Summary of Results 1Q26 vs. 1Q25
The sum of aeronautical and non-aeronautical services revenues increased by Ps. 380.9 million, or 4.5%. Total revenues increased by Ps. 314.4 million, or 2.8%.
Cost of services increased by Ps. 94.5 million, or 6.5%.
Income from operations increased by Ps. 359.7 million, or 7.7%.
EBITDA increased by Ps. 360.0 million, or 6.4%, an increase from Ps. 5,628.8 million in 1Q25 to Ps. 5,988.8 million in 1Q26. EBITDA margin (excluding the effects of IFRIC-12) went from 67.1% in 1Q25 to 68.3% in 1Q26.
Comprehensive income increased by Ps. 551.4 million, or 19.6%, from an income of Ps. 2,814.4 million in 1Q25 to an income of Ps. 3,365.8 million in 1Q26.
Company's Financial Position:
During 1Q26, total aeronautical revenues increased compared to 1Q25, primarily driven by the airports in Mexico. This growth was partially offset by lower passenger traffic in Jamaica, where the impact of Hurricane Melissa in 4Q25 continued to weigh on the recovery of hotel capacity along the tourist corridor between Negril and Ocho Ríos; as a result, passenger traffic has not yet fully recovered.
In Mexico, security-related events in the state of Jalisco during February 2026 led to temporary disruptions in mobility and affected travel demand to certain destinations. In this context, Guadalajara and Puerto Vallarta airports presented passenger traffic decreases in March 2026 compared to March 2025.
In 1Q26, GAP issued bond certificates for a total amount of Ps.10,718.0 million under the ticker symbols "GAP 26" and "GAP 26-2," for Ps.2,767.0 million and Ps.7,951.0 million, respectively. Proceeds will be used to acquire a 25% stake in CBX, as well as to finance capital expenditures in line with the 2025–2029 Master Development Program.
Additionally, the Company refinanced its existing loans with Scotiabank and BBVA for USD$95.5 million each through new financing with The Bank of Nova Scotia and BBVA, respectively. The Company also repaid bond certificates for a total amount of Ps.1,120.0 million (ticker symbol "GAP 23L") using proceeds from a new bank loan with Scotiabank for the same amount.
As of March 31, 2026, the Company reported a cash and cash equivalents position of Ps.23,185.1 million.
Passenger Traffic
During 1Q26, the 14 airports operated by GAP recorded a decrease of 902.1 thousand total passengers, representing a 5.5% decrease compared to 1Q25.
During this period, the following new routes were inaugurated:
Domestic
Airline
Departure
Arrival
Opening date
Frequencies
Volaris
Guadalajara
Mazatlan
March 29, 2026
3 weekly
Aerus
Morelia
Santa Lucia
March 30, 2026
5 weekly
Aerus
Morelia
Uruapan
March 30, 2026
5 weekly
Note: Frequencies can vary without prior notice.
International
Airline
Departure
Arrival
Opening date
Frequencies
Southwest
Puerto Vallarta
San Diego
March 5, 2026
1 daily
Southwest
Los Cabos
Indianapolis
March 7, 2026
1 weekly
Southwest
Montego Bay
Nashville
March 7, 2026
1 weekly
Southwest
Puerto Vallarta
St. Louis
March 21, 2026
1 weekly
Note: Frequencies can vary without prior notice.
Domestic Terminal Passengers, 14 airports (in thousands):
Airport
1Q25
1Q26
Change
Guadalajara
3,021.1
3,035.6
0.5
%
Tijuana*
2,057.5
1,968.5
(4.3
%)
Los Cabos
668.9
628.3
(6.1
%)
Puerto Vallarta
653.6
644.8
(1.4
%)
Montego Bay
0.0
0.0
N/A
Guanajuato
515.5
510.8
(0.9
%)
Hermosillo
508.7
480.6
(5.5
%)
Kingston
0.1
0.7
821.1
%
Morelia
186.1
192.8
3.6
%
La Paz
280.6
313.8
11.8
%
Mexicali
293.1
257.7
(12.1
%)
Aguascalientes
151.8
138.9
(8.5
%)
Los Mochis
165.0
163.3
(1.1
%)
Manzanillo
34.8
32.7
(5.9
%)
Total
8,536.9
8,368.5
(2.0
%)
International Terminal Passengers, 14 airports (in thousands):
Airport
1Q25
1Q26
Change
Guadalajara
1,507.0
1,492.1
(1.0
%)
Tijuana*
1,014.9
897.6
(11.6
%)
Los Cabos
1,382.9
1,372.7
(0.7
%)
Puerto Vallarta
1,472.5
1,278.9
(13.1
%)
Montego Bay
1,338.9
917.4
(31.5
%)
Guanajuato
263.1
257.8
(2.0
%)
Hermosillo
20.9
22.0
4.9
%
Kingston
428.0
414.8
(3.1
%)
Morelia
174.2
215.6
23.7
%
La Paz
8.7
12.6
44.5
%
Mexicali
1.8
1.8
3.2
%
Aguascalientes
73.7
77.3
4.9
%
Los Mochis
1.9
1.8
(3.1
%)
Manzanillo
43.9
36.3
(17.4
%)
Total
7,732.5
6,998.7
(9.5
%)
*CBX users are classified as international passengers.
Total Terminal Passengers, 14 airports (in thousands):
Airport
1Q25
1Q26
Change
Guadalajara
4,528.2
4,527.8
(0.0
%)
Tijuana*
3,072.3
2,866.1
(6.7
%)
Los Cabos
2,051.8
2,001.0
(2.5
%)
Puerto Vallarta
2,126.1
1,923.7
(9.5
%)
Montego Bay
1,338.9
917.4
(31.5
%)
Guanajuato
778.6
768.7
(1.3
%)
Hermosillo
529.6
502.5
(5.1
%)
Kingston
428.1
415.5
(2.9
%)
Morelia
360.3
408.3
13.3
%
La Paz
289.3
326.4
12.8
%
Mexicali
294.9
259.6
(12.0
%)
Aguascalientes
225.5
216.2
(4.1
%)
Los Mochis
166.9
165.1
(1.1
%)
Manzanillo
78.7
69.0
(12.3
%)
Total
16,269.3
15,367.2
(5.5
%)
1,767.0
1,332.9
-24.6
%
14,502.3
14,034.3
-3.2
%
*CBX users are classified as international passengers.
CBX Users (in thousands):
Airport
1Q25
1Q26
Change
Tijuana
998.2
886.3
(11.2
%)
Consolidated Results for the First Quarter of 2026 (in thousands of pesos):
1Q25
1Q26
Change
Revenues
Aeronautical services
5,999,133
6,234,471
3.9
%
Non-aeronautical services
2,393,875
2,539,478
6.1
%
Improvements to concession assets (IFRIC-12)
2,662,175
2,595,679
(2.5
%)
Total revenues
11,055,183
11,369,627
2.8
%
8,393,008
8,773,948
4.5
%
Operating costs
Costs of services:
1,457,089
1,551,571
6.5
%
Employee costs
613,362
684,224
11.6
%
Maintenance
256,903
260,763
1.5
%
Safety, security & insurance
215,207
233,405
8.5
%
Utilities
125,231
125,013
(0.2
%)
Business operated directly by us
87,336
89,528
2.5
%
Other operating expenses
159,050
158,638
(0.3
%)
Technical assistance fees
283,900
299,542
5.5
%
Concession taxes
1,048,916
947,078
(9.7
%)
Depreciation and amortization
932,575
932,957
0.0
%
Cost of improvements to concession assets (IFRIC-12)
2,662,175
2,595,679
(2.5
%)
Other (income)
(25,683
)
(13,071
)
(49.1
%)
Total operating costs
6,358,972
6,313,756
(0.7
%)
Income from operations
4,696,211
5,055,871
7.7
%
Financial Result
(929,490
)
(723,258
)
(22.2
%)
Income before income taxes
3,766,721
4,332,613
15.0
%
Income taxes
(908,605
)
(1,020,605
)
12.3
%
Net income
2,858,115
3,312,008
15.9
%
Currency translation effect
(75,058
)
35,121
(146.8
%)
Cash flow hedges, net of income tax
(776
)
-
(100.0
%)
Remeasurements of employee benefit, net income tax
32,099
18,642
(41.9
%)
Comprehensive income
2,814,380
3,365,771
19.6
%
Non-controlling interest
(114,926
)
(138,515
)
20.5
%
Comprehensive income attributable to controlling interest
2,699,454
3,227,255
19.6
%
1Q25
1Q26
Change
EBITDA
5,628,786
5,988,828
6.4
%
Comprehensive income
2,814,380
3,365,771
19.6
%
Comprehensive income per share (pesos)
5.5700
6.6612
19.6
%
Comprehensive income per ADS (US dollars)
3.0888
3.6940
19.6
%
Operating income margin
42.5
%
44.5
%
4.7
%
Operating income margin (excluding IFRIC-12)
56.0
%
57.6
%
3.0
%
EBITDA margin
50.9
%
52.7
%
3.5
%
EBITDA margin (excluding IFRIC-12)
67.1
%
68.3
%
1.8
%
Costs of services and improvements / total revenues
37.5
%
36.5
%
(2.8
%)
Cost of services / total revenues (excluding IFRIC-12)
17.7
%
17.7
%
(0.0
%)
- Net income and comprehensive income per share for 1Q26 and 1Q25 were calculated based on 505,277,464 shares outstanding as of March 31, 2026, and March 31, 2025, respectively. Figures in U.S. dollar were converted from pesos using an exchange rate of Ps. 18.0327 per U.S. dollar, as published by the U.S. Federal Reserve Board (noon buying rate) on March 31, 2026.
- For consolidating the Jamaican airports, an average exchange rate of Ps. 17.5578 per U.S. dollar was used, corresponding to the three-month period ended March 31, 2026.
Revenues (1Q26 vs. 1Q25)
• Aeronautical services revenues increased by Ps. 235.3 million, or 3.9%.• Non-aeronautical services revenues increased by Ps. 145.6 million, or 6.1%.• Revenues from improvements to concession assets decreased by Ps. 66.5 million, or 2.5%.• Total revenues increased by Ps. 314.4 million, or 2.8%.
The change in aeronautical services revenues was primarily due to the following factors:
Revenues at the Mexican airports increased by Ps. 472.9 million, or 9.3%, compared to 1Q25. This increase was mainly driven the phased implementation in 2025 of the new airport maximum tariffs approved for the 2025–2029 regulatory period.
Revenues at the Jamaican airports decreased by Ps. 237.6 million, or 26.2%, compared to 1Q25, mainly due to a 24.6% decrease in passenger traffic during the quarter, resulting from the impact of the Hurricane Melissa, as previously described. Additionally, the 14.0% appreciation of the Mexican peso against the U.S. dollar negatively affected revenue translation. In U.S. dollar terms, revenues decreased by US$6.3 million, or 16.4%.
The change in non-aeronautical services revenues was primarily driven by the following factors:
Revenues at Mexican airports increased by Ps. 222.6 million, or 10.7%, compared to 1Q25. Revenues from businesses operated directly by us increased by Ps. 199.8 million, or 19.9%. Revenues from businesses operated by third parties increased Ps. 22.2 million, or 2.2%. The fastest-growing business lines were food and beverage and car rental, which together increased by Ps. 33.9 million, or 7.0%. This increase was partially offset by a decrease in duty-free revenues, which declined Ps. 10.5 million, or 8.7%, due to the 14.0% appreciation of the Mexican peso.
Revenues at the Jamaican airports decreased by Ps. 76.9 million, or 24.7%, compared to 1Q25, primarily due to the decline in passenger traffic and the peso appreciation in the 1Q26. In U.S. dollar terms, revenues decreased by US$1.8 million, or 14.2%.
1Q25
1Q26
Change
Businesses operated by third parties:
Food and beverage
342,580
351,294
2.5
%
Car rental
205,297
212,573
3.5
%
Duty-free
216,685
182,533
(15.8
%)
Retail
191,173
183,349
(4.1
%)
Leasing of space
116,904
104,286
(10.8
%)
Timeshares
70,905
62,607
(11.7
%)
Ground transportation
56,573
53,188
(6.0
%)
Other commercial revenues
72,025
74,678
3.7
%
Communications and financial services
31,390
30,083
(4.2
%)
Total
1,303,532
1,254,591
(3.8
%)
