Pacific Airport Group Q2: EBITDA Climbs 8.4% Despite 5.6% Traffic Dip; Guidance Lifted
PAC is trading near its 52-week low of $206.91 (12% above the low).
Summary
Pacific Airport Group posted Q2 2026 EBITDA of Ps. 5.97 billion, an 8.4% year-over-year increase, and lifted its full-year EBITDA growth guidance to 10-12%, despite a 5.6% decline in passenger traffic. The CBX acquisition contributed Ps. 315.8 million in EBITDA during its first two months.
Key Events · Earnings and Guidance · PAC
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Q2 EBITDA Rises 8.4% to Ps. 5.97B
Driven by the CBX consolidation and disciplined cost controls, EBITDA climbed 8.4% year-over-year to Ps. 5.97 billion, with the margin expanding to 69.3% (ex-IFRIC-12).
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CBX Contributes Ps. 315.8M EBITDA in Two Months
The Cross Border Xpress generated Ps. 468.1 million in non-aeronautical revenues and Ps. 315.8 million in EBITDA—a 67.5% margin—for May-June 2026, validating the merger.
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Full-Year EBITDA Guidance Raised to 10-12% Growth
Reflecting confidence in the recovery and integration, management raised 2026 EBITDA growth guidance to 10-12% (from a prior implied ~7-8%), with CAPEX set at Ps. 12.0 billion.
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Passenger Traffic Declines 5.6% on International Weakness
Total passengers fell 5.6% to 14.99 million, as international traffic dropped 9.4%, weighed down by Hurricane Melissa's impact on Jamaica and broader demand softness.
Analysis · PAC · Energy & Transportation
Resilience marked the quarter as EBITDA rose 8.4% to Ps. 5.97 billion, even with a 5.6% drop in passenger volumes—a testament to the CBX acquisition and tight cost management. Full-year EBITDA growth guidance was raised to 10-12%, and CAPEX was set at Ps. 12 billion, underscoring confidence in the recovery and integration payoff. International traffic, however, remains a soft spot, down 9.4%, and the Jamaican airports felt the sting of Hurricane Melissa. In just two months, CBX delivered Ps. 315.8 million in EBITDA, confirming the merger's strategic merit. With cash nearly doubling to Ps. 19.8 billion and a brighter growth outlook, the results bolster the investment case, though traffic headwinds call for vigilance.
At the time of this filing, PAC was trading at $232.77 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $11.8B. The 52-week trading range was $206.91 to $300.41. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.