Grupo Aeroportuario del Pacífico, S.A.B. de C.V., through its subsidiaries, is dedicated to the comprehensive management, operation, and development of airports, predominantly ...
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.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$32.5B
+21.4%
-0.3%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$10.0B
+16.1%
-16.0%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
+77.1%
-0.2%
-6.1%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
+54.0%
-3.8%
+1.0%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
+30.7%
-4.4%
-15.7%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$5.9B
-33.7%
-124.9%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
+18.0%
-45.4%
-125.0%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
207.7%
-3.4%
—
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
0.91x
+7.1%
-44.0%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
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 …