income increased by Ps. 551.4 million, or 19.6%, compared to 1Q25, mainly driven by income before taxes, which increased by Ps. 565.9 million or 15.0%. Net income increased by Ps. 453.9 million, or 15.9%, compared to 1Q25. Income tax for the period increased by Ps. 112.0 million, or 12.3%, comprised of an increase in current income tax of Ps. 95.2 million and a decrease in the deferred tax benefit of Ps. 16.8 million. Statement of Financial Position As of March 31, 2026, total assets increased by Ps. 16,288.8 million compared to the same period in 2025, mainly due to: (i) an increase in cash and cash equivalents of Ps. 6,957.0 million, (ii) an increase in improvements to concession assets of Ps. 4,962.1 million; (iii) an increase in construction in progress of Ps. 2,723.9 million; (iv) an increase in advanced payments to suppliers of Ps. 2,167.8 million; and (v) an increase in deferred income taxes of Ps. 649.9 million. This effect was partially offset by a decrease in (i) airport concessions of Ps. 873.4 million and (ii) other acquired rights of Ps. 275.3 million, among others. As of March 31, 2026, total liabilities increased by Ps. 15,523.2 million compared to the same period in 2025. This increase was mainly attributable to: (i) an increase in bond certificates of Ps. 15,598.0 million; (ii) security deposits received of Ps. 135.4 million. This effect was partially offset by decreases in (i) deferred income taxes of Ps. 523.3 million and (ii) rights over concession assets of Ps. 272.2 million, among others. 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. 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): Exhibit A: Operating results by airport (in thousands of pesos): (1) Others include the operating results of the Aguascalientes, La Paz, Los Mochis, Manzanillo, Mexicali, Morelia, and Kingston airports. Exhibit B: Consolidated statement of financial position as of March 31 (in thousands of pesos): The non-controlling interest corresponds to the 25.5% stake held in the Montego Bay airport by Vantage Airport Group Limited (“Vantage”), as well as the 48.5% held by the shareholders of GWTC. Exhibit C: Consolidated statement of cash flows (in thousands of pesos): Exhibit D: Consolidated statements of profit or loss and other comprehensive income (in thousands of pesos): The non-controlling interest corresponds to the 25.5% stake held in the Montego Bay airport by Vantage Airport Group Limited (“Vantage”), as well as the 48.5% held by the shareholders of GWTC. Exhibit E: Consolidated stockholders’ equity (in thousands of pesos): The non-controlling interest corresponds to the 25.5% stake held in the Montego Bay airport by Vantage Airport Group Limited (“Vantage”), as well as the 48.5% held by the shareholders of GWTC. Exhibit F: Other operating data: WLU = Workload units represent passenger traffic plus cargo units (1 cargo unit = 100 kilograms of cargo). Alejandra Soto Investor Relations and Social Responsibility Officer [email protected] Gisela Murillo, Investor Relations [email protected] +52 33 3880 1100 ext. 20294

This article first appeared on GuruFocus. Release Date: February 23, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. The integration of Cross-border Express (CBX) with Tijuana Airport provides Grupo Aeroportuario del Pacifico SAB de CV (NYSE:PAC) with direct exposure to the California market, enhancing revenue diversification. CBX generates strong free cash flows and is not subject to minimal investment commitments, contributing positively to PAC's financial profile. The internalization of the technical assistance agreement is expected to yield substantial annual savings, approximately 5% of Mexican airport EBITDA. The transaction simplifies PAC's ownership structure, enhancing alignment and governance transparency. CBX's unregulated revenue streams and strategic location offer significant growth opportunities and potential for future development projects. The transaction involves issuing approximately 90 million new Series B shares, which could dilute existing shareholders' equity. There are risks associated with the US Presidential permit under which CBX operates, given the current geopolitical climate and cross-border policies. The integration process may incur additional costs and require time to achieve the anticipated synergies and operational efficiencies. The transaction increases PAC's debt by $74 million, which could impact its financial leverage and flexibility. The success of the transaction is contingent on obtaining necessary regulatory approvals and shareholder votes, which introduces uncertainty. Warning! GuruFocus has detected 10 Warning Sign with WCPRF. Is PAC fairly valued? Test your thesis with our free DCF calculator. Q: Can you comment on how this transaction came to be and its timing, especially considering recent weaker performance at CBX? Also, how does this transaction impact your capital allocation strategy for future opportunities? A: This is Raul. We have been working on this vision for over a year, aiming to diversify our business geographically and in currency. I have a deep understanding of CBX, having been its CEO, and believe this is the right move for value creation. The transaction primarily involves equity, so our net debt position remains stable, allowing room for future opportunities. The goal is to align shareholders for a long-term view of our company. Q: When internalizing the technical assistance fee, will there be additional costs, or is it purely a synergy in savings? Also, could you elaborate on the cost synergies expected from CBX integration? A: Regarding CBX, we anticipate synergies by centralizing administrative functions in Guadalajara and bundling commercial negotiations, such as car rentals, across multiple airports. For the technical assistance fee, the transition will take time, but we aim to maintain service levels while collecting revenues from airports, integrating these into our operational costs and maximum tariffs. Q: What is the implied EBITDA for the blended transaction multiple for 2026, and how much synergies are assumed? Also, how much are you paying in cash for the 25% stake in CBX? A: The transaction is based on a 2026 EBITDA multiple of 12.2 times, and it is expected to be accretive on a free cash flow basis. The specific cash amount for the 25% CBX stake will be disclosed in the information statement. Q: Could you explain the integration structure regarding the rights of the BB shares and the approvals needed for the transaction? A: The Series BB shares retain the same rights and amount as per our bylaws. All new shares will be Series B. Approvals will be sought from shareholders, followed by customary governance and regulatory approvals, including those from Mexican and US authorities. Q: Why choose equity over debt for this transaction, and what are the risks associated with the CBX business under the US Presidential permit? A: We opted for equity to maintain leverage capacity for future acquisitions and to demonstrate long-term commitment from strategic shareholders. The CBX operates under a US Presidential permit, which is indefinite. Initial notifications to the US government have been supportive, and we will continue to seek necessary approvals. For the complete transcript of the earnings call, please refer to the full earnings call transcript.