Pacific Airport Group Reports Mixed Q4 2025 Results, Strong Full-Year Performance, and Provides 2026 Growth Guidance Amidst Recent Operational Challenges
Summary
Pacific Airport Group reported mixed Q4 2025 results with revenue and EBITDA growth but declining net income due to financial expenses and hurricane impact. Full-year 2025 showed strong growth. The company issued positive 2026 guidance but faces recent operational disruptions in Jalisco and a lost tender opportunity.
Key Events
-
Mixed Q4 2025 Financial Performance
Total revenues increased by 2.8% and EBITDA by 7.5% in Q4 2025 compared to Q4 2024. However, net income decreased by 17.4% and comprehensive income by 34.3%, largely due to an 84.7% increase in financial expenses from higher interest and negative currency translation effects.
-
Strong Full-Year 2025 Growth
For the full year 2025, total revenues grew by 23.2%, EBITDA by 17.8%, and net income by 12.7% compared to 2024, driven by new airport tariffs in Mexico and increased passenger traffic.
-
2026 Growth Guidance Issued
The company projects 2-5% growth in passenger traffic, 8-11% growth in total revenues, and 8-11% growth in EBITDA for fiscal year 2026. CAPEX is guided at Ps. 13.5 billion.
-
Recent Operational Disruptions and Lost Tender
Q4 2025 passenger traffic was negatively impacted by Hurricane Melissa in Jamaica. More recently, on February 22-23, 2026, Guadalajara and Puerto Vallarta airports experienced significant flight cancellations due to local events in Jalisco. Additionally, the tender for Howard Hamilton International Airport in Turks and Caicos, in which the company was participating, was cancelled.
Analysis
Pacific Airport Group reported mixed results for Q4 2025, with total revenues increasing by 2.8% and EBITDA by 7.5%, but net income declined by 17.4% and comprehensive income by 34.3%. This decline was primarily driven by a significant increase in financial expenses, including higher interest expense and negative foreign currency translation effects, as well as the impact of Hurricane Melissa on Jamaican airport traffic. Despite the Q4 headwinds, the company achieved strong full-year 2025 results, with total revenues up 23.2%, EBITDA up 17.8%, and net income increasing by 12.7%. The company also provided positive guidance for 2026, projecting 8-11% growth in total revenues and EBITDA, and 2-5% growth in passenger traffic. However, recent operational challenges, including the cancellation of the Howard Hamilton International Airport tender and significant flight cancellations at Guadalajara and Puerto Vallarta airports on February 22-23, 2026, due to local events in Jalisco, introduce near-term uncertainty. Investors should monitor the recovery of Jamaican traffic, the impact of the Jalisco disruptions on Q1 2026, and the formalization of the Cross Border Xpress (CBX) business combination.
At the time of this filing, PAC was trading at $272.70 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $14.1B. The 52-week trading range was $168.62 to $300.41. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.