Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (NYSE: PAC; BMV: GAP) is an airport infrastructure and operations company headquartered in Guadalajara, Mexico. Founded in 1998, the company was created as Mexico opened its airport system to private participation, and it has since focused on the comprehensive management, operation, and development ...Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (NYSE: PAC; BMV: GAP) is an airport infrastructure and operations company headquartered in Guadalajara, Mexico. Founded in 1998, the company was created as Mexico opened its airport system to private participation, and it has since focused on the comprehensive management, operation, and development of airports.
Business and operations: GAP/PAC operates a network of 12 airports across Mexico’s Pacific region, with additional coverage that supports connectivity for both business and leisure travel. The company is known for overseeing major traffic hubs and strategically important gateways in the western and northwestern part of the country. Its airport portfolio includes facilities such as Guadalajara and Puerto Vallarta, as well as airports serving border and tourism markets like Tijuana and San José del Cabo, along with other airports including Hermosillo, Mexicali, and La Paz. Through these concessions/operations, the company provides aviation-related infrastructure services to airlines and passengers, and typically also captures value from regulated airport activities and commercial opportunities at airports.
Products and services: As an airport operator, PAC’s “products” are airport services and infrastructure access. This includes terminal operations, airside and landside support, passenger processing, and coordination of airport systems that enable airline operations. In addition to core aeronautical services, airport operators commonly monetize through non-aeronautical revenue streams (e.g., retail, services, and other concessions within airport premises), and through ongoing development programs designed to enhance capacity and customer experience.
Scale and workforce: The company employs about 2,339 full-time employees (as provided), which places it in the 1,001–2,000/2,001–3,000 range depending on classification; based on the provided count, it maps to the nearest required bucket: 1,001–2,000.
Financial and capital intensity (high level): Airport operations are generally capital intensive and tied to long-lived infrastructure assets. The provided market metrics show a large market capitalization (approximately $11.0B) and a low beta (around 0.236), suggesting relatively lower market volatility versus broader equities. The company’s operating profitability indicators in the dataset are strong (e.g., high margins such as gross and EBITDA margins provided on a trailing-twelve-month basis), consistent with the economically robust nature of well-positioned airport concessions.
Key people and governance: The senior management team includes Raúl Revuelta Musalem as CEO. A referenced chair/board leader is Laura Diez Barroso Azcarraga (Chairwoman), indicating a governance structure with a prominent executive leadership team.
BOM / cost structure considerations: While detailed bill-of-materials style breakdown is not provided, typical cost drivers for an airport operator include staff and labor, maintenance of runways and terminals, utilities and security, concession management costs, and capital expenditures for expansion and modernization. The company’s ongoing development and maintenance requirements usually translate into recurring capex cycles tied to passenger growth, asset life, and regulatory/operational standards.
Wishes/strategic focus (inferred from industry practice): For an airport operator like PAC, long-term priorities typically include capacity expansion, efficiency improvements, safety and compliance excellence, customer experience upgrades, and disciplined capital allocation across the airport network to sustain traffic growth and returns for shareholders. Further, as the company operates a geographically concentrated network in the Pacific region, it is positioned to benefit from tourism and commercial activity patterns connected to that corridor.
Plutux no es un asesor de inversiones. Los datos de mercado y el análisis generado por IA son solo informativos y educativos, no asesoramiento de inversión. Aviso legal
InteranualYoY significa Year-over-Year (interanual). Compara el último valor anual con el valor anual anterior para mostrar la fortaleza de la tendencia a largo plazo.
TrimestralQoQ significa Quarter-over-Quarter (intertrimestral). Compara el último trimestre con el trimestre inmediatamente anterior para mostrar cambios de impulso a corto plazo.
IngresosEl dinero total que entró por la puerta principal al vender cosas, antes de pagar una sola factura. Piensa en esto como el gran total de cada compra con tarjeta de los clientes. (YoY compara el rendimiento de este año con el del año pasado, mientras que QoQ compara los tres meses actuales con los tres anteriores).
$32.5B
+21.4%
-0.3%
Beneficio netoEl resultado final absoluto. Si la empresa pagara a cada proveedor, empleado, banquero y recaudador de impuestos, este es el dinero real que queda en su bolsillo al final del día.
$10.0B
+16.1%
-16.0%
Margen brutoEl margen básico. Si venden unas zapatillas de 100 dólares, este porcentaje indica cuánto de ese precio es ganancia justo después de pagar el caucho y los cordones, pero antes de pagar el alquiler de la tienda o los anuncios de televisión.
+77.1%
-0.2%
-6.1%
Margen operativoLa puntuación de eficiencia del 'trabajo diario'. De cada dólar que gasta un cliente, esto muestra cuántos centavos mantiene la empresa después de fabricar el producto Y pagar todos los gastos generales corporativos (como salarios, marketing y mantener las luces encendidas).
+54.0%
-3.8%
+1.0%
Margen netoEl porcentaje final que se lleva a casa. Cuando se eliminan todos los costos concebibles, impuestos y pagos de intereses, este es el número exacto de centavos que la empresa realmente se queda de cada dólar en ventas.
+30.7%
-4.4%
-15.7%
Flujo de caja libreEl santo grial del efectivo corporativo. Es el dinero físico gastable que queda después de que el negocio paga sus operaciones diarias Y compra las actualizaciones grandes y costosas (como nuevas fábricas o servidores) que necesita para sobrevivir. Este es el dinero 'libre' que pueden usar para pagar dividendos o recomprar acciones.
$5.9B
-33.7%
-124.9%
Margen FCFLa tasa definitiva de conversión de efectivo. Muestra qué tan buena es la empresa para convertir ventas regulares directamente en efectivo frío, duro y gastable. Un porcentaje alto significa que el negocio es una auténtica máquina de imprimir dinero.
+18.0%
-45.4%
-125.0%
Deuda/PatrimonioEl indicador de riesgo financiero. Compara cuánto del imperio de la empresa se construyó con dinero prestado (préstamos) frente al dinero propio de los propietarios (accionistas). Un número alto significa que están muy apalancados y juegan un juego más arriesgado; un número bajo significa que juegan a lo seguro.
207.7%
-3.4%
—
Ratio corrienteLa verificación de supervivencia de 12 meses. Simplemente compara el efectivo que tienen ahora mismo (más cosas que pueden convertirse rápidamente en efectivo) con las facturas inmediatas que absolutamente deben pagar este año. Una puntuación superior a 1 significa que tienen suficiente en la billetera para cubrir las próximas facturas sin entrar en pánico.
0.91x
+7.1%
-44.0%
Activos totalesEl tamaño absoluto del imperio de la empresa. Agrupa absolutamente todo lo valioso que poseen, desde el efectivo en la caja registradora y el inventario en el almacén, hasta las patentes de software en la bóveda y las fábricas en el suelo.
Operator: Good day, everyone. You're on hold for today's GAP conference call. At this time, we're admitting additional participants. Please stand by, we'll begin shortly. Good morning and Welcome to GAP's second quarter 2026 conference call. All lines have been placed on mute to prevent any background noise. After the presentation, we will open the floor for questions, and at that time, instructions will be given if you would like to ask a question. It is now my pleasure to turn the call over to GAP's investor relations team. Please go ahead.
Speaker 1: Thank you. Welcome to GAP's second quarter 2026 conference call. Prior to introducing GAP's management team, I'd like to take a few moments to mention the forward-looking statements as described in the financial report. Please be advised that any comments made today may not account for future economic circumstances, industry conditions, the company's future performance, or financial results. Any information discussed is based on several assumptions and factors that could change, causing actual results to materially differ from current expectations. For the complete note on forward-looking statements, please refer to the quarterly report issued previously. Thank you for your attention. It is my pleasure to introduce our speakers from GAP today, who will be discussing with you the operational and financial highlights for the second quarter of 2026. These are Mr. Raúl Revuelta, Chief Executive Officer, and Mr. Saúl Villarreal, Chief Financial Officer. Mr. Revuelta, please proceed with your opening remarks.
Raúl Revuelta: Thank you, Maria. Good morning, everyone. Thank you for joining us today. The second quarter of 2026 shows the resilience of GAP's business model. Passengers traffic declined by 5.6% compared with the second quarter of 2025. Revenue, excluding construction services, increased by 4.9%, EBITDA grew by 8.4%, and EBITDA margin expanded by 230 basis points to 69.3%. The results reflect the combined strength of our diversified airport portfolio, the continued growth of business operated directly by GAP, the initial contribution from the Cross Border Xpress, the global implementation of approved tariffs, and the internationalization of technical assistance services. 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. Let me begin with passenger traffic. During the second quarter, total passengers traffic across GAP's network of 14 airports declined by 5.6% versus the second quarter of 2025, reflecting a combination of factors affecting both our Mexican and Jamaican operations. In Jamaica, we continue to experience the impact of Hurricane Melissa. While the recovery of hotel capacity along the main tourist corridor gradually continues, it has not yet returned to the pre-storm levels. However, we think hotel reopening …