GUADALAJARA, Mexico, Oct. 19, 2026 (GLOBE NEWSWIRE) — Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (NYSE: PAC; BMV: GAP) reported consolidated results for the third quarter ended September 30, 2026 (3Q26). The results include the effects of the business combination that took effect on May 1, 2026, including the integration of Cross Border Xpress (CBX). The unaudited figures were prepared in accordance with International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB).

Third-quarter results

The combined revenue from aeronautical and non-aeronautical services increased by Ps. 1,041.6 million, or 13.2%, compared with 3Q25. Total revenue rose by Ps. 2,091.2 million, or 21.8%. Excluding the incorporation of CBX operations, aeronautical and non-aeronautical services revenue would have increased by Ps. 266.1 million, or 3.4%, while total revenue would have increased by Ps. 1,315.7 million, or 13.7%. The comparison therefore reflects both GAP’s underlying airport operations and the first five months of CBX’s inclusion in the consolidated results.

Cost of services increased by Ps. 409.2 million, or 26.8%. Excluding CBX operations, the increase would have been Ps. 192.5 million, or 12.6%. Operating income rose by Ps. 897.7 million, or 21.6%; excluding CBX, it would have increased by Ps. 382.4 million, or 9.2%.

EBITDA increased by Ps. 979.0 million, or 19.2%, from Ps. 5,085.6 million in 3Q25 to Ps. 6,064.6 million in 3Q26. EBITDA margin, excluding the effects of IFRIC 12, increased from 64.3% to 67.8%. Comprehensive income increased by Ps. 807.3 million, or 32.8%, from Ps. 2,457.8 million in 3Q25 to Ps. 3,265.1 million in 3Q26.

Business combination

GAP’s consolidated results have reflected the business combination since May 1, 2026. The transaction included the integration of CBX operations and the internalization of technical assistance and technology transfer services. It was approved at the Shareholders’ Meeting held on December 11, 2025, and formalized through a merger agreement signed on April 30, 2026.

GAP is still determining the fair values of the assets acquired and liabilities assumed. Therefore, the amounts related to the transaction included in the consolidated financial statements are preliminary and subject to adjustment.

Passenger traffic

The 14 airports operated by GAP handled 222.0 thousand fewer total passengers during 3Q26, a decrease of 1.4% from 3Q25. The company’s report stated that new routes were inaugurated during the period, but the supplied release did not provide the route names. Frequencies can vary without prior notice. CBX users are classified as international passengers.

Net income and comprehensive income per share for 3Q26 and 3Q25 were calculated using 595,018,195 shares outstanding as of September 30, 2026, and 505,277,464 shares outstanding as of September 30, 2025, respectively. U.S.-dollar figures were converted from pesos at Ps. 18.0609 per U.S. dollar, based on the U.S. Federal Reserve Board’s noon buying rate on September 30, 2026. For the consolidation of the Jamaican airports and CBX, GAP used an average exchange rate of Ps. 17.2497 per U.S. dollar for the three-month period ended September 30, 2026.

Third-quarter revenue

Aeronautical services revenue increased by Ps. 142.0 million, or 2.6%, while non-aeronautical services revenue rose by Ps. 899.6 million, or 37.0%. Revenue from improvements to concession assets increased by Ps. 1,049.6 million, or 62.8%, and total revenue increased by Ps. 2,091.2 million, or 21.8%.

Revenue from GAP’s Mexican airports increased by Ps. 247.7 million, or 5.3%, primarily because of the gradual implementation of the maximum tariffs approved for the 2025–2029 regulatory period and a 0.4% increase in passenger traffic. The increase was partially offset by a 7.5% appreciation of the Mexican peso against the U.S. dollar, which reduced revenue from international tariffs denominated in U.S. dollars.

Revenue from the Jamaican airports decreased by Ps. 105.7 million, or 12.7%, mainly because passenger traffic fell by 15.8% during the quarter. The appreciation of the Mexican peso against the U.S. dollar also negatively affected the translation of revenue.

Non-aeronautical revenue from the Mexican airports increased by Ps. 163.2 million, or 7.6%. Revenue from businesses operated directly by GAP increased by Ps. 164.0 million, or 14.2%, while revenue from businesses operated by third parties decreased by Ps. 0.8 million, or 1.4%. Non-aeronautical revenue from the Jamaican airports decreased by Ps. 39.1 million, or 13.2%, primarily because of lower passenger traffic and the appreciation of the peso against the U.S. dollar during 3Q26.

CBX generated revenue of Ps. 775.5 million, equivalent to US$44.6 million. A total of 1,034,274 passengers used the facilities in both directions during the period, producing average revenue of US$43.1 per user. Figures in this section are expressed in thousands of Mexican pesos.

Revenue from concession-asset improvements

Revenue from improvements to concession assets, recognized under IFRIC 12, increased by Ps. 1,049.6 million, or 62.8%, compared with 3Q25. Improvements at GAP’s Mexican airports increased by Ps. 970.3 million, or 66.8%, in line with investments committed under the Master Development Program for 2025–2029. Improvements at the Jamaican airports increased by Ps. 79.4 million, or 36.3%, primarily because of investments at Kingston Airport.

Revenue from improvements to concession assets is recognized in accordance with International Financial Reporting Interpretation Committee 12, “Service Concession Arrangements” (IFRIC 12). This recognition does not have a cash impact or an impact on the company’s operating results. The amounts reflect infrastructure construction committed for each quarter under GAP’s Master Development Programs in Mexico and Capital Development Programs in Jamaica. Margins and ratios calculated using total revenue include IFRIC 12 revenue and may therefore not be comparable with EBITDA margin, operating margin or other ratios calculated using results that have a cash impact.

Operating costs

Total operating costs increased by Ps. 1,193.5 million, or 22.0%, compared with 3Q25. The increase primarily reflected a Ps. 1,049.6 million, or 62.8%, rise in the cost of improvements to concession assets under IFRIC 12; a Ps. 409.2 million, or 26.8%, increase in cost of services; and a Ps. 81.2 million, or 8.7%, increase in depreciation and amortization. These increases were partly offset by a Ps. 183.3 million, or 81.0%, decrease in technical assistance fees and a Ps. 148.6 million, or 13.8%, decrease in concession fees. Excluding the cost of concession-asset improvements under IFRIC 12, operating expenses increased by Ps. 143.9 million, or 3.8%.

Operating costs at the Mexican airports increased by Ps. 993.0 million, or 22.7%. Employee costs increased by Ps. 84.7 million, or 14.8%, primarily because of additional operational personnel at the airports and bonded warehouse, along with salary adjustments. Maintenance costs increased by Ps. 35.2 million, or 13.5%, mainly because of newly opened operational areas and airfield maintenance. Safety, security and insurance costs increased by Ps. 24.0 million, or 13.1%, due mainly to a larger security workforce, minimum-wage adjustments and higher insurance costs for goods safeguarded at the bonded warehouse.

Operating expenses at the Jamaican airports decreased by Ps. 58.5 million, or 4.2%. The decline primarily reflected a Ps. 102.6 million, or 22.7%, decrease in concession fees resulting from lower revenue at Montego Bay airport; a Ps. 31.3 million, or 13.6%, decrease in cost of services; and a Ps. 3.8 million, or 2.7%, decrease in depreciation and amortization. These reductions were partly offset by a Ps. 79.4 million, or 36.3%, increase in the cost of IFRIC 12 concession-asset improvements.

CBX recorded operating expenses of Ps. 260.2 million during 3Q26, including Ps. 216.7 million in cost of services and Ps. 42.9 million in depreciation and amortization. Operating income margin remained 43.3% in both quarters. Excluding IFRIC 12, operating income margin increased from 52.5% in 3Q25 to 56.4% in 3Q26. Operating income increased by Ps. 897.7 million, or 21.6%, with CBX contributing Ps. 515.3 million.

EBITDA margin decreased from 53.1% in 3Q25 to 52.0% in 3Q26. Excluding IFRIC 12, EBITDA margin increased from 64.3% to 67.8%. EBITDA increased by Ps. 979.0 million, or 19.2%. The increase in EBITDA margin excluding IFRIC 12 was partly offset by the effect of the Mexican peso’s appreciation and lower passenger traffic at the Jamaican airports. CBX contributed Ps. 558.2 million, with an EBITDA margin of 72.0%.

Financial results and income

Net financial expense increased by Ps. 381.3 million, or 57.6%, from Ps. 661.8 million in 3Q25 to Ps. 1,043.1 million in 3Q26. Foreign-exchange gains increased from Ps. 60.9 million to Ps. 114.1 million, an additional gain of Ps. 53.2 million attributable to the appreciation of the Mexican peso. The foreign-currency translation effect also produced a gain of Ps. 584.8 million.

Interest expense increased by Ps. 473.9 million, or 41.8%, mainly because of higher debt levels used to finance airport capital expenditures and the acquisition of a 25% equity interest in CBX. Interest income increased by Ps. 38.9 million, or 18.2%, primarily because cash and cash equivalents increased.

Net and comprehensive income increased by Ps. 807.3 million, or 32.8%, in 3Q26. Income before taxes increased by Ps. 516.5 million, or 14.8%, mainly as a result of higher EBITDA. Net income increased by Ps. 218.1 million, or 8.1%.

Income tax increased by Ps. 298.3 million, or 37.7%, including a Ps. 129.1 million increase in current income tax and a Ps. 169.2 million decrease in the deferred tax benefit. GAP attributed the changes primarily to a lower inflationary effect, with inflation declining from 0.7% in 3Q25 to 0.4% in 3Q26, and an Ps. 88.4 million decrease in the recognition of tax-loss carryforwards compared with the same quarter of 2025.

Nine-month results

For 9M26 and 9M25, net income and comprehensive income per share were calculated using 595,018,195 and 505,277,464 shares outstanding, respectively. U.S.-dollar figures used an exchange rate of Ps. 18.0609 per U.S. dollar, based on the U.S. Federal Reserve Board’s noon buying rate on September 30, 2026. For consolidating the Jamaican airports and CBX, GAP used an average exchange rate of Ps. 17.4043 per U.S. dollar for the nine months ended September 30, 2026.

Aeronautical services revenue increased by Ps. 192.2 million, or 1.1%, during the nine months ended September 30, 2026. Non-aeronautical services revenue increased by Ps. 1,629.3 million, or 22.4%. Revenue from improvements to concession assets increased by Ps. 991.9 million, or 14.2%, and total revenue increased by Ps. 2,813.4 million, or 8.9%.

Revenue from the Mexican airports increased by Ps. 688.4 million, or 4.7%, primarily because of the gradual implementation of the maximum tariffs approved for the 2025–2029 regulatory period. This effect was partly offset by a 10.9% appreciation of the Mexican peso against the U.S. dollar and a 2.4% decline in passenger traffic. Revenue from the Jamaican airports decreased by Ps. 496.2 million, or 19.3%, mainly because passenger traffic declined by 19.1%, as well as because of the peso’s appreciation against the U.S. dollar.

Non-aeronautical revenue from the Mexican airports increased by Ps. 550.6 million, or 8.6%, driven primarily by a Ps. 553.8 million, or 17.1%, increase in revenue from businesses operated directly by GAP. Non-aeronautical revenue from the Jamaican airports decreased by Ps. 164.9 million, or 18.3%, mainly because of lower passenger traffic and the appreciation of the Mexican peso against the U.S. dollar.

CBX generated Ps. 1,243.6 million in revenue, equivalent to US$71.5 million, during the May-to-September 2026 period. During those five months, 1,660,698 passengers used CBX facilities in both directions, producing average revenue of US$43.1 per user.

Revenue from IFRIC 12 concession-asset improvements increased by Ps. 991.9 million, or 14.2%, compared with 9M25. Improvements at the Mexican airports increased by Ps. 626.8 million, or 9.4%, following investments under the Master Development Program for 2025–2029. Improvements at the Jamaican airports increased by Ps. 365.1 million, or 99.0%.

Total operating costs increased by Ps. 1,148.5 million, or 6.3%, compared with 9M25. The increase primarily reflected Ps. 991.9 million, or 14.2%, in additional costs for IFRIC 12 concession-asset improvements; a Ps. 857.3 million, or 18.9%, increase in cost of services; a Ps. 136.1 million, or 4.9%, increase in depreciation and amortization; and Ps. 80.2 million in additional other expenses. These increases were partly offset by a Ps. 262.9 million, or 8.6%, decrease in concession taxes and a Ps. 654.0 million, or 89.4%, decrease in technical assistance fees. Excluding IFRIC 12 costs, operating expenses increased by Ps. 156.5 million, or 1.4%.

Since May 1, 2026, GAP’s consolidated results have included CBX operating expenses of Ps. 437.2 million, comprising Ps. 368.9 million in cost of services and Ps. 67.6 million in depreciation and amortization for five months of operations.

Operating income margin increased from 42.6% in 9M25 to 44.0% in 9M26. Excluding IFRIC 12, operating income margin increased from 54.8% to 57.3%. Operating income increased by Ps. 1,665.0 million, or 12.4%, with CBX contributing Ps. 806.4 million. EBITDA margin increased from 51.5% in 9M25 to 52.5% in 9M26. Excluding IFRIC 12, EBITDA margin increased from 66.2% to 68.4%. EBITDA increased by Ps. 1,801.0 million, or 11.1%. CBX contributed Ps. 874.0 million, with an EBITDA margin of 70.3%.

Net financial expense increased by Ps. 387.8 million, or 16.7%, from Ps. 2,324.9 million in 9M25 to Ps. 2,712.6 million in 9M26. Foreign-exchange results moved from a loss of Ps. 103.3 million in 9M25 to a gain of Ps. 270.2 million in 9M26, a favorable change of Ps. 373.5 million associated with the appreciation of the Mexican peso. Interest expense increased by Ps. 763.2 million, or 25.5%, primarily because of higher bank borrowings.

Net and comprehensive income increased by Ps. 1,574.1 million, or 21.0%, in 9M26. Income before taxes increased by Ps. 1,277.2 million, mainly because of higher EBITDA. Net income increased by Ps. 910.4 million, or 11.1%, mainly because of the EBITDA increase, partly offset by higher financial expenses. Income tax expense increased by Ps. 366.8 million, including a Ps. 86.5 million increase in current income tax expense and a Ps. 280.1 million decrease in the deferred tax benefit.

Financial position

As of September 30, 2026, total assets had increased by Ps. 63,515.2 million from the same period in 2025. The increase primarily reflected a Ps. 37,926.5 million increase in goodwill and intangible assets; a Ps. 12,269.6 million increase in cash and cash equivalents; and a net Ps. 12,519.7 million increase in land, construction in progress, advances to suppliers, machinery, equipment and improvements to leased buildings. These increases were partly offset by a decrease in improvements to concession assets.

Total liabilities increased by Ps. 28,464.7 million. The increase primarily consisted of a Ps. 14,615.7 million increase in short- and long-term bank loans and accrued interest; a Ps. 12,512.9 million increase in dividends payable; and a Ps. 2,767.2 million increase in accounts payable. These increases were partly offset by a Ps. 1,261.6 million decrease in other short- and long-term liabilities.

Company description

Grupo Aeroportuario del Pacífico, S.A.B. de C.V. operates 12 airports in Mexico’s Pacific region, including Guadalajara and Tijuana; the tourist destinations of Puerto Vallarta, Los Cabos, La Paz and Manzanillo; and the mid-sized cities of Hermosillo, Guanajuato, Morelia, Aguascalientes, Mexicali and Los Mochis.

GAP’s shares were listed on the New York Stock Exchange under the ticker “PAC” and on the Mexican Stock Exchange under the ticker “GAP” in February 2006. In April 2015, GAP acquired 100% of Desarrollo de Concesiones Aeroportuarias, S.L., which owns a majority stake in MBJ Airports Limited, the operator of Sangster International Airport in Montego Bay, Jamaica.

In October 2018, GAP entered into a concession agreement to operate Norman Manley International Airport in Kingston, Jamaica, and took control of the operation in October 2019. In May 2026, GAP completed a business combination through which it acquired full ownership of Cross Border Xpress, a cross-border terminal in San Diego, California, connected to 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 that allows complainants to report suspected criminal conduct or violations anonymously and confidentially. The Mexico telephone number, operated by a third party responsible for collecting complaints, is 800 04 ETICA (38422), and the WhatsApp number is +52 55 6538 5504. Reports can also be submitted at www.lineadedenunciagap.com or by email at denuncia@lineadedenunciagap.com. GAP’s Audit Committee will be notified of all complaints for immediate investigation.

The release also included Exhibit A, operating results by airport in thousands of pesos; Exhibit B, the consolidated statement of financial position as of September 30 in thousands of pesos; Exhibit C, the 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; and Exhibit F, other operating data. Non-controlling interest represents minority shareholders’ ownership interests in certain GAP subsidiaries. WLU, or workload units, represents passenger traffic plus cargo units, with one cargo unit equal to 100 kilograms.