Grupo Aeroportuario del Pacifico: Q2 miss leads to lower estimate/PO revision; Buy on 2-yr avg EBITDA growth

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Grupo Aeroportuario del Pacifico: Q2 miss leads to lower estimate/PO revision; Buy on 2-yr avg EBITDA growth

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Grupo Aeroportuario del Pacifico

Q2 miss leads to lower estimate/PO

revision; Buy on 2-yr avg EBITDA growth

Reiterate Rating: BUY | PO: 475.50 MXN | Price: 408.19 MXN

Despite CBX/Internalization, Q2 misses across-the-board 14 July 2026

Cash revenue totaled P$8.6mn that grew 5% Y/Y but missed BofAe by 8% and Visible Equity

Alpha’s (VA) consensus by 4%. This was mainly due to lower-than-expected non-

aeronautical revenues in Mexico (including Cross Bordes Xpress (CBX) consolidated as of

Key ChangesMay 1 that contributed with US$26.8mn) and Jamaica. Q2 EBITDA totaled P$6bn

translating into an 8% Y/Y growth that was below BofAe by 11% and VA consensus by (MXN) Previous Current

3%. Higher-than-expected operating costs (up 23% Y/Y vs BofAe: 12% Y/Y) was partially Price Obj. 512.50 475.50

offset by a reversal of the technical assistance services (TAS) provision of CBX in Q2 of 2026E DPS 13.05 20.80

P$264mn (BofAe: no reversal estimated). Thus, total cash operating costs decreased 2%

Y/Y. This translated into an EBITDA margin expansion of 226bps Y/Y ending at 69.3% in Carlos Peyrelongue >>

Mex Eq Strat/Research Analyst

Q2. Finally, Q2 EPS reached P$4.69 that decreased 8% Y/Y due to the dilution of the Merrill Lynch (Mexico)

CBX transaction that missed BofAe by 12% and VA consensus by 15%. +52 55 5201 3276 carlos.peyrelongue@bofa.com

GAP revises 2026 guidance with CBX/TAS AlanResearchMaciasAnalyst>>

Considering the CBX/TAX transaction and softer traffic trends, GAP revised its 2026 Merrill Lynch (Mexico) +52 55 5201 3433

guidance (Exhibit 2). At the mid-range, GAP’s 2026 guidance includes: traffic: -2% Y/Y alan.macias@bofa.com