A PAC-2 interceptor is launched from a battery in Taiwan. SAM YEH/AFP via Getty Images Lockheed Martin announced a new PAC-3 interceptor on Monday that it said costs less than half the price of a regular Patriot missile.
The PAC-3 Adapted Capability Effector, or ACE, is "built to defeat a wide range of air and missile threats for less than half the cost of a PAC-3 MSE per unit," the defense giant said in a statement.
Described as a "low-cost interceptor," the PAC-3 ACE is designed to work fully with the Patriot missile weapon system and is tailored to counter higher-end threats such as air-breathing, cruise, and ballistic missiles.
Lockheed Martin did not disclose the cost of the PAC-3 ACE, but the regular PAC-3 Missile is priced at about $4.2 million per missile.
Lockheed Martin says the PAC-3 ACE is a new "low-cost interceptor" for the Patriot missile system. Lockheed Martin Global demand for these missiles has soared as the wars in Ukraine and the Middle East have drained the US and its allies' stock of air-defense munitions.
Ukraine, which has been receiving shipments of Patriot interceptors from the West, has repeatedly said this year that its batteries are unable to cope with the sheer scale of Russia's onslaught of missile threats. Iranian drones and missiles, meanwhile, have depleted an estimated one-third of Patriot stockpiles as the US and the Gulf States launched over 1,100 of these interceptors during the conflict.
The expenditure rate so far has sparked concern about whether the US can sustain its Patriot stockpiles in a prolonged campaign or a peer war.
Lockheed Martin produces about 600 PAC-3 MSEs annually, though it plans to continue rapidly ramping up production.
It emphasized production pace and quantity on Monday, saying that the new PAC-3 ACE "speeds up development, testing, and deployment far beyond traditional programs."
The firm said it was collaborating with the European defense industry to produce the PAC-3 ACE, an arrangement already in place for the PAC-3 MSE. Some components of that missile are built in Germany, the Netherlands, Poland, and other NATO countries on the continent.
The older PAC-2 missile is built by Raytheon, which produces about 200 interceptors a year. It plans to partner with German firm MBDA to boost production to about 600 missiles a year in a new Bavarian plant.
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Matthew Loh You're currently following this author! Want to unfollow? Unsubscribe via the link in your email.
Matthew is a senior reporter at Business Insider's Singapore bureau, primarily covering defense and how the war in Ukraine is rapidly changing battle technology and tactics.He joined the team in June 2021, previously focusing on internet crime and labor, examining how these issues impact modern society in Asia, with a particular emphasis on China.In 2024, he won the Singapore Press Club's Young Journalist of the Year Award. His work from 2023 also won a silver award from the North American Travel Journalists Association and accolades from Longreads.Matthew's previous work has been featured in the South China Morning Post, as well as Singaporean news companies TODAY and The Business Times.As a student, Matthew's coverage of migrant workers' nutrition in Singapore during the COVID pandemic won the SOAP Story of the Month award and the Student Category prize in the International Labor Organization's 2021 Global Media Competition on Labour Migration.Selected features:
Death on the Savage Mountain: What really happened on K2, and why 100 climbers stepped over a dying man on their way to the summitThe nuclear weapons era is making a comeback, and experts say we're all not paying attentionHow nets from a Danish fishing village found their way into Ukraine's modern warInside Ukraine's race to crank out unjammable, fiber-optic drones that can break through Russia's electronic warfareFinding Dora Ukraine War
Grupo Aeroportuario Del Pacifico NYSE: PAC said second-quarter 2026 earnings improved despite weaker passenger traffic, as tariff adjustments, directly operated commercial businesses and the initial consolidation of Cross Border Xpress helped offset declines across parts of its airport network.
Chief Executive Officer Raul Revuelta said total passenger traffic across GAP’s 14 airports fell 5.6% from the second quarter of 2025. Even so, revenue excluding construction services rose 4.9%, EBITDA increased 8.4% to MXN 6 billion, and EBITDA margin expanded 230 basis points to 69.3%.
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“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,” Revuelta said.
Traffic Pressured by Jamaica, Puerto Vallarta and Airfare Trends Revuelta attributed the passenger decline to several factors in both Mexico and Jamaica. In Jamaica, he said the company continues to feel the impact of Hurricane Melissa, with hotel capacity along the main tourist corridor still below pre-storm levels. He said hotel reopenings point to an extended recovery through the second half of the year.
In Mexico, Revuelta said airlines managed capacity in response to economic conditions, while rising jet fuel costs pressured airfares. He also cited security concerns affecting international leisure demand for certain beach destinations, including Puerto Vallarta, where international passenger traffic fell 27% during the quarter. GAP is working with airlines and regional tourism stakeholders to rebuild connectivity and travel confidence, he said.
Guadalajara was an exception during the quarter. The city hosted four of five FIFA World Cup matches in June, and Revuelta said Guadalajara Airport successfully handled additional charter flights, national teams, delegations and fans while maintaining normal operations. Traffic at the airport rose 6%, though he said that was partly offset by temporary softness at other GAP airports during the tournament.
Commercial Businesses Drive Non-Aeronautical Growth Aeronautical revenue declined 3.2%, primarily because of lower passenger traffic in Mexico and Jamaica and a 10.9% appreciation of the Mexican peso, which negatively affected the translation of U.S. dollar revenue and international passenger charges. Revuelta said the decline was partly offset by the gradual implementation of maximum tariffs approved for the 2025-2029 regulatory period in Mexico.
Non-aeronautical revenue rose 23.9%, helped by growth in businesses operated directly by GAP and the consolidation of Cross Border Xpress, or CBX, beginning May 1. Excluding CBX, directly operated business lines increased 17% despite lower passenger traffic.
Cargo and bonded warehouse operations grew 22%. Advertising increased 58%. Hotel operations rose 27%. Convenience stores grew 11%. Parking increased 9%. Revuelta said the results show GAP’s commercial strategy “does not solely depend on passengers volume.” He said duty-free and VIP lounges, which are more exposed to international leisure traffic and foreign exchange, remained under pressure but should improve as international traffic recovers.
CBX generated MXN 168 million in revenue during May and June, with more than 626,000 passengers using the facility in both directions. Revuelta said that represented average revenue of $42.8 per passenger, in line with company expectations. He said CBX traffic remained below the prior year but that pricing and the commercial model were resilient.
Guidance Updated for 2026 GAP updated its annual outlook to reflect the CBX consolidation, internalization of technical assistance services, current traffic trends and investment progress. The company now expects passenger traffic to range from a 3% decline to flat growth for 2026. Revuelta said the forecast assumes gradual improvement in the second half but does not assume all airports return to growth at the same time or that Puerto Vallarta and Montego Bay fully recover this year.
The company expects aeronautical revenue to increase 1% to 4%, supported by approved tariffs in Mexico. Non-aeronautical revenue is expected to grow 21% to 24%, driven by GAP-operated businesses and CBX. EBITDA is expected to rise 10% to 12%, with an EBITDA margin of about 67%, plus or minus one percentage point. Revuelta said CapEx is expected to be around MXN 4 billion.
In response to analyst questions, Revuelta said June traffic was affected by higher airfares during the World Cup and by substitution of typical business and leisure travelers with tournament-related passengers. He said some domestic leisure demand appeared to shift into July, and additional seats and route openings should support the second half.
Management Addresses Tariffs, FIBRA and 2027 Outlook Asked about tariff compliance, Revuelta said GAP reached 90% fulfillment of the maximum tariff in the first six months and expects to be around 95% by year-end. He said tariffs changed again on July 1 at Los Cabos and Puerto Vallarta, with domestic passenger charges increasing an additional 7%.
Revuelta said it is still early to provide a 2027 traffic growth range. He cited oil prices and the war in Iran as factors that could affect airline costs and capacity, as well as uncertainty around the proposed Viva and Volaris merger. Still, he said GAP expects growth in coming years and noted that Jamaica hotel capacity is trending toward normalization by the end of 2026.
Chief Financial Officer Saul Villarreal said the company is continuing the approval process for FIBRA GAP, a vehicle intended to subscribe a minority equity interest in the 12 Mexican airport concession areas. Villarreal said the structure is expected to be tax transparent at the Mexican airport level, but GAP would continue paying taxes as a regular company. He said management does not expect a permanent change in GAP’s effective tax rate, though there could be a temporary decrease during 2026 and 2027 due to the tax shield of interest.
Villarreal also said GAP expects to make two dividend distributions this year, with one potentially in the current quarter and another in the final quarter. The shareholders meeting approved a distribution of MXN 0.2080 per ordinary share, he said.
Asked whether GAP would offer broad concessions or discounts to airlines to support traffic, Revuelta said the company is not considering general discounts. He said GAP may provide specific support on a case-by-case basis when routes face low load factors or when airport connectivity is at risk.
About Grupo Aeroportuario Del Pacifico NYSE: PACGrupo Aeroportuario del Pacífico, SAB. de C.V. NYSE: PAC, commonly known as GAP, is a leading airport operator in Mexico. Established in 1998 as part of the federal government’s airport privatization program, GAP holds long‐term concession agreements—typically 50 years—to manage, develop and operate airports under a public–private partnership model. Through these concessions, the company undertakes terminal expansions, runway maintenance and the modernization of navigation and security systems.
The company’s portfolio comprises 12 airports across Mexico’s Pacific and western regions, including major hubs such as Guadalajara, Tijuana, Los Cabos, Puerto Vallarta and Mazatlán, as well as regional facilities in Aguascalientes, Morelia and La Paz.
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GUADALAJARA, Mexico, July 14, 2026 (GLOBE NEWSWIRE) -- Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (NYSE: PAC; BMV: GAP) (“the Company” or “GAP”) reports its consolidated results for the second quarter ended June 30, 2026 (2Q26). The results presented in this report include the effects of the business combination effective May 1, 2026. The figures are unaudited and have been prepared following International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”).
Summary of Results 2Q26 vs. 2Q25
The sum of aeronautical and non-aeronautical services revenues increased by Ps. 399.0 million, or 4.9%. Total revenues increased by Ps. 407.7 million, or 3.7%.Cost of services increased by Ps. 360.7 million, or 23.2%.Income from operations increased by Ps. 407.6 million, or 8.9%.EBITDA increased by Ps. 462.0 million, or 8.4%, an increase from Ps. 5,503.3 million in 2Q25 to Ps. 5,965.3 million in 2Q26. EBITDA margin (excluding the effects of IFRIC-12) went from 67.1% in 2Q25 to 69.3% in 2Q26. Comprehensive income increased by Ps. 215.4 million, or 9.6%, from an income of Ps. 2,234.9 million in 2Q25 to an income of Ps. 2,450.3 million in 2Q26.
Business Combination:
Effective May 1, 2026, the Company began recognizing the effects of the business combination involving the Cross Border Xpress (“CBX”) operations and the internalization of technical assistance and technology transfer services approved by the Extraordinary General Shareholders’ Meeting held on December 11, 2025, following the execution of the merger agreement on April 30, 2026. As a result of the merger, GAP issued 89,740,731 new net shares and currently has 595,018,195 shares outstanding, consisting of 519,226,576 Series B shares and 75,791,619 Series BB shares. In addition, the equity purchase agreement for the acquisition of the remaining 25% equity interest in CBX was completed, resulting in GAP consolidating 100% ownership of this business. Following the effectiveness of the merger, GAP assumed control of the merged entities to ensure the continuity of service provision, as well as the operation and management of CBX.
The business combination resulted in an increase in cash and cash equivalents of Ps. 5,427.1 million, accounts receivable of Ps. 86.7 million, intangible assets of Ps. 6,899.8 million, goodwill of Ps. 30,803.3 million, and machinery, equipment and improvements to leased buildings of Ps. 2,325.1 million, and the acquisition of OTV land for US$50.0 million (equivalent to Ps. 935.0 million). It also resulted in the recognition of liabilities, primarily comprising bank loans of Ps. 1,305.4 million, unrealized revenue of Ps. 337.7 million, accounts payable of Ps. 234.4 million, and deferred income tax of Ps. 216.9 million.
Based on the Company’s assessment, the merger qualifies as a business combination. Accordingly, the excess of the consideration transferred over the book value of the net assets acquired was recognized as non-current assets in the form of goodwill and identifiable intangible assets.
The Company is currently in the process of determining the fair values arising from the business combination. Accordingly, the amounts presented in the consolidated financial statements included in this report are preliminary and remain subject to change.
Passenger Traffic
During 2Q26, the 14 airports operated by GAP recorded a decrease of 891.6 thousand total passengers, representing a 5.6% decrease compared to 2Q25.
During this period, the following new routes were inaugurated:
Airport2Q252Q26Change6M256M26ChangeGuadalajara3,090.93,186.03.1%6,112.16,221.61.8%Tijuana *2,139.21,973.6(7.7%)4,196.73,942.2(6.1%)Los Cabos739.7723.3(2.2%)1,408.61,351.6(4.0%)Puerto Vallarta830.4779.2(6.2%)1,484.01,424.0(4.0%)Montego Bay0.00.00.0%0.00.00.0%Guanajuato576.8533.8(7.4%)1,092.31,044.7(4.4%)Hermosillo545.5497.2(8.9%)1,054.2977.8(7.3%)Kingston0.10.152.4%0.20.8417.5%Morelia173.1171.9(0.7%)359.2364.71.5%Mexicali305.7266.5(12.8%)598.8524.3(12.4%)La Paz328.1357.79.0%608.7671.510.3%Aguascalientes167.4160.8(3.9%)319.2299.7(6.1%)Los Mochis179.4175.5(2.1%)344.4338.8(1.6%)Manzanillo31.428.6(8.7%)66.161.3(7.3%)Total9,107.68,854.3(2.8%)17,644.517,222.8(2.4%) International Terminal Passengers – 14 airports (in thousands): Airport2Q252Q26Change6M256M26ChangeGuadalajara1,387.21,498.98.1%2,894.22,991.13.3%Tijuana *1,051.8950.1(9.7%)2,066.71,847.7(10.6%)Los Cabos1,224.41,084.3(11.4%)2,607.32,457.0(5.8%)Puerto Vallarta849.1619.0(27.1%)2,321.61,897.9(18.2%)Montego Bay1,264.7991.9(21.6%)2,603.61,909.3(26.7%)Guanajuato252.7222.1(12.1%)515.7480.0(6.9%)Hermosillo19.221.311.2%40.143.37.9%Kingston453.5435.4(4.0%)881.5850.2(3.6%)Morelia155.9191.823.1%330.1407.423.4%Mexicali1.81.92.1%3.63.72.7%La Paz8.912.743.7%17.625.344.1%Aguascalientes82.585.03.0%156.2162.23.9%Los Mochis2.02.28.1%3.94.02.7%Manzanillo18.316.8(8.2%)62.253.0(14.7%)Total6,771.86,133.4(9.4%)14,504.213,132.1(9.5%) *CBX users are classified as international passengers. Total Terminal Passengers – 14 airports (in thousands): Airport2Q252Q26Change6M256M26ChangeGuadalajara4,478.14,684.94.6%9,006.39,212.72.3%Tijuana *3,191.02,923.7(8.4%)6,263.35,789.8(7.6%)Los Cabos1,964.01,807.6(8.0%)4,015.93,808.6(5.2%)Puerto Vallarta1,679.51,398.2(16.7%)3,805.63,321.9(12.7%)Montego Bay1,264.7991.9(21.6%)2,603.61,909.3(26.7%)Guanajuato829.4756.0(8.9%)1,608.11,524.6(5.2%)Hermosillo564.7518.5(8.2%)1,094.31,021.1(6.7%)Kingston453.5435.5(4.0%)881.7851.0(3.5%)Morelia329.0363.710.6%689.3772.112.0%Mexicali307.5268.4(12.7%)602.4528.0(12.4%)La Paz337.0370.49.9%626.3696.811.3%Aguascalientes249.8245.8(1.6%)475.3461.9(2.8%)Los Mochis181.4177.7(2.0%)348.3342.8(1.6%)Manzanillo49.745.4(8.5%)128.3114.4(10.9%)Total15,879.414,987.7(5.6%)32,148.730,354.9(5.6%) *CBX users are classified as international passengers.
CBX Users (in thousands): Airport2Q252Q26Change6M256M26ChangeTijuana1,031.4935.9(9.3%)2,029.61,822.2(10.2%) Consolidated Results for the Second Quarter (in thousands of pesos): 2Q252Q26ChangeRevenues Aeronautical services5,763,188 5,578,099 (3.2%)Non-aeronautical services2,442,659 3,026,714 23.9%Improvements to concession assets (IFRIC-12)2,676,149 2,684,897 0.3%Total revenues10,881,996 11,289,710 3.7% Operating costs Costs of services:1,556,035 1,916,778 23.2%Employee costs638,722 769,895 20.5%Maintenance256,830 316,554 23.3%Safety, security & insurance232,516 260,363 12.0%Utilities148,732 149,214 0.3%Professional services58,332 84,772 45.3%Business operated directly by us86,632 99,427 14.8%Other operating expenses134,271 166,061 23.7%CBX operating expenses- 70,492 100.0% Technical assistance fees221,680 (264,685)(219.4%)Concession taxes935,280 915,543 (2.1%)Depreciation and amortization924,959 979,420 5.9%Cost of improvements to concession assets (IFRIC-12)2,676,149 2,684,897 0.3%Other (income)(10,461)71,837 (786.7%)Total operating costs6,303,642 6,303,790 0.0%Income from operations4,578,354 4,985,920 8.9%Financial Result(733,545)(946,284)29.0%Income before income taxes 3,844,809 4,039,636 5.1%Income taxes(1,189,674)(1,146,127)(3.7%)Net income 2,655,135 2,893,509 9.0%Currency translation effect(423,527)(443,277)4.7% Cash flow hedges, net of income tax2,668 - (100.0%)Remeasurements of employee benefit – net income tax667 69 (89.7%)Comprehensive income 2,234,943 2,450,301 9.6%Non-controlling interest(90,951)(102,859)13.1%Comprehensive income attributable to controlling interest2,143,992 2,347,442 9.5% 2Q252Q26ChangeEBITDA5,503,313 5,965,340 8.4%Comprehensive income2,234,943 2,450,301 9.6%Comprehensive income per share (pesos)4.4232 4.1180 (6.9%)Comprehensive income per ADS (US dollars)2.5349 2.3600 (6.9%) Operating income margin42.1%44.2%5.0%Operating income margin (excluding IFRIC-12)55.8%57.9%3.9%EBITDA margin50.6%52.8%4.5%EBITDA margin (excluding IFRIC-12)67.1%69.3%3.4%Costs of services and improvements / total revenues38.6%40.8%5.6%Cost of services / total revenues (excluding IFRIC-12)18.6%22.3%20.1% - Net income and comprehensive income per share for 2Q26 and 2Q25 were calculated based on 595,018,195 shares outstanding as of June 30, 2026, and 505,277,464 as of June 30, 2025, respectively. Figures in U.S. dollar were converted from pesos using an exchange rate of Ps. 17.4490 per U.S. dollar, as published by the U.S. Federal Reserve Board (noon buying rate) on June 30, 2026.
- For consolidating the Jamaican airports, an average exchange rate of Ps. 17.4052 per U.S. dollar was used, corresponding to the three-month period ended June 30, 2026.
Revenues (2Q26 vs. 2Q25)
Aeronautical services revenues decreased by Ps. 185.1 million, or 3.2%.Non-aeronautical services revenues increased by Ps. 584.1 million, or 23.9%.Revenues from improvements to concession assets increased by Ps. 8.7 million, or 0.3%.Total revenues increased by Ps. 407.7 million, or 3.7%. The change in aeronautical services revenues was primarily due to the following factors:
Revenues from the Mexican airports decreased by Ps. 32.2 million, or 0.7%, compared to 2Q25. This decrease was mainly due to a 4.2% decline in passenger traffic and a 10.9% appreciation of the Mexican peso, which directly affected revenues generated from international passenger charges. This effect was partially offset by the gradual implementation of the maximum tariffs approved for the 2025–2029 regulatory period. Revenues from the Jamaican airports decreased by Ps. 152.9 million, or 18.3%, compared to 2Q25, mainly due to a 16.9% decrease in passenger traffic during the quarter, resulting from the impact of Hurricane Melissa. In addition, the 10.9% appreciation of the Mexican peso against the U.S. dollar negatively affected the translation of revenues. The change in non-aeronautical services revenues was primarily driven by the following factors:
Revenues from the Mexican airports increased by Ps. 164.8 million, or 7.7%, compared to 2Q25. Revenues from businesses operated directly by us increased by Ps. 190.1 million, or 17.0%, while revenues from businesses operated by third parties decreased by Ps. 25.3 million, or 2.7%. Revenues from the Jamaican airports decreased by Ps. 48.9 million, or 54.4%, compared to 2Q25, primarily due to the decline in passenger traffic and the peso appreciation in the 2Q26. Total revenues generated by CBX during May and June amounted to Ps. 468.1 million, equivalent to US$26.8 million. During this period, a total of 626,424 passengers used the facility in both directions, generating an average revenue of US$42.8 per passenger. Non-aeronautical revenues for the Second Quarter (in thousands of pesos):
2Q252Q26ChangeBusinesses operated by third parties: Food and beverage342,679327,724(4.4%)Car rental211,128213,1721.0%Duty-free208,160170,593(18.0%)Retail191,431184,517(3.6%)Leasing of space112,970106,839(5.4%)Timeshares67,81862,489(7.9%)Ground transportation51,19646,881(8.4%)Other commercial revenues59,01061,3984.0%Communications and financial services28,83827,285(5.4%)Total1,273,2291,200,897(5.7%) Businesses operated directly by us: Cargo operation and bonded warehouse514,113627,03922.0%CBX revenues-468,099100.0%Car parking177,872194,0919.1%Convenience stores161,588179,86011.3%VIP Lounges168,321156,011(7.3%)Advertising43,36668,54658.1%Hotel operation36,88246,74526.7%Other businesses operated directly by us-16,931100.0%Total1,102,1411,757,32259.4%Recovery of costs67,28968,4931.8%Total Non-aeronautical Revenues 2,442,6593,026,71223.9% Figures expressed in thousands of Mexican pesos. ‐ Revenues from improvements to concession assets 1
Revenues from improvements to concession assets (IFRIC-12) increased by Ps. 8.7 million, or 0.3%, compared to 2Q25. The change was composed of:
Improvements to concession assets at the Company’s Mexican airports, decreased by Ps.171.8 million, or 6.6%, in line with the investments committed under the Master Development Program for the 2025–2029 period. Improvements to concession assets at the Company’s Jamaican airports, which increased by Ps. 180.5 million, or 220.4%, primarily due to investments at Kingston Airport. 1 Revenues from improvements to concession assets are recognized in accordance with International Financial Reporting Interpretation Committee 12 “Service Concession Arrangements” (IFRIC 12). However, this recognition does not have a cash impact or impact on the Company’s operating results. Amounts included as a result of the recognition of IFRIC 12 are related to construction of infrastructure in each quarter to which the Company has committed. This is in accordance with the Company’s Master Development Programs in Mexico and Capital Development Programs in Jamaica. All margins and ratios calculated using “Total Revenues” include revenues from improvements to concession assets (IFRIC 12), and, consequently, such margins and ratios may not be comparable to other ratios and margins, such as EBITDA margin, operating margin or other similar ratios that are calculated based on those results of the Company that do have a cash impact.
Total operating costs remained flat compared to 2Q25, mainly due to the decrease in technical assistance fees of Ps. 486.4 million, or 219.4%, and concession fees of Ps. 19.7 million, or 2.1%. These decreases were offset by higher cost of services of Ps. 195.1 million, CBX operating expenses of Ps. 177.4 million, and non-recurring merger-related expenses of Ps. 118.4 million. Excluding the reversal of the technical assistance provision, the consolidation of CBX, and the non-recurring merger-related expenses, operating expenses increased by Ps. 190.7 million, or 3.0%, compared to 2Q25.
The changes in total operating costs were primarily due to the following factors:
Mexican airports:
Operating costs decreased by Ps. 260.4 million, or 4.8%, compared to 2Q25, mainly due to the reversal of the technical assistance fee provision of Ps. 486.4 million and a decrease in the cost of improvements to the concession assets (IFRIC-12) of Ps. 171.8 million. This effect was partially offset by an increase in cost of services of Ps. 242.0 million, non-recurring merger-related expenses of Ps. 118.4 million, and depreciation and amortization of Ps. 37.2 million. The change in the cost of services at our Mexican airports during 2Q26 was mainly due to:
Employee costs increased by Ps. 128.5 million, or 22.5%, mainly due to an increase in personnel providing technical assistance services, operational personnel at the airports, salary adjustments, and higher employee benefits resulting from amendments to the Federal Labor Law.Maintenance increased by Ps. 38.1 million, or 17.4%, mainly due to the opening of new operational areas, and airfield maintenance. Other operating expenses increased by Ps. 31.8 million, or 23.7%, mainly due to the recognition of the expected credit loss provision. Safety, security, and insurance increased by Ps. 27.3 million, or 16.1%, mainly due to an increase in security personnel headcount, significant increases in the minimum wage, and higher insurance costs related to goods safeguarded within the bonded warehouse. Jamaican Airports:
Operating expenses increased by Ps. 83.7 million, or 9.4%, compared to 2Q25, mainly due to an increase of Ps. 180.5 million, or 220.4%, in cost of improvements to concession assets (IFRIC-12). This effect was partially offset by a reduction in concession fees of Ps. 88.4 million, or 20.8%, resulting from lower revenues at Montego Bay airport, as well as decreases in depreciation and amortization of Ps. 7.5 million, or 5.1%, and cost of services of Ps. 2.3 million, or 1.0%. Cross Border Xpress:
Beginning May 1, CBX operating expenses of Ps. 177.4 million were consolidated, consisting of cost of services of Ps. 152.3 million, and depreciation and amortization of Ps. 25.1 million, corresponding to two months of operations. Operating income margin increased from 42.1% in 2Q25 to 44.2% in 2Q26. Excluding the effects of IFRIC-12, the operating income margin increased from 55.8% in 2Q25 to 57.9% in 2Q26. Income from operations increased by Ps. 407.6 million, or 8.9%, compared to 2Q25, with CBX contributing Ps. 291.1 million.
EBITDA margin increased from 50.6% in 2Q25 to 52.8% in 2Q26. Excluding the effects of IFRIC-12, EBITDA margin increased from 67.1% in 2Q25 to 69.3% in 2Q26. EBITDA increased by Ps. 462.0 million, or 8.4%, compared to 2Q25. EBITDA margin growth was partially offset by the impact on the Jamaican airports from the appreciation of the Mexican peso and lower passenger traffic. CBX contributed Ps. 315.8 million, with an EBITDA margin of 67.5%.
Financial results increased expenses by Ps. 212.7 million, or 29.0%, going from a net expense of Ps. 733.5 million in 2Q25 to a net expense of Ps. 946.3 million in 2Q26. This change was mainly the result of:
Foreign exchange losses decreased from Ps. 40.3 million in 2Q25 to Ps. 17.3 million in 2Q26, resulting in a favorable variance of Ps. 23.0 million due to the appreciation of the Mexican peso. Additionally, the foreign currency translation effect resulted in a net loss of Ps. 19.8 million. Interest expense increased by Ps. 343.8 million, or 37.6%, compared to 2Q25, mainly due to higher debt incurred to finance airport CAPEX and the acquisition of the remaining 25% interest in CBX, as well as Ps. 13.9 million in financing costs related to the bank loan contracted by CBX and assumed through the business combination. Interest income increased by Ps. 108.1 million, or 53.8%, compared to 2Q25, mainly due to the increase in cash and cash equivalents. In 2Q26, net and comprehensive income increased by Ps. 215.4 million, or 9.6%, compared to 2Q25, mainly driven by income before taxes, which increased by Ps. 194.8 million or 5.1%.
Net income increased by Ps. 238.4 million, or 9.0%, compared to 2Q25. Income tax for the period decreased by Ps. 43.5 million, or 3.7%, comprised of a decrease in current income tax of Ps. 137.7 million and a decrease in the deferred tax benefit of Ps. 94.2 million.
Consolidated Results for the Second Quarter (thousands)
6M256M26ChangeRevenues Aeronautical services11,762,321 11,812,569 0.4%Non-aeronautical services4,836,535 5,566,191 15.1%Improvements to concession assets (IFRIC-12)5,338,324 5,280,576 (1.1%)Total revenues21,937,180 22,659,337 3.3% Operating costs Costs of services:3,020,338 3,468,349 14.8%Employee costs1,252,084 1,454,119 16.1%Maintenance513,733 577,317 12.4%Safety, security & insurance447,723 493,768 10.3%Utilities273,963 274,227 0.1%Professional services106,063 141,887 33.8%Business operated directly by us173,968 188,956 8.6%Other operating expenses252,803 267,584 5.8%CBX operating expenses- 70,492 100.0% Technical assistance fees505,580 34,857 (93.1%)Concession taxes1,976,982 1,862,621 (5.8%)Depreciation and amortization1,857,534 1,912,376 3.0%Cost of improvements to concession assets (IFRIC-12)5,338,324 5,280,576 (1.1%)Other (income)(36,145)58,765 (262.6%)Total operating costs12,662,613 12,617,545 (0.4%)Income from operations9,274,567 10,041,792 8.3%Financial Result(1,663,035)(1,669,542)0.4%Income before income taxes 7,611,532 8,372,250 10.0%Income taxes(2,098,280)(2,166,733)3.3%Net income 5,513,252 6,205,518 12.6%Currency translation effect(498,585)(408,156)(18.1%) Cash flow hedges, net of income tax1,892 - (100.0%)Remeasurements of employee benefit – net income tax32,766 18,711 (42.9%)Comprehensive income 5,049,325 5,816,073 15.2%Non-controlling interest(205,878)(241,374)17.2%Comprehensive income attributable to controlling interest4,843,447 5,574,699 15.1% 2Q252Q26ChangeEBITDA11,132,101 11,954,169 7.4%Comprehensive income5,049,325 5,816,073 15.2%Comprehensive income per share (pesos)9.9932 9.7746 (2.2%)Comprehensive income per ADS (US dollars)5.7271 6.5967 15.2% Operating income margin42.3%44.3%4.8%Operating income margin (excluding IFRIC-12)55.9%57.8%3.4%EBITDA margin50.7%52.8%4.0%EBITDA margin (excluding IFRIC-12)67.1%68.8%2.6%Costs of services and improvements / total revenues38.0%38.6%1.5%Cost of services / total revenues (excluding IFRIC-12)18.1%20.0%10.2% - Net income and comprehensive income per share for 6M26 and 6M25 were calculated based on 595,018,195 and 505,277,464 shares outstanding, respectively. U.S. dollar figures were converted from pesos using an exchange rate of Ps. 17.4490 per U.S. dollar, as published by the U.S. Federal Reserve Board (noon buying rate) on June 30, 2026.- For the purpose of consolidating Jamaican airports, an average exchange rate of Ps. 17.4815 per U.S. dollar was used, corresponding to the six months ended June 30, 2026.
Revenues (6M26 vs. 6M25)
Aeronautical services revenues increased by Ps. 50.2 million, or 0.4%.Non-aeronautical services revenues increased by Ps. 729.7 million, or 15.1%.Revenues from improvements to concession assets decreased by Ps. 57.7 million, or 1.1%.Total revenues increased by Ps. 722.2 million, or 3.3%. The change in aeronautical services revenues comprised primarily of the following factors:
Revenues from the Mexican airports increased by Ps. 440.2 million, or 4.4%, compared to 6M25, primarily due to the gradual implementation of the maximum tariffs approved for the 2025–2029 regulatory period. This effect was partially offset by the 12.5% appreciation of the Mexican peso against the U.S. dollar and a 3.7% decline in passenger traffic. Revenues from the Jamaican airports decreased by Ps. 390.0 million, or 22.4%, compared to 6M25, mainly due to a 20.8% decline in passenger traffic, as well as the 12.5% appreciation of the Mexican peso against the U.S. dollar, with the average exchange rate changing from Ps. 19.9844 in 6M25 to Ps. 17.4815 in 6M26. The change in non-aeronautical services revenues comprised primarily of the following factors:
Revenues from the Mexican airports increased by Ps. 387.4 million, or 9.2%, compared to 6M25, primarily driven by a Ps. 389.9 million, or 18.7%, increase in revenues from businesses operated directly by us. Revenues from the Jamaican airports decreased by Ps. 125.8 million, or 20.8%, compared to 6M25, mainly due to lower passenger traffic. Total revenues generated by CBX during May and June amounted to Ps. 468.1 million, equivalent to US$26.8 million. During this period, a total of 626,424 passengers used the facility in both directions, generating average revenue of US$42.8 per passenger. Non-aeronautical revenues for the Six Months (in thousands of pesos): 6M256M26ChangeBusinesses operated by third parties: Food and beverage685,259679,018(0.9%)Car rental416,425425,7452.2%Duty-free424,845353,126(16.9%)Retail382,605367,867(3.9%)Leasing of space229,859211,125(8.2%)Timeshares138,723125,095(9.8%)Other commercial revenues131,035136,0763.8%Ground transportation107,769100,069(7.1%)Communications and financial services60,24257,368(4.8%)Total2,576,7612,455,488(4.7%) Businesses operated directly by us: Cargo operation and bonded warehouse948,3811,174,59023.9%CBX revenues-468,099100.0%Car parking356,342385,9958.3%Convenience stores331,088370,52111.9%VIP Lounges336,336318,312(5.4%)Hotel operation74,32394,06426.6%Advertising78,206108,24138.4%Other businesses operated directly by us-56,263100.0%Total2,124,6772,976,08540.1%Recovery of costs135,097134,618(0.4%)Total Non-aeronautical Revenues 4,836,5355,566,19115.1% Figures expressed in thousands of Mexican pesos.
‐ Revenues from improvements to concession assets 1
Revenues from improvements to concession assets (IFRIC-12) decreased by Ps. 57.7 million, or 1.1%, compared to 6M25. The change was composed of:
Improvements to concession assets at the Company’s Mexican airports, which decreased by Ps. 343.5 million, or 6.6%, following investments under the Master Development Program for the 2025-2029 period. Improvements to concession assets at the Company’s Jamaican airports, which increased Ps. 285.7 million, or 190.7%. 1 Revenues from improvements to concession assets are recognized in accordance with International Financial Reporting Interpretation Committee 12 “Service Concession Arrangements” (IFRIC 12). However, this recognition does not have a cash impact or impact on the Company’s operating results. Amounts included as a result of the recognition of IFRIC 12 are related to construction of infrastructure in each quarter to which the Company has committed. This is in accordance with the Company’s Master Development Programs in Mexico and Capital Development Programs in Jamaica. All margins and ratios calculated using “Total Revenues” include revenues from improvements to concession assets (IFRIC 12), and, consequently, such margins and ratios may not be comparable to other ratios and margins, such as EBITDA margin, operating margin or other similar ratios that are calculated based on those results of the Company that do have a cash impact.
Total operating cost decreased by Ps. 45.1 million, or 0.4%, compared to 6M25, primarily due to a decrease of Ps. 470.7 million in technical assistance fee, resulting from the reversal of the provision following the business combination, with only the fixed fee paid to the strategic partner from January through April 2026 being recognized. In addition, concession fees decreased by Ps. 114.4 million, or 5.8%. These decreases were partially offset by increases in the cost of services of Ps. 174.4 million, CBX operating expenses of Ps. 177.4 million, non-recurring merger-related expenses of Ps. 118.4 million, and depreciation and amortization of Ps. 54.8 million. Excluding the decrease in concession fees, the reversal of the technical assistance fee provision, the consolidation of CBX, and the non-recurring merger-related expenses, operating expenses increased by Ps. 129.8 million, or 1.0%, compared to 6M25.
Mexican airports:
Operating costs decreased by Ps. 210.1 million, or 1.9%, compared to 6M25, primarily due to the reversal of the technical assistance fee provision of Ps. 470.7 million, or 93.1%, as well as a decrease of Ps. 343.5 million, or 6.6%, in the cost of improvements to the concession assets (IFRIC-12). These effects were partially offset by increases in cost of services of Ps. 379.9 million, non-recurring expenses of Ps. 118.4 million, concession fees of Ps. 54.4 million, and depreciation and amortization of Ps. 51.4 million. The change in the cost of services at our Mexican airports during 6M26 was mainly due to:
Employee costs increased by Ps. 203.1 million, or 18.2%, primarily due to salary adjustments, the addition of operational personnel, the incorporation of personnel to provide technical assistance services, and higher employee benefits resulting from changes to the Federal Labor Law.Safety, security and insurance increased by Ps. 56.1 million, or 17.6%, mainly due to an expansion of the security workforce, significant increases in the minimum wage, and higher insurance costs related to goods safeguarded within the bonded warehouse as a result of increased revenues.Maintenance increased by Ps. 55.7 million, or 13.2%, mainly due to the opening of new operational areas and terminal facilities, as well as airfield maintenance activities. Jamaican Airports:
Operating costs decreased by Ps. 11.8 million, or 0.6%, compared to 6M25, mainly due to a Ps. 243.4 million, or 27.5%, decrease in concession fees, a decrease of Ps. 34.3 million, or 7.0%, in cost of services, and a Ps. 21.2 million, or 7.1% decrease in depreciation and amortization. These effects were partially offset by an increase of Ps. 285.7 million, or 190.7%, in the cost of improvements to concession assets (IFRIC-12). Cross Border Xpress:
Beginning May 1, CBX operating expenses of Ps. 177.4 million were consolidated, consisting of cost of services of Ps. 152.3 million and depreciation and amortization of Ps. 25.1 million, corresponding to two months of operations. Operating income margin increased from 42.3% in 6M25 to 44.3% in 6M26. Excluding the effects of IFRIC-12, the operating income margin went from 55.9% in 6M25 to 57.8% in 6M26. Income from operations increased by Ps. 767.2 million, or 8.3%, compared to 6M25, with CBX contributing Ps. 291.1 million.
EBITDA margin went from 50.7% in 6M25 to 52.8% in 6M26. Excluding the effects of IFRIC-12, EBITDA margin went from 67.1% in 6M25 to 68.8% in 6M26. EBITDA increased by Ps. 822.1 million, or 7.4%, compared to 6M25. CBX contributed Ps. 315.8 million, with an EBITDA margin of 69.9%.
Financial results increased in expenses by Ps. 6.5 million, or 0.4%, from a net expense of Ps. 1,663.0 million in 6M25 to Ps. 1,669.5 million in 6M26. This change was mainly the result of:
Foreign exchange fluctuations, which went from a loss of Ps. 164.3 million in 6M25 to a gain of Ps. 156.1 million in 6M26, resulting in a foreign exchange gain of Ps. 320.4 million due to the appreciation of the Mexican peso. Additionally, the foreign currency translation effect generated a gain of Ps. 90.4 million compared to 6M25. Interest expense increased by Ps. 279.2 million, or 13.6%, compared to 6M25, mainly due to the increase in bond certificates and higher borrowings of bank loans. Interest income decreased by Ps. 34.7 million, or 7.0%, compared to 6M25, mainly due to a decrease in the cash and cash equivalents average balance and changes in the reference rates in both Mexican pesos and U.S. dollars. In 6M26, net and comprehensive income increased by Ps. 766.7 million, or 15.2%, compared to 6M25. Income before taxes increased by Ps. 760.7 million, mainly due to the increase in EBITDA, as mentioned above.
During 6M26, net income increased by Ps. 692.3 million, or 12.6%, compared to 6M25, mainly due to the increase in EBITDA, partially offset by higher depreciation and amortization expenses. In addition, income tax expense for the period increased by Ps. 68.5 million, as a result of a Ps. 767.2 million increase in operating income.
Statement of Financial Position
As of June 30, 2026, total assets increased by Ps. 62,184.3 million compared to the same period in 2025, primarily due to: (i) goodwill and intangible assets of Ps. 37,703.1 million resulting from the business combination following the merger; (ii) an increase in cash and cash equivalents of Ps. 10,076.4 million; and (iii) a Ps. 13,721.8 million increase in improvements to concession assets, construction in progress, advances to suppliers, and property, plant and equipment.
Total liabilities increased by Ps. 27,952. 3 million compared to the same period of 2025. This increase was mainly attributable to: (i) an increase in bond certificates of Ps. 18,098.0 million; (ii) a net increase in bank loans of Ps. 419.0 million, resulting from new loans; and (iii) an increase in accounts payable of Ps. 1,804.6 million.
Recent events
On May 8, 2026, the Company announced the commencement of the process to establish an Irrevocable Trust for the Issuance of Energy and Infrastructure Investment Trust Certificates (Certificados Bursátiles Fiduciarios de Inversión en Energía e Infraestructura, “CBFEs”), with the objective of subscribing a minority equity interest in the 12 Mexican airport concessionaires operated by GAP. As of the date hereof, the Company continues to work through the approval process with the relevant authorities for the issuance of the CBFEs.
2026 Growth Guidance revised
Considering the business combination effective in May, passenger traffic trends, and the progress of the Company’s investment projects:
Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (GAP) operates 12 airports throughout Mexico’s Pacific region, including the major cities of Guadalajara and Tijuana, the four tourist destinations of Puerto Vallarta, Los Cabos, La Paz and Manzanillo, and six other mid-sized cities: Hermosillo, Guanajuato, Morelia, Aguascalientes, Mexicali, and Los Mochis. In February 2006, GAP’s shares were listed on the New York Stock Exchange under the ticker symbol “PAC” and on the Mexican Stock Exchange under the ticker symbol “GAP”. In April 2015, GAP acquired 100% of Desarrollo de Concesiones Aeroportuarias, S.L., which owns a majority stake in MBJ Airports Limited, a company operating Sangster International Airport in Montego Bay, Jamaica. In October 2018, GAP entered into a concession agreement for the Norman Manley International Airport operation in Kingston, Jamaica, and took control of the operation in October 2019. In May 2026, GAP completed a business combination pursuant to which it acquired full ownership of the Cross Border Xpress (“CBX”), a cross-border terminal located in San Diego, California and connected to the Tijuana International Airport.
This press release contains references to EBITDA, a financial performance measure not recognized under IFRS and which does not purport to be an alternative to IFRS measures of operating performance or liquidity. We caution investors not to place undue reliance on non-GAAP financial measures such as EBITDA, as these have limitations as analytical tools and should be considered as a supplement to, not a substitute for, the corresponding measures calculated in accordance with IFRS. This press release may contain forward-looking statements. These statements are statements that are not historical facts and are based on management’s current view and estimates of future economic circumstances, industry conditions, company performance, and financial results. The words “anticipates”, “believes”, “estimates”, “expects”, “plans” and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations, and the factors or trends affecting financial condition, liquidity, or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends, or results will occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations. In accordance with Section 806 of the Sarbanes-Oxley Act of 2002 and Article 42 of the “Ley del Mercado de Valores”, GAP has implemented a “whistleblower” program, which allows complainants to anonymously and confidentially report suspected activities that involve criminal conduct or violations. The telephone number in Mexico, facilitated by a third party responsible for collecting these complaints, is 800 04 ETICA (38422) or WhatsApp +52 55 6538 5504. The website is www.lineadedenunciagap.com or by email at [email protected]. GAP’s Audit Committee will be notified of all complaints for immediate investigation.
Beginning this quarter, the Company’s main airports and new business lines will be reported separately, given their significance and the importance of providing this information to the market on a standalone basis.
Exhibit A: Operating results by airport (in thousands of pesos):
Airport2Q252Q26Change6M256M26ChangeGuadalajara Aeronautical services1,562,4301,692,0568.3%3,151,5173,464,0449.9%Non-aeronautical services348,795391,71912.3%709,331780,44310.0%Improvements to concession assets (IFRIC 12)1,174,4261,118,313(4.8%)2,348,8522,236,626(4.8%)Total Revenues3,085,6513,202,0883.8%6,209,7006,481,1144.4%Operating income1,242,7341,269,2412.1%2,424,9652,636,8298.7%EBITDA1,450,4161,526,8525.3%2,844,5193,107,5919.2% Tijuana Aeronautical services855,119857,7030.3%1,587,9331,682,6346.0%Non-aeronautical services125,930124,479(1.2%)250,651258,1713.0%Improvements to concession assets (IFRIC 12)386,094453,86617.6%772,188907,73217.6%Total Revenues1,367,1441,436,0485.0%2,610,7722,848,5379.1%Operating income565,985530,496(6.3%)972,3881,015,8764.5%EBITDA691,459660,671(4.5%)1,224,3971,273,9334.0% Los Cabos Aeronautical services903,938847,415(6.3%)1,850,5701,884,0071.8%Non-aeronautical services349,334332,937(4.7%)712,000678,781(4.7%)Improvements to concession assets (IFRIC 12)205,863212,8633.4%411,726425,7253.4%Total Revenues1,459,1351,393,214(4.5%)2,974,2962,988,5130.5%Operating income806,799706,727(12.4%)1,645,6131,591,598(3.3%)EBITDA911,098815,556(10.5%)1,846,9501,805,594(2.2%) Puerto Vallarta Aeronautical services720,778599,816(16.8%)1,708,9501,597,744(6.5%)Non-aeronautical services183,464142,708(22.2%)371,047332,047(10.5%)Improvements to concession assets (IFRIC 12)503,536410,908(18.4%)1,007,073821,816(18.4%)Total Revenues1,407,7781,153,432(18.1%)3,087,0702,751,607(10.9%)Operating income584,274415,373(28.9%)1,365,4321,210,213(11.4%)EBITDA647,844478,657(26.1%)1,494,2211,335,690(10.6%) Cargo and bonded warehouse business Non-aeronautical services514,113627,03922.0%948,3811,174,59023.9%Total Revenues514,113627,03922.0%948,3811,174,59023.9%Operating income330,315425,01428.7%596,765783,36531.3%EBITDA341,332435,91927.7%618,983805,22630.1% Montego Bay Aeronautical services518,434370,081(28.6%)1,103,799717,948(35.0%)Non-aeronautical services231,963189,397(18.4%)476,550367,738(22.8%)Improvements to concession assets (IFRIC 12)64,36850,688(21.3%)113,35499,052(12.6%)Total Revenues814,765610,166(25.1%)1,693,7031,184,737(30.1%)Operating income305,501195,612(36.0%)648,016408,519(37.0%)EBITDA391,479278,863(28.8%)823,813574,446(30.3%) Exhibit A: Operating results by airport (in thousands of pesos): Airport2Q252Q26Change6M256M26ChangeGuanajuato Aeronautical services280,231262,919(6.2%)548,630557,1511.6%Non-aeronautical services46,90349,7266.0%97,54095,535(2.1%)Improvements to concession assets (IFRIC 12)130,22273,383(43.6%)260,444146,767(43.6%)Total Revenues457,356386,028(15.6%)906,614799,452(11.8%)Operating income208,424177,439(14.9%)407,575387,644(4.9%)EBITDA233,880208,796(10.7%)458,950450,082(1.9%) Hermosillo Aeronautical services161,897160,690(0.7%)305,246313,8412.8%Non-aeronautical services30,19127,597(8.6%)56,76254,578(3.8%)Improvements to concession assets (IFRIC 12)17,2245,657(67.2%)34,44811,315(67.2%)Total Revenues209,312193,944(7.3%)396,456379,734(4.2%)Operating income97,86790,996(7.0%)176,221175,976(0.1%)EBITDA123,579117,243(5.1%)228,262227,822(0.2%) Cross Border Xpress (1) Non-aeronautical services-468,099100.0%-468,099100.0%Total Revenues-468,099100.0%-468,099100.0%Operating income-291,095100.0%-291,095100.0%EBITDA-315,788100.0%-315,788100.0% Others (2) Aeronautical services760,361787,4193.6%1,505,6761,595,2005.9%Non-aeronautical services611,966673,01410.0%1,214,2721,356,21011.7%Improvements to concession assets (IFRIC 12)194,416359,21884.8%390,239631,54361.8%Total Revenues1,566,7431,819,65116.1%3,110,1883,582,95315.2%Operating income481,021883,92783.8%1,037,5921,540,67748.5%EBITDA689,0971,126,99463.5%1,592,0062,057,99629.3% Total Aeronautical services5,763,1885,578,099(3.2%)11,762,32111,812,5690.4%Non-aeronautical services2,442,6593,026,71423.9%4,836,5355,566,19115.1%Improvements to concession assets (IFRIC 12)2,676,1492,684,8970.3%5,338,3245,280,576(1.1%)Total Revenues10,881,99611,289,7103.7%21,937,18022,659,3373.3%Operating income4,578,3544,985,9198.9%9,274,56710,041,7928.3%EBITDA5,503,3135,965,3408.4%11,132,10111,954,1697.4% 1. Cross Border Xpress figures correspond to operations for May and June 2026. 2. Others include the operating results of the Aguascalientes, La Paz, Los Mochis, Manzanillo, Mexicali, Morelia, and Kingston airports.
Exhibit B: Consolidated statement of financial position as of June 30 (in thousands of pesos):
2025 2026 Change %Assets Current assets Cash and cash equivalents9,697,343 19,773,709 10,076,366 103.9%Trade accounts receivable - Net3,154,471 3,373,681 219,210 6.9%Other current assets1,152,861 1,918,220 765,359 66.4%Total current assets14,004,675 25,065,610 11,060,935 79.0% Advanced payments to suppliers869,569 3,117,554 2,247,985 258.5%Machinery, equipment and improvements to leased buildings - Net4,623,910 6,821,182 2,197,272 47.5%Improvements to concession assets - Net25,471,976 30,989,546 5,517,570 21.7%Construction in-progress11,760,860 14,484,845 2,723,985 23.2%Land- 1,035,000 1,035,000 100.0%Airport concessions - Net9,140,466 8,414,313 (726,153)(7.9%)Rights to use airport facilities - Net967,163 916,169 (50,994)(5.3%)Other acquired rights1,937,118 1,684,731 (252,387)(13.0%)Goodwill/intangible assets- 37,703,107 37,703,107 100.0%Deferred income taxes - Net8,480,777 9,068,608 587,831 6.9%Other non-current assets931,544 1,071,645 140,100 15.0%Total assets78,188,058 140,372,310 62,184,252 79.5% Liabilities Current liabilities Bank loans and interest payable7,473,502 12,935,662 5,462,160 73.1%Concession fees565,678 512,318 (53,360)(9.4%)Accounts payable996,350 2,800,943 1,804,593 181.1%Unrealized revenue- 373,469 373,469 100.0%Other current liabilities1,454,754 915,576 (539,178)(37.1%)Dividends payable4,253,565 12,376,378 8,122,814 191.0%Total current liabilities14,743,849 29,914,347 15,170,498 102.9% Non-current Liabilities Security deposits received1,130,129 1,263,914 133,785 11.8%Bank loans4,611,474 6,372,418 1,760,943 38.2%Other long-term liabilities1,886,599 1,198,109 (688,489)(36.5%)Long-term local bonds payable34,783,722 46,359,266 11,575,544 33.3%Total liabilities57,155,773 85,108,054 27,952,281 48.9% Stockholders' Equity Common stock1,194,390 1,406,522 212,132 17.8%Legal reserve238,878 238,878 - 0.0%Retained earnings14,397,380 13,278,816 (1,118,564)(7.8%)Reserve for share repurchase2,500,000 2,500,000 - 0.0%Foreign currency translation reserve312,241 (570,019)(882,260)(282.6%)Remeasurements of employee benefit – Net41,049 36,594 (4,455)(10.9%)Cash flow hedges- Net(2,692)- 2,692 (100.0%)Premium on share suscription- 35,766,611 35,766,611 100.0%Total controlling interest18,681,246 52,657,402 33,976,156 181.9%Non-controlling interest2,351,039 2,606,854 255,815 10.9%Total stockholder's equity21,032,285 55,264,256 34,231,971 162.8% Total liabilities and stockholders' equity78,188,058 140,372,310 62,184,252 79.5% Non-controlling interest represents the minority shareholders’ ownership interests in certain of our subsidiaries. Exhibit C: Consolidated statement of cash flows (in thousands of pesos):
GRUPO AEROPORTUARIO DEL PACIFICO Consolidated statement of cash flows 2Q252Q26Change6M256M26ChangeCash flows from operating activities: Consolidated net income2,655,135 2,893,509 9.0%5,513,253 6,205,518 12.6% Postemployment benefit costs15,459 20,766 34.3%29,621 41,274 39.3%Allowance expected credit loss(13,123)39,795 (403.2%)12,269 61,197 398.8%Depreciation and amortization924,959 979,420 5.9%1,857,534 1,912,376 3.0%Loss (gain) on sale of machinery, equipment and improvements to leased assets(630)(4,713)648.1%1,360 (6,382)(569.4%)Interest expense1,034,255 1,356,033 31.1%2,281,509 2,376,772 4.2%Provisions9,022 1,792 (80.1%)(21,667)36,099 (266.6%)Income tax expense1,189,674 1,146,127 (3.7%)2,098,280 2,166,733 3.3%Unrealized exchange loss(54,076)(6,772)(87.5%)56,804 (129,318)(327.7%) 5,760,675 6,425,957 11.5%11,828,961 12,664,269 7.1%Changes in working capital: (Increase) decrease in Trade accounts receivable162,331 87,833 (45.9%)(493,714)157,063 (131.8%)Recoverable tax on assets and other assets25,725 (95,078)(469.6%)107,364 (32,063)(129.9%)Increase (decrease) Concession taxes payable(248,380)(335,846)35.2%(215,106)(111,606)(48.1%)Accounts payable(117,942)(1,906,239)1516.3%(46,488)204,655 (540.2%)Cash generated by operating activities5,582,409 4,176,627 (25.2%)11,181,017 12,882,318 15.2%Income taxes paid(1,202,747)(1,539,627)28.0%(2,324,790)(2,673,476)15.0%Net cash flows provided by operating activities4,379,662 2,637,000 (39.8%)8,856,227 10,208,841 15.3% Cash flows from investing activities: Machinery, equipment and improvements to concession assets(678,121)(3,204,006)372.5%(2,384,763)(4,961,618)108.1%Cash flows from sales of machinery and equipment1,656 1,055 (36.3%)1,774 2,614 47.4%Other investment activities(1,746,391)15,773 (100.9%)(1,732,569)(97,377)(94.4%)Acquisition of a 25% interest in CBX- (8,445,060)100.0%- (8,445,060)100.0%Net cash used by investment activities(2,422,856)(11,632,238)380.1%(4,115,559)(13,501,441)228.1% Dividends declared and paid(4,254,436)(203,882)(95.2%)(4,254,436)(203,882)(95.2%)Dividends paid to non-controlling interests(152,881)- (100.0%)(152,881)- (100.0%)Cash and cash equivalentes from business combination 5,428,000 5,428,000 100.0%Bond certificates issued- - 0.0%6,000,000 10,718,000 78.6%Bond certificates paid(2,500,000)- (100.0%)(7,000,000)(1,120,000)(84.0%)Bank loans paid(3,454,938)- (100.0%)(3,454,938)(4,498,971)30.2%Bank loans3,249,098 1,120,000 (65.5%)3,249,098 4,498,971 38.5%Capitalized interest on bank loans- (39,417)100.0%- (39,417)100.0%Interest paid on bank loans(941,099)(873,123)(7.2%)(2,306,485)(2,234,826)(3.1%)Interest paid on lease(592)(2,662)349.7%(1,282)(5,440)324.4%Payments of obligations for leasing(2,566)(10,474)308.2%(18,899)(21,031)11.3%Net cash flows used in financing activities(8,057,414)5,418,442 (167.2%)(7,939,822)12,521,404 (257.7%) Effects of exchange rate changes on cash held(429,868)165,369 (138.5%)(569,530)91,707 (116.1%)Net increase (decrease) in cash and cash equivalents(6,530,476)(3,411,427)(47.8%)(3,768,684)9,320,511 (347.3%)Cash and cash equivalents at beginning of the period16,227,819 23,185,136 42.9%13,466,026 10,453,198 (22.4%)Cash and cash equivalents at the end of the period9,697,343 19,773,709 103.9%9,697,343 19,773,709 103.9% Exhibit D: Consolidated statements of profit or loss and other comprehensive income (in thousands of pesos):
2Q252Q26Change6M256M26ChangeRevenues Aeronautical services5,763,188 5,578,099 (3.2%)11,762,321 11,812,569 0.4%Non-aeronautical services2,442,659 3,026,714 23.9%4,836,535 5,566,191 15.1%Improvements to concession assets (IFRIC-12)2,676,149 2,684,897 0.3%5,338,324 5,280,576 (1.1%)Total revenues10,881,996 11,289,710 3.7%21,937,180 22,659,337 3.3% Operating costs Costs of services:1,556,035 1,916,778 23.2%3,020,338 3,468,349 14.8%Employee costs638,722 769,895 20.5%1,252,084 1,454,119 16.1%Maintenance256,830 316,554 23.3%513,733 577,317 12.4%Safety, security & insurance232,516 260,363 12.0%447,723 493,768 10.3%Utilities148,732 149,214 0.3%273,963 274,227 0.1%Professional services58,332 84,772 45.3%106,063 141,887 33.8%Business operated directly by us86,632 99,427 14.8%173,968 188,956 8.6%Other operating expenses134,271 166,061 23.7%252,803 267,584 5.8%CBX operating expenses- 70,492 100.0%- 70,492 100.0% Technical assistance fees221,680 (264,685)(219.4%)505,580 34,857 (93.1%)Concession taxes935,280 915,543 (2.1%)1,976,982 1,862,621 (5.8%)Depreciation and amortization924,959 979,420 5.9%1,857,534 1,912,376 3.0%Cost of improvements to concession assets (IFRIC-12)2,676,149 2,684,897 0.3%5,338,324 5,280,576 (1.1%)Other (income)(10,461)71,837 (786.7%)(36,145)58,765 (262.6%)Total operating costs6,303,642 6,303,790 0.0%12,662,613 12,617,545 (0.4%)Income from operations4,578,354 4,985,920 8.9%9,274,567 10,041,792 8.3%Financial Result(733,545)(946,284)29.0%(1,663,035)(1,669,542)0.4%Income before income taxes 3,844,809 4,039,636 5.1%7,611,532 8,372,250 10.0%Income taxes(1,189,674)(1,146,127)(3.7%)(2,098,280)(2,166,733)3.3%Net income 2,655,135 2,893,509 9.0%5,513,252 6,205,518 12.6%Currency translation effect(423,527)(443,277)4.7%(498,585)(408,156)(18.1%) Cash flow hedges, net of income tax2,668 - (100.0%)1,892 - (100.0%)Remeasurements of employee benefit – net income tax667 69 (89.7%)32,766 18,711 (42.9%)Comprehensive income 2,234,943 2,450,301 9.6%5,049,325 5,816,073 15.2%Non-controlling interest(90,951)(102,859)13.1%(205,878)(241,374)17.2%Comprehensive income attributable to controlling interest2,143,992 2,347,442 9.5%4,843,447 5,574,699 15.1% Non-controlling interest represents the minority shareholders’ ownership interests in certain of our subsidiaries. Exhibit E: Consolidated stockholders’ equity (in thousands of pesos):
Common StockLegal ReseveReserve for Share RepurchasePremium on share suscriptionRetained EarningsOther comprehensive incomeTotal controlling interestNon-controlling interestTotal Stockholders' EquityBalance as of January 1, 20251,194,390920,187 2,500,000-16,957,723 773,499 22,345,799 2,275,940 24,621,739 Decrease in legal reserve-(681,309)- 681,309 - - - - Dividends declared-- - (8,508,000)- (8,508,000)(130,779)(8,638,779)Comprehensive income: Net income-- --5,266,354 - 5,266,354 246,904 5,513,258 Foreign currency translation reserve-- --- (457,563)(457,563)(41,026)(498,589)Remeasurements of employee benefit – Net-- --- 32,766 32,766 - 32,766 Reserve for cash flow hedges – Net of income tax-- --- 1,892 1,892 - 1,892 Balance as of June 30, 20251,194,390238,878 2,500,000-14,397,387 350,594 18,681,245 2,351,039 21,032,285 Balance as of January 1, 20261,194,390238,878 2,500,000-18,695,331 (158,148)22,470,451 2,365,480 24,835,931 Capital increase212,132 212,132 212,132 Dividends declared-- - (12,376,379)- (12,376,379) (12,376,379)Increase from share suscription-- -35,766,611- - 35,766,611 - 35,766,611 Comprehensive income: Net income-- --5,949,977 - 5,949,977 255,541 6,205,518 Retained earnings business combination -1,009,888 1,009,888 1,009,888 Foreign currency translation reserve-- --- (393,989)(393,989)(14,167)(408,156)Remeasurements of employee benefit – Net-- --- 18,711 18,711 - 18,711 Balance as of June 30, 20261,406,522238,878 2,500,00035,766,61113,278,817 (533,426)52,657,402 2,606,854 55,264,256 Exhibit F: Other operating data: 2Q252Q26Change6M256M26ChangeTotal passengers15,879.414,987.7(5.6%)32,149.030,354.9(5.6%)Total cargo volume (in WLUs)686.6743.58.3%1,337.31,447.48.2%Total WLUs16,566.015,731.2(5.0%)33,486.331,802.3(5.0%) Aeronautical & non aeronautical services per passenger (pesos)516.8574.111.1%516.3572.510.9%Aeronautical services per WLU (pesos)347.9354.61.9%351.3371.45.7%Non aeronautical services per passenger (pesos)153.8201.931.3%150.4183.421.9%Cost of services per WLU (pesos)91.9121.832.6%89.8109.121.4% WLU = Workload units represent passenger traffic plus cargo units (1 cargo unit = 100 kilograms of cargo).
GUADALAJARA, Mexico, July 06, 2026 (GLOBE NEWSWIRE) -- Grupo Aeroportuario del Pacífico, S.A.B. de C.V., (NYSE: PAC; BMV: GAP) (“the Company” or “GAP”) announces preliminary terminal passenger traffic figures for June 2026, compared with June 2025.
During June 2026, the 12 Mexican airports operated by GAP recorded a 3.5% decrease in total passenger traffic compared to June 2025. Guadalajara airport reported an increase of 6.0%, while Puerto Vallarta, Los Cabos and Tijuana reported a decrease of 18.7%, 9.7%, and 4.6%, respectively, compared to June 2025. With respect to GAP’s airports in Jamaica, Montego Bay recorded a decrease of 23.4%, while Kingston recorded a decrease of 0.8%.
Domestic Terminal Passengers (in thousands):
AirportJun-25Jun-26% ChangeJan - Jun 25Jan - Jun 26% ChangeGuadalajara1,000.11,033.93.4%6,112.16,221.61.8%Tijuana*660.1637.5(3.4%)4,196.73,942.2(6.1%)Los Cabos240.1235.4(1.9%)1,408.61,351.6(4.0%)Puerto Vallarta273.8257.4(6.0%)1,484.01,424.0(4.0%)Montego Bay0.00.0N/A0.00.0N/AGuanajuato188.6173.4(8.1%)1,092.31,044.7(4.4%)Hermosillo176.6152.1(13.9%)1,054.2977.8(7.2%)Kingston0.00.08.3%0.20.8417.5%Morelia53.657.87.9%359.2364.71.5%La Paz109.3112.42.8%608.7671.510.3%Mexicali97.087.2(10.2%)598.8524.3(12.4%)Aguascalientes53.452.1(2.6%)319.2299.7(6.1%)Los Mochis54.853.3(2.8%)344.4338.8(1.6%)Manzanillo10.48.5(17.8%)66.161.3(7.3%)Total2,917.82,860.9(1.9%)17,644.517,222.8(2.4%)
International Terminal Passengers (in thousands):
AirportJun-25Jun-26% ChangeJan - Jun 25Jan - Jun 26% ChangeGuadalajara476.9531.911.5%2,894.22,991.13.3%Tijuana*364.1339.4(6.8%)2,066.71,847.7(10.6%)Los Cabos414.1355.4(14.2%)2,607.32,457.0(5.8%)Puerto Vallarta237.3157.9(33.4%)2,321.61,897.9(18.2%)Montego Bay438.9336.3(23.4%)2,603.61,909.3(26.7%)Guanajuato88.178.0(11.5%)515.7480.0(6.9%)Hermosillo6.46.74.6%40.143.37.9%Kingston152.2151.0(0.8%)881.5850.2(3.6%)Morelia50.264.127.7%330.1407.423.4%La Paz2.83.422.4%17.625.344.1%Mexicali0.70.7(9.3%)3.63.72.7%Aguascalientes26.326.50.6%156.2162.23.9%Los Mochis0.70.76.4%3.94.02.7%Manzanillo3.53.89.3%62.253.0(14.7%)Total2,262.12,055.6(9.1%)14,504.213,132.1(9.5%)
Total Terminal Passengers (in thousands):
AirportJun-25Jun-26% ChangeJan - Jun 25Jan - Jun 26% ChangeGuadalajara1,477.01,565.86.0%9,006.39,212.72.3%Tijuana*1,024.2976.8(4.6%)6,263.35,789.8(7.6%)Los Cabos654.2590.8(9.7%)4,015.93,808.6(5.2%)Puerto Vallarta511.1415.4(18.7%)3,805.63,321.9(12.7%)Montego Bay438.9336.3(23.4%)2,603.61,909.3(26.7%)Guanajuato276.7251.4(9.2%)1,608.11,524.6(5.2%)Hermosillo183.0158.8(13.2%)1,094.31,021.1(6.7%)Kingston152.2151.0(0.8%)881.7851.0(3.5%)Morelia103.8121.917.5%689.3772.112.0%La Paz112.1115.83.3%626.3696.811.3%Mexicali97.887.8(10.2%)602.4528.0(12.4%)Aguascalientes79.878.5(1.5%)475.3461.9(2.8%)Los Mochis55.554.0(2.7%)348.3342.8(1.6%)Manzanillo13.812.3(11.0%)128.3114.4(10.9%)Total5,179.84,916.5(5.1%)32,148.730,354.9(5.6%) *Passengers in Tijuana who use CBX in both directions are classified as international.
CBX users (in thousands):
AirportJun-25Jun-26% ChangeJan - Jun 25Jan - Jun 26% ChangeTijuana356.6333.0(6.6%)2,029.61,822.2(10.2%)
Highlights for the month:
Seats and load factors
The seats available during June 2026 decreased by 4.9%, compared to June 2025. The load factors for the month went from 82.2% in June 2025 to 82.0% in June 2026. New routes Aguascalientes – Monterrey: AerusAguascalientes - Santa Lucia: VivaAguascalientes – Puebla: VolarisAguascalientes - Puerto Vallarta: VolarisGuanajuato – Puebla: VolarisGuadalajara – Queretaro: VolarisGuadalajara – Reynosa: VolarisGuadalajara - San Luis Potosi: VolarisGuadalajara – Zacatecas: VolarisGuadalajara – Detroit: VolarisGuadalajara - Salt Lake City: VolarisPuerto Vallarta – Puebla: VolarisPuerto Vallarta – Aguascalientes: VolarisPuerto Vallarta - San Luis Potosi: VolarisLos Cabos – Puebla: VolarisLos Cabos - Las Vegas: SouthwestTijuana – Merida: VolarisTijuana - Puerto Escondido: VolarisMontego Bay – Medellin: Wingo Company Description
Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (GAP) operates 12 airports throughout Mexico’s Pacific region, including the major cities of Guadalajara and Tijuana, the four tourist destinations of Puerto Vallarta, Los Cabos, La Paz and Manzanillo, and six other mid-sized cities: Hermosillo, Guanajuato, Morelia, Aguascalientes, Mexicali, and Los Mochis. In February 2006, GAP’s shares were listed on the New York Stock Exchange under the ticker symbol “PAC” and on the Mexican Stock Exchange under the ticker symbol “GAP”. In April 2015, GAP acquired 100% of Desarrollo de Concessioner Aeroportuarias, S.L., which owns a majority stake in MBJ Airports Limited, a company operating Sangster International Airport in Montego Bay, Jamaica. In October 2018, GAP entered into a concession agreement for the Norman Manley International Airport operation in Kingston, Jamaica, and took control of the operation in October 2019.
This press release may contain forward-looking statements. These statements are statements that are not historical facts and are based on management’s current view and estimates of future economic circumstances, industry conditions, company performance, and financial results. The words “anticipates”, “believes”, “estimates”, “expects”, “plans” and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations, and the factors or trends affecting financial condition, liquidity, or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends, or results will occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.
In accordance with Section 806 of the Sarbanes-Oxley Act of 2002 and Article 42 of the “Ley del Mercado de Valores”, GAP has implemented a “whistleblower” program, which allows complainants to anonymously and confidentially report suspected activities that involve criminal conduct or violations. The telephone number in Mexico, facilitated by a third party responsible for collecting these complaints, is 800 04 ETICA (38422) or WhatsApp +52 55 6538 5504. The website is www.lineadedenunciagap.com or by email at [email protected]. GAP’s Audit Committee will be notified of all complaints for immediate investigation.
Alejandra Soto, Investor Relations and Social Responsibility [email protected] Gisela Murillo, Investor [email protected]
+52 33 3880 1100 ext. 20294
CAMDEN, Ark.--(BUSINESS WIRE)--L3Harris Technologies (NYSE: LHX) broke ground on two additional facilities to support increased production capacity for the U.S. Army’s PAC-3® propulsion systems, further reinforcing the Department of War’s modernized Arsenal of Freedom and the nation’s ability to meet rising demands.
The additional buildings will be located on the company’s Arkansas Advanced Propulsion Facilities (AAPF) campus in Camden.
“We’re self‑funding these new facilities in Arkansas to move at the speed this mission requires,” said Christopher Kubasik, Chairman and CEO, L3Harris. “This expansion boosts our ability to deliver PAC‑3 propulsion faster and at greater quantities, while strengthening military readiness and providing proven capability our warfighters depend on.”
L3Harris produces the PAC-3 MSE interceptor’s advanced two-pulse solid rocket motor, Attitude Control Motors, and the Lethality Enhancer. The two new PAC-3 propulsion facilities include a ~75,000 square feet cast, cure and final assembly facility and a ~70,000 square feet case preparation facility. The facilities will incorporate several advanced manufacturing capabilities, including automated X-ray inspection systems leveraging AI for rapid defect detection, fully automated casting, and expanded curing capacity designed to accelerate production throughput.
L3Harris and Arkansas state leaders broke ground on the broader AAPF campus last year as part of an ongoing effort to build modernized solid rocket motor production facilities at key sites across the nation. The AAPF will specialize in the production of medium and large solid rocket motors supporting tactical and air defense missiles, missile defense targets, interceptors, hypersonic vehicles and emerging missile defense needs.
L3Harris is building approximately 60 facilities and expanding its manufacturing footprint by nearly 1 million square feet across the company’s production sites in Alabama, Arkansas and Virginia.
About L3Harris Technologies
L3Harris is the Trusted Disruptor in defense tech. With customers’ mission-critical needs always in mind, our employees deliver end-to-end technology solutions connecting space, air, land, sea and cyber domains in the interest of national security. Visit L3Harris.com for more information.
Forward-Looking Statements
This press release contains forward-looking statements that reflect management's current expectations, assumptions and estimates of future performance and economic conditions. Such statements are made in reliance upon the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and may be identified by the use of the words such as “expect,” “will” or similar expressions. In addition, statements about order values and system capabilities are forward-looking and involve risks and uncertainties. The company cautions investors that any forward-looking statements are subject to risks and uncertainties that may cause actual results and future trends to differ materially from those matters expressed in or implied by such forward-looking statements, including continued funding up to the full contract value and other risks set forth in the Company’s Annual Report on Form 10-K and other filings with the SEC. L3Harris disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
CHICAGO--(BUSINESS WIRE)--Equity Group Investments (“EGI”), the private investment firm founded by Sam Zell, today announced it exited its investment in Cross Border Xpress (“CBX”), a binational pedestrian bridge connecting San Diego directly to Tijuana International Airport, through the sale of its stake in CBX to Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (NYSE: PAC) (“GAP”). Based in Guadalajara, Mexico, GAP is an airport operator managing a portfolio of airports across Mexico and the Caribbean, including Tijuana International Airport.
“Investments with high barriers to entry and significant growth potential are a core focus for EGI, and our global network of trusted partners helps us identify, develop, and execute transactions like this one,” said Mark Sotir, President of EGI. “We are proud to have partnered with CBX since its earliest stages, and we believe GAP is well-positioned to build on CBX’s success and continue enhancing the travel experience for its millions of passengers.”
As a member of the original investment consortium focused on addressing growing demand for a binational U.S.-Mexico transportation solution, EGI supported CBX’s development into a world-class operation, its adoption of advanced technologies to enhance the customer experience, and the recruitment of CBX’s high-performance management team. Today, CBX serves as a critical pillar of travel infrastructure, facilitating commerce and travel on both sides of the U.S.-Mexico border and serving as an economic engine for the Southern California and Baja Mexico region.
See announcement link here: https://www.globenewswire.com/news-release/2026/05/07/3289938/0/en/grupo-aeroportuario-del-pacifico-announces-completion-of-business-combination-process-of-cbx-and-the-provision-of-technical-assistance-services.html
About EGI
Equity Group Investments (EGI) is the private investment firm founded by Sam Zell in 1968. Backed by private capital, EGI is flexible and opportunistic with a focus on control investments in middle-market operating businesses. EGI actively partners with portfolio company executives to execute strategic planning, implement operational efficiencies, and scale businesses. EGI has grown companies across numerous industries into multi-billion-dollar businesses throughout economic cycles. EGI’s current portfolio includes investments in healthcare, transportation and logistics, infrastructure, energy, consumer, industrial, manufacturing, and agri-business. For more information, visit www.egizell.com.
A man looks at a Patriot Advanced Capability (PAC-3) Missile Segment Enhancement (MSE) model by Lockheed Martin at an international military fair in Kielce, Poland September 7, 2017.... Purchase Licensing Rights, opens new tab Read more
April 10 (Reuters) - Lockheed Martin (LMT.N), opens new tab said on Friday the U.S. government awarded the defense giant a $4.7 billion preliminary contract to continue critical accelerated production of the Patriot interceptor missile.
The contract for the Patriot Advanced Capability-3 Missile Segment Enhancement (PAC-3 MSE) follows a seven-year agreement with the U.S. Department of Defense to more than triple its annual production, as countries respond to heightened geopolitical tensions.
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Trump has ordered the department to rename itself the Department of War, a change that will require action by Congress.
PAC-3 MSE is used in U.S. Army's primary high-to-medium range interceptor system and forms the backbone of U.S. and allied air defenses.
Supplies of the PAC‑3 MSE, which Ukraine relies on to defend its energy and military infrastructure from ballistic missiles, are strained after heavy use in the Gulf against Iranian strikes, with the production boost unlikely to ease shortages this year.
Earlier this year, the U.S. State Department approved the potential sale of the PAC-3 MSE and related equipment to Saudi Arabia for an estimated cost of $9 billion.
Reporting by Aatreyee Dasgupta in Bengaluru; Editing by Vijay Kishore
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Reshoring is the macroeconomic theme of the United States, bringing industrial capacity from Asia (specifically China) back home to North and South America. Some manufacturing will be done in the United States (e.g., semiconductors), while some will flow to other nations.
No country is better positioned to benefit from reshoring than Mexico. But how does one invest to take advantage of the potential economic boom south of the border? The answer may lie in the aviation sector and the publicly traded airport stocks in Mexico.
Image source: Getty Images.
Grupo Aeroportuario del Pacífico: Betting on Mexican tourism Unlike in the United States, the operators of Mexican airports are publicly traded companies, of which there are three. They don't own the airport but have long-term (generally 50-year) contracts that allow them to manage these assets for the government while splitting the profits.
Grupo Aeroportuario del Pacífico (PAC +3.79%) is one of Mexico's airport operators, focused on the Pacific region, with its largest airports being in Guadalajara, Los Cabos, Tijuana, and Puerto Vallarta. These cities have a mix of international tourism and industrial capacity, with Tijuana benefiting from a land bridge connecting to San Diego that allows residents to easily get on cheaper flights when visiting Mexico.
The stock is trading down 15% from its highs due to fears over recent cartel violence in Mexico, which seems to have subsided for the time being, as well as global concerns about rising oil prices and their potential impact on air travel demand.
Airport operators such as Grupo Pacifico make money as more passengers flow through their airports, along with government-allowed price increases. Over the long term, air traffic to Mexico has exploded because of international tourism, general economic growth in Mexico, and growing industrial capacity in places such as Guadalajara, which drives business travel.
NYSE: PACGrupo Aeroportuario Del PacíficoB. De C.v.
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Right now, the stock trades at a dividend yield of 3.5% and at 13 times its trailing EBITDA (earnings before interest, taxes, depreciation, and amortization). This is for a business that has grown its revenue by 286% over the past 10 years in U.S. dollar terms, despite a global pandemic in between. Unless you think Mexican tourism is going to fall apart overnight, now could be a great time to buy Grupo Pacifico stock.
Grupo Aeroportuario del Centro Norte: The reshoring focus The airport operator most focused on the reshoring theme is Grupo Aeroportuario del Centro Norte (OMAB +3.33%), which operates the Monterrey airport and a number of smaller regional airports across Mexico's North and Western regions.
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Monterrey is the wealthiest large city in Mexico and is closest to the United States. It has become wealthier than the average Mexican metro area because of its industrial might, with many companies around the world setting up shop there to ship goods to the United States. It even offers direct flights to Tokyo and Seoul to serve electronic manufacturing companies in the area.
It lacks the tourist charm, but Monterrey will benefit if the reshoring trend continues through the rest of this decade. Total passenger traffic grew 8.5% year over year in 2025, with Monterrey growing 15% and making up around half of passenger volume. Right now, the stock trades at a dividend yield of 4.2% and 11.5 times EBITDA, making it even cheaper than Grupo Pacifico.
Data by YCharts.
Should you buy Mexican airport stocks? If you have only invested in your home market, it might feel scary to buy a stock from a country like Mexico, where you have less understanding of the local culture and economy. This fear may be warranted for consumer goods, but airports are very similar, no matter which country you go to.
Currency risks are another factor that pops up, but they can be mitigated by increasing per-passenger fees and by international traffic and commercial revenue from tourism shops. As a monopoly, the Mexican government regulates airports and determines the prices inbound flights can charge, with Grupo Norte granted the right to increase prices by 38% over the next five years. That sounds like a good business to me.
Mexican airport stocks are well-positioned to deliver strong returns for shareholders over the next decade.
GUADALAJARA, Mexico, April 17, 2026 (GLOBE NEWSWIRE) -- Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (NYSE: PAC; BMV: GAP) (“the Company” or “GAP”) today announced the filing of its annual report, corresponding to the year ended December 31, 2025, to the Mexican National Banking and Securities Commission (“CNBV”), the Mexican Stock Exchange (“BMV”), and the Institutional Stock Market Exchange (“BIVA”), as well as the filling of its Form 20-F to the U.S. Securities and Exchange Commission (“the SEC”).
These documents can be accessed on the following websites: for the BMV (www.bmv.com.mx), for the BIVA (www.biva.mx) for the SEC (www.sec.gov), respectively, or on GAP’s corporate website at www.aeropuertosgap.com.mx on the “Investors” section. In addition, shareholders of the Company may receive a hard copy of these reports, which include GAP’s audited consolidated financial statements free of charge by contacting the Investor Relations team.
Company Description
Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (GAP) operates 12 airports throughout Mexico’s Pacific region, including the major cities of Guadalajara and Tijuana, the four tourist destinations of Puerto Vallarta, Los Cabos, La Paz and Manzanillo, and six other mid-sized cities: Hermosillo, Guanajuato, Morelia, Aguascalientes, Mexicali, and Los Mochis. In February 2006, GAP’s shares were listed on the New York Stock Exchange under the ticker symbol “PAC” and on the Mexican Stock Exchange under the ticker symbol “GAP”. In April 2015, GAP acquired 100% of Desarrollo de Concessioner Aeroportuarias, S.L., which owns a majority stake in MBJ Airports Limited, a company operating Sangster International Airport in Montego Bay, Jamaica. In October 2018, GAP entered into a concession agreement for the Norman Manley International Airport operation in Kingston, Jamaica, and took control of the operation in October 2019.
In accordance with Section 806 of the Sarbanes-Oxley Act of 2002 and Article 42 of the “Ley del Mercado de Valores”, GAP has implemented a “whistleblower” program, which allows complainants to anonymously and confidentially report suspected activities that involve criminal conduct or violations. The telephone number in Mexico, facilitated by a third party responsible for collecting these complaints, is 800 04 ETICA (38422) or WhatsApp +52 55 6538 5504. The website is www.lineadedenunciagap.com or by email at [email protected]. GAP’s Audit Committee will be notified of all complaints for immediate investigation.
GUADALAJARA, Mexico, April 20, 2026 (GLOBE NEWSWIRE) -- Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (NYSE: PAC; BMV: GAP) (“the Company” or “GAP”) reports its consolidated results for the first quarter ended March 31, 2026 (1Q26). Figures are unaudited and prepared following International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The results reported herein do not reflect the pending business combination approved at the Extraordinary General Shareholders’ Meeting held on December 11, 2025, which contemplates the integration of the Cross Border Xpress (“CBX”) and the internalization of the technical assistance services provided by AMP. Definitive transaction agreements have not yet been executed, and consummation remains subject to customary closing conditions.
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:
Airport1Q251Q26ChangeGuadalajara3,021.13,035.60.5%Tijuana*2,057.51,968.5(4.3%)Los Cabos668.9628.3(6.1%)Puerto Vallarta653.6644.8(1.4%)Montego Bay0.00.0N/AGuanajuato515.5510.8(0.9%)Hermosillo508.7480.6(5.5%)Kingston0.10.7821.1%Morelia186.1192.83.6%La Paz280.6313.811.8%Mexicali293.1257.7(12.1%)Aguascalientes151.8138.9(8.5%)Los Mochis165.0163.3(1.1%)Manzanillo34.832.7(5.9%)Total8,536.98,368.5(2.0%) International Terminal Passengers – 14 airports (in thousands): Airport1Q251Q26ChangeGuadalajara1,507.01,492.1(1.0%)Tijuana*1,014.9897.6(11.6%)Los Cabos1,382.91,372.7(0.7%)Puerto Vallarta1,472.51,278.9(13.1%)Montego Bay1,338.9917.4(31.5%)Guanajuato263.1257.8(2.0%)Hermosillo20.922.04.9%Kingston428.0414.8(3.1%)Morelia174.2215.623.7%La Paz8.712.644.5%Mexicali1.81.83.2%Aguascalientes73.777.34.9%Los Mochis1.91.8(3.1%)Manzanillo43.936.3(17.4%)Total7,732.56,998.7(9.5%)*CBX users are classified as international passengers. Total Terminal Passengers – 14 airports (in thousands): Airport1Q251Q26ChangeGuadalajara4,528.24,527.8(0.0%)Tijuana*3,072.32,866.1(6.7%)Los Cabos2,051.82,001.0(2.5%)Puerto Vallarta2,126.11,923.7(9.5%)Montego Bay1,338.9917.4(31.5%)Guanajuato778.6768.7(1.3%)Hermosillo529.6502.5(5.1%)Kingston428.1415.5(2.9%)Morelia360.3408.313.3%La Paz289.3326.412.8%Mexicali294.9259.6(12.0%)Aguascalientes225.5216.2(4.1%)Los Mochis166.9165.1(1.1%)Manzanillo78.769.0(12.3%)Total16,269.315,367.2(5.5%) 1,767.01,332.9-24.6% 14,502.314,034.3-3.2%*CBX users are classified as international passengers. CBX Users (in thousands): Airport1Q251Q26ChangeTijuana998.2886.3(11.2%)
Consolidated Results for the First Quarter of 2026 (in thousands of pesos):
1Q251Q26Change Revenues Aeronautical services5,999,133 6,234,471 3.9% Non-aeronautical services2,393,875 2,539,478 6.1% Improvements to concession assets (IFRIC-12)2,662,175 2,595,679 (2.5%) Total revenues11,055,183 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 costs613,362 684,224 11.6% Maintenance256,903 260,763 1.5% Safety, security & insurance215,207 233,405 8.5% Utilities125,231 125,013 (0.2%) Business operated directly by us87,336 89,528 2.5% Other operating expenses159,050 158,638 (0.3%) Technical assistance fees283,900 299,542 5.5% Concession taxes1,048,916 947,078 (9.7%) Depreciation and amortization932,575 932,957 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 costs6,358,972 6,313,756 (0.7%) Income from operations4,696,211 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 tax32,099 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 interest2,699,454 3,227,255 19.6% 1Q251Q26Change EBITDA5,628,786 5,988,828 6.4% Comprehensive income2,814,380 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 margin42.5%44.5%4.7% Operating income margin (excluding IFRIC-12)56.0%57.6%3.0% EBITDA margin50.9%52.7%3.5% EBITDA margin (excluding IFRIC-12)67.1%68.3%1.8% Costs of services and improvements / total revenues37.5%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%.
1Q251Q26Change Businesses operated by third parties: Food and beverage342,580351,2942.5% Car rental205,297212,5733.5% Duty-free216,685182,533(15.8%) Retail191,173183,349(4.1%) Leasing of space116,904104,286(10.8%) Timeshares70,90562,607(11.7%) Ground transportation56,57353,188(6.0%) Other commercial revenues72,02574,6783.7% Communications and financial services31,39030,083(4.2%) Total1,303,5321,254,591(3.8%) Businesses operated directly by us: Cargo operation and bonded warehouse434,269547,55126.1% Car parking178,470191,9047.5% Convenience stores169,500190,66112.5% VIP Lounges168,016162,301(3.4%) Advertising34,84039,69513.9% Hotel operation37,44147,31926.4% Access control services-39,332100.0% Total1,022,5361,218,76319.2% Recovery of costs67,80866,125(2.5%) Total Non-aeronautical Revenues 2,393,8752,539,4796.1% Figures expressed in thousands of Mexican pesos.
‐ Revenues from improvements to concession assets1
Revenues from improvements to concession assets (IFRIC-12) decreased by Ps. 66.5 million, or 2.5%, compared to 1Q25. The change was composed of:
Improvements to concession assets at the Company’s Mexican airports, decreased by Ps. 171.8 million, or 6.6%, in line with the investments committed under the Master Development Program for the 2025–2029 period.
Improvements to concession assets at the Company’s Jamaican airports, which increased by Ps. 105.3 million, or 154.9%. 1 Revenues from improvements to concession assets are recognized in accordance with International Financial Reporting Interpretation Committee 12 “Service Concession Arrangements” (IFRIC 12). However, this recognition does not have a cash impact or impact on the Company’s operating results. Amounts included as a result of the recognition of IFRIC 12 are related to construction of infrastructure in each quarter to which the Company has committed. This is in accordance with the Company’s Master Development Programs in Mexico and Capital Development Programs in Jamaica. All margins and ratios calculated using “Total Revenues” include revenues from improvements to concession assets (IFRIC 12), and, consequently, such margins and ratios may not be comparable to other ratios and margins, such as EBITDA margin, operating margin or other similar ratios that are calculated based on those results of the Company that do have a cash impact.
Total operating costs decreased by Ps. 45.2 million, or 0.7%, compared to 1Q25, mainly due to a decrease of Ps. 101.8 million, or 9.7%, in concession fees, and the cost of improvements to concession assets (IFRIC-12) of Ps. 66.5 million, or 2.5%. This effect was partially offset by an increase in the cost of services of Ps. 94.5 million, or 6.5%, and higher technical assistance fees of Ps. 15.6 million, or 5.5%. Excluding the cost of improvements to concession assets (IFRIC-12), operating costs increased by Ps. 21.3 million, or 0.6%, compared to 1Q25.
This increase in total operating costs was primarily due to the following factors:
Mexican airports:
Operating costs increased by Ps. 50.3 million, or 0.9%, compared to 1Q25, mainly due to higher technical assistance and concession fees, which together increased by Ps. 96.5 million, or 11.4%; a Ps. 116.8 million, or 9.6%, increase in the cost of services; a Ps. 14.1 million, or 1.8%, increase in depreciation and amortization. This effect was partially offset by a Ps. 171.8 million, or 6.6%, decrease in the cost of improvements to the concession assets (IFRIC-12). Excluding the cost of improvements to concession assets (IFRIC-12), operating costs increased by Ps. 240.1 million, or 8.5%.
The change in the cost of services at our Mexican airports during 1Q26 was mainly due to:
Employee costs increased by Ps. 74.6 million, or 13.6%, mainly due to an increase in personnel, salary adjustments, and amendments to the Federal Labor Law.Safety, security, and insurance increased by Ps. 28.8 million, or 19.3%, mainly due to an increase in security personnel headcount and significant increases in the minimum wage.Maintenance increased by Ps. 17.6 million, or 8.7%, compared to 1Q25, mainly due to the opening of new operational areas, and airfield maintenance.
Jamaican Airports:
Operating expenses decreased by Ps. 95.5 million, or 10.2%, compared to 1Q25, mainly due to a reduction in concession fees of Ps. 155.0 million, or 33.7%; cost of services of Ps. 32.0 million, or 12.7%; and depreciation and amortization of Ps. 13.7 million, or 8.9%, driven by the decline in passenger traffic and the 14.0% appreciation of the Mexican peso against the U.S. dollar. This effect was partially offset by an increase in the cost of improvements to concession assets (IFRIC-12) of Ps. 105.3 million, or 154.9%.
Operating income margin increased from 42.5% in 1Q25 to 44.5% in 1Q26. Excluding the effects of IFRIC-12, the operating income margin increased from 56.0% in 1Q25 to 57.6% in 1Q26. Income from operations increased by Ps. 359.7 million, or 7.7%, compared to 1Q25.
EBITDA margin went from 50.9% in 1Q25 to 52.7% in 1Q26. Excluding the effects of IFRIC-12, EBITDA margin went from 67.1% in 1Q25 to 68.3% in 1Q26. The nominal value of EBITDA increased by Ps. 360.0 million, or 6.4%, compared to 1Q25.
Financial results decreased expenses by Ps. 206.2 million, or 22.2%, going from a net expense of Ps. 929.5 million in 1Q25 to a net expense of Ps. 723.3 million in 1Q26. This change was mainly the result of:
Foreign exchange rate fluctuations, which changed from a loss of Ps. 123.9 million in 1Q25 to a gain of Ps. 173.4 million in 1Q26, resulting in a foreign exchange gain of Ps. 297.3 million due to the appreciation of the Mexican peso. Additionally, the foreign currency translation effect recorded a gain compared to the foreign exchange loss in 1Q25, resulting in a net gain of Ps. 110.2 million.
Interest expense decreased by Ps. 66.0 million, or 5.7%, compared to 1Q25, mainly due to a decrease in reference rates.
Interest income decreased by Ps. 157.1 million, or 47.2%, compared to 1Q25, mainly due to a decrease in the cash and cash equivalents average balance and decrease in the reference rates.
In 1Q26, net and comprehensive income increased by Ps. 551.4 million, or 19.6%, compared to 1Q25, mainly driven by income before taxes, which increased by Ps. 565.9 million or 15.0%.
Net income increased by Ps. 453.9 million, or 15.9%, compared to 1Q25. Income tax for the period increased by Ps. 112.0 million, or 12.3%, comprised of an increase in current income tax of Ps. 95.2 million and a decrease in the deferred tax benefit of Ps. 16.8 million.
Statement of Financial Position
As of March 31, 2026, total assets increased by Ps. 16,288.8 million compared to the same period in 2025, mainly due to: (i) an increase in cash and cash equivalents of Ps. 6,957.0 million, (ii) an increase in improvements to concession assets of Ps. 4,962.1 million; (iii) an increase in construction in progress of Ps. 2,723.9 million; (iv) an increase in advanced payments to suppliers of Ps. 2,167.8 million; and (v) an increase in deferred income taxes of Ps. 649.9 million. This effect was partially offset by a decrease in (i) airport concessions of Ps. 873.4 million and (ii) other acquired rights of Ps. 275.3 million, among others.
As of March 31, 2026, total liabilities increased by Ps. 15,523.2 million compared to the same period in 2025. This increase was mainly attributable to: (i) an increase in bond certificates of Ps. 15,598.0 million; (ii) security deposits received of Ps. 135.4 million. This effect was partially offset by decreases in (i) deferred income taxes of Ps. 523.3 million and (ii) rights over concession assets of Ps. 272.2 million, among others.
Company Description
Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (GAP) operates 12 airports throughout Mexico’s Pacific region, including the major cities of Guadalajara and Tijuana, the four tourist destinations of Puerto Vallarta, Los Cabos, La Paz and Manzanillo, and six other mid-sized cities: Hermosillo, Guanajuato, Morelia, Aguascalientes, Mexicali, and Los Mochis. In February 2006, GAP’s shares were listed on the New York Stock Exchange under the ticker symbol “PAC” and on the Mexican Stock Exchange under the ticker symbol “GAP”. In April 2015, GAP acquired 100% of Desarrollo de Concesiones Aeroportuarias, S.L., which owns a majority stake in MBJ Airports Limited, a company operating Sangster International Airport in Montego Bay, Jamaica. In October 2018, GAP entered into a concession agreement for the Norman Manley International Airport operation in Kingston, Jamaica, and took control of the operation in October 2019.
This press release contains references to EBITDA, a financial performance measure not recognized under IFRS and which does not purport to be an alternative to IFRS measures of operating performance or liquidity. We caution investors not to place undue reliance on non-GAAP financial measures such as EBITDA, as these have limitations as analytical tools and should be considered as a supplement to, not a substitute for, the corresponding measures calculated in accordance with IFRS. This press release may contain forward-looking statements. These statements are statements that are not historical facts and are based on management’s current view and estimates of future economic circumstances, industry conditions, company performance, and financial results. The words “anticipates”, “believes”, “estimates”, “expects”, “plans” and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations, and the factors or trends affecting financial condition, liquidity, or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends, or results will occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.
In accordance with Section 806 of the Sarbanes-Oxley Act of 2002 and Article 42 of the “Ley del Mercado de Valores”, GAP has implemented a “whistleblower” program, which allows complainants to anonymously and confidentially report suspected activities that involve criminal conduct or violations. The telephone number in Mexico, facilitated by a third party responsible for collecting these complaints, is 800 04 ETICA (38422) or WhatsApp +52 55 6538 5504. The website is www.lineadedenunciagap.com or by email at [email protected]. GAP’s Audit Committee will be notified of all complaints for immediate investigation.
Exhibit A: Operating results by airport (in thousands of pesos):
Airport1Q251Q26Change Guadalajara Aeronautical services1,589,0871,771,98811.5% Non-aeronautical services360,536388,7247.8% Improvements to concession assets (IFRIC 12)1,174,4261,118,313(4.8%) Total Revenues3,124,0493,279,0255.0% Operating income1,182,2311,367,58915.7% EBITDA1,394,1021,580,73913.4% Tijuana Aeronautical services732,814824,93112.6% Non-aeronautical services124,721133,6937.2% Improvements to concession assets (IFRIC 12)386,094453,86617.6% Total Revenues1,243,6291,412,48913.6% Operating income406,403485,37919.4% EBITDA532,938613,26215.1% Los Cabos Aeronautical services946,6321,036,5929.5% Non-aeronautical services362,666345,845(4.6%) Improvements to concession assets (IFRIC 12)205,863212,8633.4% Total Revenues1,515,1611,595,2995.3% Operating income838,814884,8715.5% EBITDA935,852990,0375.8% Puerto Vallarta Aeronautical services988,172997,9271.0% Non-aeronautical services187,583189,3390.9% Improvements to concession assets (IFRIC 12)503,536410,908(18.4%) Total Revenues1,679,2911,598,175(4.8%) Operating income781,159794,8401.8% EBITDA846,378857,0341.3% Montego Bay Aeronautical services585,365347,867(40.6%) Non-aeronautical services244,588178,341(27.1%) Improvements to concession assets (IFRIC 12)48,98648,363(1.3%) Total Revenues878,940574,571(34.6%) Operating income342,516212,907(37.8%) EBITDA432,334295,583(31.6%)
Exhibit A: Operating results by airport (in thousands of pesos):
Airport1Q251Q26Change Guanajuato Aeronautical services268,399294,2329.6% Non-aeronautical services50,63745,809(9.5%) Improvements to concession assets (IFRIC 12)130,22273,383(43.6%) Total Revenues449,258413,424(8.0%) Operating income199,152210,2055.6% EBITDA225,070241,2867.2% Hermosillo Aeronautical services143,349153,1526.8% Non-aeronautical services26,57126,9811.5% Improvements to concession assets (IFRIC 12)17,2245,657(67.2%) Total Revenues187,144185,790(0.7%) Operating income78,35384,9818.5% EBITDA104,683110,5805.6% Others (1) Aeronautical services745,314807,7808.4% Non-aeronautical services118,544111,955(5.6%) Improvements to concession assets (IFRIC 12)195,823272,32539.1% Total Revenues1,059,6811,192,06012.5% Operating income232,157283,66922.2% EBITDA337,204384,90614.1% Total Aeronautical services5,999,1326,234,4703.9% Non-aeronautical services1,475,8451,420,686(3.7%) Improvements to concession assets (IFRIC 12)2,662,1752,595,679(2.5%) Total Revenues10,137,15110,250,8351.1% Operating income4,060,7824,324,4416.5% EBITDA4,808,5625,073,4265.5% (1) Others include the operating results of the Aguascalientes, La Paz, Los Mochis, Manzanillo, Mexicali, Morelia, and Kingston airports.
Exhibit B: Consolidated statement of financial position as of March 31 (in thousands of pesos):
2025
2026
Change % Assets Current assets Cash and cash equivalents16,227,819 23,185,136 6,957,317 42.9% Trade accounts receivable - Net3,328,186 3,410,039 81,853 2.5% Other current assets1,196,602 1,227,344 30,742 2.6% Total current assets20,752,607 27,822,519 7,069,912 34.1% Advanced payments to suppliers926,353 3,094,180 2,167,827 234.0% Machinery, equipment and improvements to leased buildings - Net4,657,478 4,442,717 (214,761)(4.6%) Improvements to concession assets - Net25,186,205 30,148,259 4,962,054 19.7% Construction in-progress11,760,860 14,484,845 2,723,985 23.2% Airport concessions - Net9,515,482 8,642,096 (873,386)(9.2%) Rights to use airport facilities - Net979,700 929,550 (50,150)(5.1%) Other acquired rights2,005,950 1,730,620 (275,330)(13.7%) Deferred income taxes - Net8,361,180 9,011,049 649,869 7.8% Other non-current assets86,633 215,438 128,805 148.7% Total assets84,232,447 100,521,273 16,288,826 19.3% Liabilities Current liabilities12,333,203 18,607,185 6,273,982 50.9% Long-term liabilities44,463,118 53,712,376 9,249,258 20.8% Total liabilities56,796,322 72,319,562 15,523,240 27.3% Stockholders' Equity Common stock1,194,390 1,194,390 - 0.0% Legal reserve920,187 238,878 (681,309)(74.0%) Retained earnings19,705,850 21,873,663 2,167,813 11.0% Reserve for share repurchase2,500,000 2,500,000 - 0.0% Foreign currency translation reserve689,812 (145,739)(835,551)(121.1%) Remeasurements of employee benefit – Net40,382 36,524 (3,858)(9.6%) Cash flow hedges- Net(5,361)- 5,361 (100.0%) Total controlling interest25,045,260 25,697,716 652,456 2.6% Non-controlling interest2,390,866 2,503,995 113,129 4.7% Total stockholder's equity27,436,126 28,201,711 765,585 2.8% Total liabilities and stockholders' equity84,232,447 100,521,273 16,288,826 19.3% The non-controlling interest corresponds to the 25.5% stake held in the Montego Bay airport by Vantage Airport Group Limited (“Vantage”), as well as the 48.5% held by the shareholders of GWTC.
Exhibit C: Consolidated statement of cash flows (in thousands of pesos):
1Q251Q26Change Cash flows from operating activities: Consolidated net income2,858,116 3,312,008 15.9% Postemployment benefit costs14,161 20,508 44.8% Allowance expected credit loss25,392 21,402 (15.7%) Depreciation and amortization932,575 932,957 0.0% Loss (gain) on sale of machinery, equipment and improvements to leased assets1,989 (1,669)(183.9%) Interest expense1,247,253 1,020,739 (18.2%) Provisions(30,688)34,307 (211.8%) Income tax expense908,605 1,020,605 12.3% Unrealized exchange loss110,879 (122,546)(210.5%) 6,068,282 6,238,311 2.8% Changes in working capital: (Increase) decrease in Trade accounts receivable(656,044)69,230 (110.6%) Recoverable tax on assets and other assets81,639 63,015 (22.8%) Increase (decrease) Concession taxes payable33,274 224,240 573.9% Accounts payable71,452 2,110,894 2854.3% Cash generated by operating activities5,598,603 8,705,690 55.5% Income taxes paid(1,122,042)(1,133,849)1.1% Net cash flows provided by operating activities4,476,561 7,571,841 69.1% Cash flows from investing activities: Machinery, equipment and improvements to concession assets(1,706,642)(1,757,612)3.0% Cash flows from sales of machinery and equipment118 1,559 1221.2% Other investment activities13,822 (113,150)(918.6%) Net cash used by investment activities(1,692,702)(1,869,203)10.4% Bond certificates issued6,000,000 10,718,000 78.6% Bond certificates paid(4,500,000)(1,120,000)(75.1%) Bank loans paid- (4,498,971)100.0% Bank loans- 3,378,971 100.0% Interest paid on bank loans(1,365,386)(1,361,703)(0.3%) Interest paid on lease(690)(2,778)302.6% Payments of obligations for leasing(16,332)(10,557)(35.4%) Net cash flows used in financing activities117,592 7,102,962 5940.3% Effects of exchange rate changes on cash held(139,660)(73,662)(47.3%) Net increase (decrease) in cash and cash equivalents2,761,791 12,731,938 361.0% Cash and cash equivalents at beginning of the period13,466,026 10,453,198 (22.4%) Cash and cash equivalents at the end of the period16,227,819 23,185,136 42.9% Exhibit D: Consolidated statements of profit or loss and other comprehensive income (in thousands of pesos):
Consolidated Results for the First Quarter of 2025 (thousands) 1Q251Q26Change Revenues Aeronautical services5,999,133 6,234,471 3.9% Non-aeronautical services2,393,875 2,539,478 6.1% Improvements to concession assets (IFRIC-12)2,662,175 2,595,679 (2.5%) Total revenues11,055,183 11,369,627 2.8% Operating costs Costs of services:1,457,089 1,551,571 6.5% Employee costs613,362 684,224 11.6% Maintenance256,903 260,763 1.5% Safety, security & insurance215,207 233,405 8.5% Utilities125,231 125,013 (0.2%) Business operated directly by us87,336 89,528 2.5% Other operating expenses159,050 158,638 (0.3%) Technical assistance fees283,900 299,542 5.5% Concession taxes1,048,916 947,078 (9.7%) Depreciation and amortization932,575 932,957 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 costs6,358,972 6,313,756 (0.7%) Income from operations4,696,211 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 tax32,099 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 interest2,699,454 3,227,255 19.6% The non-controlling interest corresponds to the 25.5% stake held in the Montego Bay airport by Vantage Airport Group Limited (“Vantage”), as well as the 48.5% held by the shareholders of GWTC.
Exhibit E: Consolidated stockholders’ equity (in thousands of pesos):
Common StockLegal ReserveReserve for Share RepurchaseRetained EarningsOther comprehensive incomeTotal controlling interestNon-controlling interestTotal Stockholders' Equity Balance as of January 1, 20251,194,390920,1872,500,00016,957,723773,499 22,345,799 2,275,94024,621,739 Comprehensive income: Net income---2,748,127- 2,748,127 109,9962,858,123 Foreign currency translation reserve----(79,988)(79,988)4,930(75,058) Remeasurements of employee benefit – Net----32,099 32,099 -32,099 Reserve for cash flow hedges – Net of income tax----(776)(776)-(776) Balance as of March 31, 20251,194,390920,1872,500,00019,705,850724,834 25,045,258 2,390,86627,436,125 Balance as of January 1, 20261,194,390238,8782,500,00018,695,331(158,148)22,470,451 2,365,48024,835,931 Comprehensive income: Net income---3,178,332- 3,178,332 133,6853,312,017 Foreign currency translation reserve----30,291 30,291 4,83035,121 Remeasurements of employee benefit – Net----18,642 18,642 -18,642 Balance as of March 31, 20261,194,390238,8782,500,00021,873,663(109,215)25,697,716 2,503,99528,201,711 The non-controlling interest corresponds to the 25.5% stake held in the Montego Bay airport by Vantage Airport Group Limited (“Vantage”), as well as the 48.5% held by the shareholders of GWTC.
Exhibit F: Other operating data:
Other data (thousands) 1Q251Q26ChangeTotal passengers16,269.615,367.2(5.5%)Total cargo volume (in WLUs)650.7703.88.2%Total WLUs16,920.216,071.0(5.0%) Aeronautical & non aeronautical services per passenger (pesos)515.9571.010.7%Aeronautical services per WLU (pesos)354.6387.99.4%Non aeronautical services per passenger (pesos)147.1165.312.3%Cost of services per WLU (pesos)87.896.510.0% WLU = Workload units represent passenger traffic plus cargo units (1 cargo unit = 100 kilograms of cargo).
Alejandra Soto Investor Relations and Social Responsibility Officer [email protected]
GUADALAJARA, Mexico, April 23, 2026 (GLOBE NEWSWIRE) -- Grupo Aeroportuario del Pacífico, S.A.B. de C.V., (NYSE: PAC; BMV: GAP) (“the Company” or “GAP”) announces the following resolutions adopted at the Annual General Ordinary Shareholders’ Meetings held yesterday, with a quorum of 84.01%:
I. In compliance with Article 28 section IV of the Securities Market Law, the following were approved: a) The Chief Executive Officer’s report regarding the results of operations for the fiscal year ended December 31, 2025, in accordance with Article 44, Section XI of the Mexican Securities Market Law and Article 172 of the Mexican General Corporations Law, together with the external auditor’s report, with respect to the Company on an unconsolidated basis in accordance with Mexican Financial Reporting Standards (“MFRS”), as well as with respect to the Company and its subsidiaries on a consolidated basis in accordance with International Financial Reporting Standards (“IFRS”), based on the latest statements of financial position for fiscal year 2025 under both standards, as well as the Sustainability Report for fiscal year 2025. b)Board of directors’ opinion on the Chief Executive Officer’s report. c)Board of directors’ report in accordance with Article 172, clause b, of the Mexican General Corporations Law, regarding the Company’s main accounting policies and criteria, as well as the information used to prepare the Company’s financial statements. d)Report on transactions and activities undertaken by the Company’s Board of Directors during the fiscal year ended December 31, 2025, pursuant to the Mexican Securities Market Law. e)Report on the activities carried out by the Audit and Corporate Practices Committee in accordance with Article 43 of the Securities Market Law. Ratification of the actions taken by the different committees and release from further obligations in the fulfillment of their duties. f)Report on compliance with the Company’s tax obligations for the fiscal year from January 1 to December 31, 2024. Instruction to the Company’s officers to comply with the corresponding tax obligations for the fiscal year from January 1 to December 31, 2025, in accordance with Article 26 section III of the Mexican Fiscal Code. II. Ratification of the actions of our Board of Directors and the Company’s management and release from further obligations in the fulfillment of their duties. III. Approval of the Company’s non-consolidated financial statements for the period from January 1 to December 31, 2025, prepared under MFRS for purposes of the legal reserve, profit allocation, calculation of tax effects of dividend payments and capital reductions, if applicable. Also, the consolidated financial statements of the Company and its subsidiaries prepared under IFRS for publication in the securities markets, regarding the operations carried out during the fiscal year from January 1 to December 31, 2025, and approval of the external auditor’s opinion with respect to both financial statements. IV. Approval that the net income obtained by the Company during the fiscal year ended December 31, 2025, reported in the Company’s non-consolidated financial statements presented to the meeting under Item III above and audited under MFRS, amounting to $9,343,142,610.00 (NINE BILLION THREE HUNDRED FORTY-THREE MILLION ONE HUNDRED FORTY-TWO THOUSAND SIX HUNDRED TEN PESOS 00/100 M.N.), be fully transferred to the account of retained earnings pending allocation, without setting aside any amount for the legal reserve fund, since the current fund represents 20% of the historical capital stock required by Article 20 of the Mexican General Corporations Law. V. Approval that from the retained earnings pending allocation account, which amounts to $20,379,864,675.00 (TWENTY BILLION THREE HUNDRED SEVENTY-NINE MILLION EIGHT HUNDRED SIXTY-FOUR THOUSAND SIX HUNDRED SEVENTY-FIVE PESOS 00/100 M.N.), a dividend of $20.80 (TWENTY PESOS 80/100 M.N.) per share be declared, payable to the holders of each of the shares outstanding on the payment date, excluding the shares repurchased by the Company in accordance with Article 56 of the Securities Market Law. The remaining balance, after the dividend payment, will remain in the retained earnings pending allocation account. The dividend will be payable in one or more installments within the 12 (twelve) months following April 22, 2026. VI. Approval of the cancellation of any amount outstanding under the share repurchase program approved at the Annual General Ordinary Shareholders’ Meeting held on April 24, 2025, in the amount of $2,500,000,000.00 (TWO BILLION FIVE HUNDRED MILLION PESOS 00/100 M.N.). Also, approval of the maximum amount to be allocated for the repurchase of the Company’s own shares or securities representing such shares for an amount of $2,500,000,000.00 (TWO BILLION FIVE HUNDRED MILLION PESOS 00/100 M.N.), for the period of 12 (twelve) months following April 22, 2026, in accordance with Article 56 section IV of the Securities Market Law. VII. Acknowledge of the designation of the four principal members of the Board of Directors and their respective alternates appointed by the Series “BB” shareholders as follows: Proprietary members Alternate members
Laura Díez Barroso Azcárraga Claudia Laviada Díez Barroso
Emilio Rotondo Inclán Roberto Ángel Ramírez García
Juan Gallardo Thurlow Mónica Sánchez Navarro Rivera Torres
María de los Reyes Escrig Teigeiro Carlos Alberto Rohm CamposVIII. It is registered that there was no designation of person(s) that will serve as member(s) of the Company’s Board of Directors, by any holder or group of holders of Series B shares that owns, individually or collectively, 10% or more of the Company’s capital stock. IX. Ratification and designation of Carlos Cárdenas Guzmán, Ángel Losada Moreno, Joaquín Vargas Guajardo, Juan Diez-Canedo Ruíz, Luis Téllez Kuenzler, Jerónimo Marcos Gerard Rivero and Alejandra Yazmín Soto Ayech, as members of the Board of Directors, designated by the Series “B” shareholders. As of this date, the Board of Directors will be comprised as follows:
Proprietary members Alternate members
Laura Díez Barroso Azcárraga Claudia Laviada Díez Barroso
Emilio Rotondo Inclán Roberto Ángel Ramírez García
Juan Gallardo Thurlow Mónica Sánchez Navarro Rivera Torres
María de los Reyes Escrig Teigeiro Carlos Alberto Rohm Campos
Carlos Cárdenas Guzmán Not applicable
Ángel Losada Moreno Not applicable
Joaquín Vargas Guajardo Not applicable
Juan Diez-Canedo Ruíz Not applicable
Luis Téllez Kuenzler Not applicable
Jerónimo Marcos Gerard Rivero Not applicable
Alejandra Yazmín Soto Ayech Not applicable
X. Ratification of Mrs. Laura Díez Barros Azcárraga as Chairwoman of Company’s the Board of Directors, in accordance with Article Sixteenth of the Company’s bylaws. XI. Approval of the compensation paid to members of the Company’s Board of Directors during fiscal year 2025 and the compensation to be paid to the Company’s Board of Directors for the 2026 fiscal year proposed by the Compensation and Nominations Committee. XII. Ratification of Mr. Luis Téllez Kuenzler, as member of our Board of Directors designated by the Series “B” shareholders to serve as member of the Nominations and Compensation Committee, in accordance with Article Twenty-Eighth of the Company’s bylaws. XIII. Ratification of Mr. Carlos Cárdenas Guzmán as President of the Audit and Corporate Practices Committee. XIV. It was informed the Report in accordance with Article Twenty-Ninth of the Company’s bylaws regarding transactions involving the acquisition of goods or services, contracting of works, or sale of assets equal to or greater than US$3,000,000 (THREE MILLION U.S. DOLLARS) or its equivalent in Mexican pesos or other currencies, or transactions carried out by relevant shareholders, if any. XV. Approval of special delegates that can appear before a Notary Public to formalize the resolutions adopted at this meeting.
Company Description
Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (GAP) operates 12 airports throughout Mexico’s Pacific region, including the major cities of Guadalajara and Tijuana, the four tourist destinations of Puerto Vallarta, Los Cabos, La Paz and Manzanillo, and six other mid-sized cities: Hermosillo, Guanajuato, Morelia, Aguascalientes, Mexicali, and Los Mochis. In February 2006, GAP’s shares were listed on the New York Stock Exchange under the ticker symbol “PAC” and on the Mexican Stock Exchange under the ticker symbol “GAP”. In April 2015, GAP acquired 100% of Desarrollo de Concessioner Aeroportuarias, S.L., which owns a majority stake in MBJ Airports Limited, a company operating Sangster International Airport in Montego Bay, Jamaica. In October 2018, GAP entered into a concession agreement for the Norman Manley International Airport operation in Kingston, Jamaica, and took control of the operation in October 2019.
This press release may contain forward-looking statements. These statements are statements that are not historical facts and are based on management’s current view and estimates of future economic circumstances, industry conditions, company performance, and financial results. The words “anticipates”, “believes”, “estimates”, “expects”, “plans” and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations, and the factors or trends affecting financial condition, liquidity, or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends, or results will occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.
In accordance with Section 806 of the Sarbanes-Oxley Act of 2002 and Article 42 of the “Ley del Mercado de Valores”, GAP has implemented a “whistleblower” program, which allows complainants to anonymously and confidentially report suspected activities that involve criminal conduct or violations. The telephone number in Mexico, facilitated by a third party responsible for collecting these complaints, is 800 04 ETICA (38422) or WhatsApp +52 55 6538 5504. The website is www.lineadedenunciagap.com or by email at [email protected]. GAP’s Audit Committee will be notified of all complaints for immediate investigation.
Alejandra Soto Investor Relations and Social Responsibility OfficerGisela Murillo, Investor Relations
U-Haul (NYSE:UHAL – Get Free Report) and Grupo Aeroportuario Del Pacifico (NYSE:PAC – Get Free Report) are both large-cap transportation companies, but which is the superior stock? We will contrast the two companies based on the strength of their analyst recommendations, profitability, valuation, risk, earnings, institutional ownership and dividends.
Volatility and Risk U-Haul has a beta of 1.11, indicating that its stock price is 11% more volatile than the S&P 500. Comparatively, Grupo Aeroportuario Del Pacifico has a beta of 1.02, indicating that its stock price is 2% more volatile than the S&P 500.
Analyst Ratings This is a breakdown of recent ratings and price targets for U-Haul and Grupo Aeroportuario Del Pacifico, as reported by MarketBeat.com.
Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score U-Haul 1 1 0 1 2.33 Grupo Aeroportuario Del Pacifico 0 4 2 0 2.33 U-Haul presently has a consensus price target of $80.00, indicating a potential upside of 50.05%. Given U-Haul’s higher probable upside, equities analysts plainly believe U-Haul is more favorable than Grupo Aeroportuario Del Pacifico.
Profitability This table compares U-Haul and Grupo Aeroportuario Del Pacifico’s net margins, return on equity and return on assets.
Net Margins Return on Equity Return on Assets U-Haul 2.14% 1.64% 0.61% Grupo Aeroportuario Del Pacifico 25.04% 43.12% 12.01% Insider & Institutional Ownership 3.6% of U-Haul shares are held by institutional investors. Comparatively, 11.7% of Grupo Aeroportuario Del Pacifico shares are held by institutional investors. 43.6% of U-Haul shares are held by company insiders. Strong institutional ownership is an indication that hedge funds, large money managers and endowments believe a company is poised for long-term growth.
Earnings & Valuation This table compares U-Haul and Grupo Aeroportuario Del Pacifico”s top-line revenue, earnings per share and valuation.
Gross Revenue Price/Sales Ratio Net Income Earnings Per Share Price/Earnings Ratio U-Haul $5.83 billion 1.79 $367.09 million $0.48 111.08 Grupo Aeroportuario Del Pacifico $2.16 billion 6.14 $522.03 million $11.16 23.52 Grupo Aeroportuario Del Pacifico has lower revenue, but higher earnings than U-Haul. Grupo Aeroportuario Del Pacifico is trading at a lower price-to-earnings ratio than U-Haul, indicating that it is currently the more affordable of the two stocks.
Summary Grupo Aeroportuario Del Pacifico beats U-Haul on 8 of the 14 factors compared between the two stocks.
About U-Haul (Get Free Report)
AMERCO operates as a do-it-yourself moving and storage operator for household and commercial goods in the United States and Canada. The company’s Moving and Storage segment rents trucks, trailers, portable moving and storage units, specialty rental items, and self-storage spaces primarily to the household movers; and sells moving supplies, towing accessories, and propane. It also provides uhaul.com, an online marketplace that connects consumers to independent Moving Help service providers and independent self-storage affiliates; auto transport and tow dolly options to transport vehicles; and specialty boxes for dishes, computers, and sensitive electronic equipment, as well as tapes, security locks, and packing supplies. This segment rents its products and services through a network of approximately 2,065 company operated retail moving stores and 20,100 independent U-Haul dealers. As of March 31, 2020, it had a rental fleet of approximately 176,000 trucks, 127,000 trailers, and 41,000 towing devices; and 1,745 self-storage locations with approximately 774,000 rentable storage units. The company’s Property and Casualty Insurance segment offers loss adjusting and claims handling services. It also provides moving and storage protection packages, such as Safemove and Safetow packages, which offer moving and towing customers with a damage waiver, cargo protection, and medical and life insurance coverage; Safestor that protects storage customers from loss on their goods in storage; Safestor Mobile, which protects customers stored belongings; and Safemove Plus, which provides rental customers with a layer of primary liability protection. The company’s Life Insurance segment provides life and health insurance products primarily to the senior market through the direct writing and reinsuring of life insurance, medicare supplement, and annuity policies. AMERCO was founded in 1945 and is based in Reno, Nevada.
About Grupo Aeroportuario Del Pacifico (Get Free Report)
Grupo Aeroportuario del Pacífico, S.A.B. de C.V., together with its subsidiaries, holds concessions to develop, operate, and manage airports in Mexico and Jamaica. The company operates twelve international airports in Guadalajara and Tijuana areas, Mexico; and two international airports in Montego Bay, Jamaica. It also offers aeronautical services, such as passenger, aircraft landing, parking, airport security, and passenger walkway and airport bus, as well as car packing charges; complementary services, including baggage handling, catering, aircraft maintenance and repair, and fuel; cargo handling; and ground transportation services. In addition, the company provides non-aeronautical services, such as redesigning and modernizing terminal spaces and developing new projects; telephone and internet services; and ground handling services under the brand Primesky, as well as advertising services. Further, it engages in commercial activities comprising leasing space in terminals to airlines and other service providers; to retail stores, such as souvenir and gift shops, fashion and footwear stores, pharmacies, jewelry, electronics, cosmetics, and others; to various food and beverage services; car rental service companies, including parking spots, lots, and car rental reservation booths; to timeshare developers; to financial service providers; and to operators of duty-free stores. Additionally, the company operates parking facilities; VIP lounges; convenience stores; and vending machines. The company was incorporated in 1998 and is headquartered in Guadalajara, Mexico.
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GUADALAJARA, Mexico, May 04, 2026 (GLOBE NEWSWIRE) -- Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (NYSE: PAC; BMV: GAP) (“the Company” or “GAP”) reports that, following the announcement made by Spirit Airlines on May 2 regarding the immediate cessation of its operations, the Company has conducted an assessment of the potential impact on its airports.
Spirit Airlines did not operate at any of the Mexican airports managed by GAP. In Jamaica, its participation represented a limited portion of total passenger traffic, accounting for approximately 3.5% of passenger traffic in Kingston and 2.6% in Montego Bay.
Spirit’s operations at both airports were concentrated on routes to Florida, specifically Fort Lauderdale, Miami, and Orlando, markets that currently have available capacity served by other airlines, including JetBlue, American Airlines, and Southwest Airlines.
GAP does not maintain any material exposure arising from accounts receivable with Spirit Airlines. As of this date, the outstanding balances owed by the airline are fully covered by bank guarantees and cash deposits; therefore, there will be no financial impact.
GAP will continue to closely monitor developments in the Jamaican air travel market and will remain in communication with authorities and airlines to facilitate the reallocation of capacity on the affected routes, with the objective of preserving connectivity and minimizing any operational impact.
Company Description
Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (GAP) operates 12 airports throughout Mexico’s Pacific region, including the major cities of Guadalajara and Tijuana, the four tourist destinations of Puerto Vallarta, Los Cabos, La Paz and Manzanillo, and six other mid-sized cities: Hermosillo, Guanajuato, Morelia, Aguascalientes, Mexicali, and Los Mochis. In February 2006, GAP’s shares were listed on the New York Stock Exchange under the ticker symbol “PAC” and on the Mexican Stock Exchange under the ticker symbol “GAP”. In April 2015, GAP acquired 100% of Desarrollo de Concessioner Aeroportuarias, S.L., which owns a majority stake in MBJ Airports Limited, a company operating Sangster International Airport in Montego Bay, Jamaica. In October 2018, GAP entered into a concession agreement for the Norman Manley International Airport operation in Kingston, Jamaica, and took control of the operation in October 2019.
This press release may contain forward-looking statements. These statements are statements that are not historical facts and are based on management’s current view and estimates of future economic circumstances, industry conditions, company performance, and financial results. The words “anticipates”, “believes”, “estimates”, “expects”, “plans” and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations, and the factors or trends affecting financial condition, liquidity, or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends, or results will occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.
In accordance with Section 806 of the Sarbanes-Oxley Act of 2002 and Article 42 of the “Ley del Mercado de Valores”, GAP has implemented a “whistleblower” program, which allows complainants to anonymously and confidentially report suspected activities that involve criminal conduct or violations. The telephone number in Mexico, facilitated by a third party responsible for collecting these complaints, is 800 04 ETICA (38422) or WhatsApp +52 55 6538 5504. The website is www.lineadedenunciagap.com or by email at [email protected]. GAP’s Audit Committee will be notified of all complaints for immediate investigation.
Alejandra Soto Investor Relations and Social Responsibility [email protected] Gisela Murillo, Investor [email protected]
+52 33 3880 1100 ext. 20294
Pre-Market Stock Futures: Futures are trading higher on Tuesday after new highs on Friday turned into a risk-off Monday, triggered by rising oil prices, a report that Iran attacked the UAE, and an additional report that the U.S. sank a boat in the Strait of Hormuz. All of the major indices finished the day lower, with the Dow Jones Industrial Average leading the way, closing down 1.13% at 48,941, while the S&P 500, after reaching record highs on Friday, finished down 0.41% at 7,200. The small-cap heavy Russell 2000, which early in the session printed an all-time high, closed down 0.63% at 2,795, and the Nasdaq was last seen at 25,067, down just 0.19%.
Treasury Bonds: As many expected, yields across the Treasury curve surged higher as traders absorbed geopolitical news from the Middle East, concerns over rising inflation from higher oil prices, and a lack of catalysts to drive stocks and bonds, as the first quarter results are almost over. The 30-year bond closed Monday at 5.01%, the highest close since May of last year. The benchmark 10-year note finished Monday’s session at 4.43%.
Oil and Gas: Energy prices surged on the news from the Middle East, especially the attack on the United Arab Emirates, which recently announced it was leaving OPEC+ immediately. Brent Crude closed trading on Monday up a stunning 5.03% at $113.60, while West Texas Intermediate was last seen at $104.90, up 2.89%. Natural gas also participated in the energy rally, closing at $2.85, up 2.59%.
Gold: Gold continued the trend of following stocks and bonds lower, even though most on Wall Street still see the precious metal as the ultimate hedge for a stock-and-bond portfolio. The same reasons we have listed for weeks were the same culprits on Monday, as inflation concerns, the strong dollar, and the reality that interest rate cuts would likely be postponed until 2027 were among the usual suspects pressuring prices. Gold closed the day down 2.05% at $4.520, while Silver ended the session on Monday at $72,65, down 3.42%.
Crypto: Cryptocurrency markets initially surged on Monday with Bitcoin briefly crossing the $80,000 threshold for the first time in three months. The crypto giant touched an intraday high of $80,393 in early trading, its strongest level since January, before pulling back to a low of $79,810 later in the day. Cryptocurrencies surged on news of a compromise on the CLARITY Act, and the fact that, compared to major stock indices, crypto is still well off the highs printed in the fall of 2025. At 8 AM EDT, Bitcoin was trading at $81.030, while Ethereum was quoted at $2,382.
24/7 Wall St. reviews dozens of analyst research reports daily to identify new investment ideas for both investors and traders. Some of these daily analyst calls cover stocks to buy. Other calls cover stocks to sell or avoid. Remember that no single analyst call should ever be used as a basis to buy or sell a stock.
Here are some of the top Wall Street analyst upgrades, downgrades, and initiations seen on Tuesday May, 5, 2026.
Upgrades: Cogent Communications Holdings (NASDAQ: CCOI | CCOI Price Prediction) was upgraded to Overweight from Neutral at JPMorgan, which trimmed the target price to $22 from $23. Devon Energy (NYSE: DVN) was upgraded to Strong Buy from Outperform at Raymond James, with the price target raised to $72 from $62. Grupo Aeroportuario del Pacifico (NYSE: PAC) was upgraded to Outperform from Neutral at Bradesco BBI, with a $285 price target. UFP Industries (NASDAQ: UFPI) was raised to Outperform from Market Perform at BMO Capital, which has a $108 target price. Ulta Beauty (NASDAQ: ULTA) was raised to Neutral from Buy at Bank of America, which has a $685 target price for the cosmetics retailing giant. Downgrades: Aviat Networks (NASDAQ: AVNW) was cut to Market Perform from Outperform at Northland, which lowered the target price for the stock to $20 from $30. Inspire Medical Systems (NYSE: INSP) was downgraded to Neutral from Buy at Bank of America, which chopped the price target for the stock to $53 from $120. Lowe’s Companies (NYSE: LOW) was reinstated with a Neutral rating down from a Buy rating at Bank of America, which has a $260 target price for the shares. Roblox (NYSE: RBLX) was downgraded to Neutral from Overweight at Piper Sandler, which slashed the target price in half to $50 from $100. Tractor Supply (NASDAQ: TSCO) was cut to Neutral from Overweight at Piper Sandler, which dropped the target price for the shares to $36 from $51. Initiations: Applied Materials (NASDAQ: AMAT) was initiated with a Buy rating at Seaport Research, with a $500 target price.
GoDaddy (NYSE: GDDY) was assumed with a Neutral rating at UBS, which nudged the price target down to $100 from $105. Home Depot (NYSE: HD) was reinstated with a Buy rating at Bank of America, with a $374 target price. Lam Research (NASDAQ: LRCX) was started with a Buy rating at Seaport Research, with a $300 target price objective. Ultra Clean Holdings (NASDAQ: UCTT) was initiated with a Buy rating at UBS, which has set a $130 target price for the shares.
GUADALAJARA, Mexico, May 05, 2026 (GLOBE NEWSWIRE) -- Grupo Aeroportuario del Pacífico, S.A.B. de C.V., (NYSE: PAC; BMV: GAP) (“the Company” or “GAP”) announces preliminary terminal passenger traffic figures for April 2026, compared with April 2025.
During April 2026, the 12 Mexican airports operated by GAP recorded a 6.3% decrease in total passenger traffic compared to April 2025. Guadalajara airport reported an increase of 0.9%, while Puerto Vallarta, Tijuana and Los Cabos reported a decrease of 17.0%, 10.5%, and 8.1%, respectively, compared to April 2025. With respect to GAP’s airports in Jamaica, Kingston recorded a decrease of 6.0%, while Montego Bay recorded a decrease of 22.0%, as a result of disruptions caused by Hurricane Melissa.
Domestic Terminal Passengers (in thousands):
AirportApr-25Apr-26% ChangeJan - Apr 25Jan - Apr 26% ChangeGuadalajara1,067.51,066.2(0.1%)4,088.64,101.80.3% Tijuana*748.6671.7(10.3%)2,806.12,640.2(5.9%)Los Cabos254.6240.9(5.4%)923.5869.2(5.9%)Puerto Vallarta278.4255.1(8.4%)932.0899.9(3.4%)Montego Bay0.00.0N/A0.00.0N/AGuanajuato194.0179.1(7.7%)709.6689.9(2.8%)Hermosillo184.4166.0(10.0%)693.1646.6(6.7%)Kingston0.00.0(28.0%)0.10.7610.9% Morelia60.258.3(3.2%)246.3251.22.0% La Paz111.8123.210.2% 392.4437.011.4% Mexicali105.090.5(13.8%)398.2350.2(12.0%)Aguascalientes53.355.13.5% 205.1194.0(5.4%)Los Mochis66.560.8(8.6%)231.6224.1(3.2%)Manzanillo10.79.9(7.4%)45.542.8(6.0%)Total3,135.22,976.9(5.0%)11,672.011,347.7(2.8%) International Terminal Passengers (in thousands):
AirportApr-25Apr-26% ChangeJan - Apr 25Jan - Apr 26% ChangeGuadalajara452.9467.23.2% 1,959.91,959.3(0.0%)Tijuana*351.1312.8(10.9%)1,366.01,210.4(11.4%)Los Cabos442.9400.1(9.7%)1,825.81,772.8(2.9%)Puerto Vallarta375.7287.5(23.5%)1,848.21,566.4(15.2%)Montego Bay430.4335.6(22.0%)1,769.41,252.9(29.2%)Guanajuato84.372.2(14.3%)347.4330.1(5.0%)Hermosillo6.16.914.2% 27.028.97.0% Kingston155.0145.7(6.0%)583.0560.5(3.9%)Morelia56.064.915.9% 230.2280.722.0% La Paz3.04.655.2% 11.717.247.2% Mexicali0.60.6(8.9%)2.42.40.6% Aguascalientes27.529.57.5% 101.1106.85.6% Los Mochis0.70.711.5% 2.62.60.7% Manzanillo9.88.2(15.9%)53.744.5(17.0%)Total2,395.82,136.5(10.8%)10,128.39,135.5(9.8%) Total Terminal Passengers (in thousands):
AirportApr-25Apr-26% ChangeJan - Apr 25Jan - Apr 26% ChangeGuadalajara1,520.41,533.40.9% 6,048.56,061.10.2% Tijuana*1,099.7984.5(10.5%)4,172.03,850.6(7.7%)Los Cabos697.5641.0(8.1%)2,749.32,642.0(3.9%)Puerto Vallarta654.1542.6(17.0%)2,780.22,466.3(11.3%)Montego Bay430.4335.6(22.0%)1,769.41,252.9(29.2%)Guanajuato278.4251.3(9.7%)1,057.01,020.0(3.5%)Hermosillo190.5173.0(9.2%)720.1675.5(6.2%)Kingston155.0145.7(6.0%)583.1561.2(3.8%)Morelia116.2123.26.0% 476.5532.011.6% La Paz114.8127.811.4% 404.1454.212.4% Mexicali105.691.0(13.8%)400.5352.6(12.0%)Aguascalientes80.784.74.9% 306.2300.8(1.8%)Los Mochis67.261.5(8.4%)234.1226.6(3.2%)Manzanillo20.518.1(11.4%)99.287.3(12.0%)Total5,531.05,113.4(7.6%)21,800.320,483.2(6.0%) *Passengers in Tijuana who use CBX in both directions are classified as international. CBX users (in thousands):
AirportApr-25Apr-26% ChangeJan - Apr 25Jan - Apr 26% ChangeTijuana345.0309.4(10.3%)
1,343.21,195.7(11.0%)
Highlights for the month:
Seats and load factors
The seats available during April 2026 decreased by 8.3%, compared to April 2025. The load factors for the month went from 80.8% in April 2025 to 81.5% in April 2026.
Company Description
Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (GAP) operates 12 airports throughout Mexico’s Pacific region, including the major cities of Guadalajara and Tijuana, the four tourist destinations of Puerto Vallarta, Los Cabos, La Paz and Manzanillo, and six other mid-sized cities: Hermosillo, Guanajuato, Morelia, Aguascalientes, Mexicali, and Los Mochis. In February 2006, GAP’s shares were listed on the New York Stock Exchange under the ticker symbol “PAC” and on the Mexican Stock Exchange under the ticker symbol “GAP”. In April 2015, GAP acquired 100% of Desarrollo de Concessioner Aeroportuarias, S.L., which owns a majority stake in MBJ Airports Limited, a company operating Sangster International Airport in Montego Bay, Jamaica. In October 2018, GAP entered into a concession agreement for the Norman Manley International Airport operation in Kingston, Jamaica, and took control of the operation in October 2019.
This press release may contain forward-looking statements. These statements are statements that are not historical facts and are based on management’s current view and estimates of future economic circumstances, industry conditions, company performance, and financial results. The words “anticipates”, “believes”, “estimates”, “expects”, “plans” and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations, and the factors or trends affecting financial condition, liquidity, or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends, or results will occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations. In accordance with Section 806 of the Sarbanes-Oxley Act of 2002 and Article 42 of the “Ley del Mercado de Valores”, GAP has implemented a “whistleblower” program, which allows complainants to anonymously and confidentially report suspected activities that involve criminal conduct or violations. The telephone number in Mexico, facilitated by a third party responsible for collecting these complaints, is 800 04 ETICA (38422) or WhatsApp +52 55 6538 5504. The website is www.lineadedenunciagap.com or by email at [email protected]. GAP’s Audit Committee will be notified of all complaints for immediate investigation.
GUADALAJARA, Mexico, May 07, 2026 (GLOBE NEWSWIRE) -- Grupo Aeroportuario del Pacífico, S.A.B. de C.V., (NYSE: PAC; BMV: GAP) (“the Company” or “GAP”) informs that after completing several processes aimed at closing the operations approved by its Shareholders’ Meeting, it has completed the combination of the businesses of Cross Border Xpress (“CBX”) and the provision of technical assistance services and technology transfer, through the notarization of the merger agreement signed on April 30 of this year. Furthermore, the purchase agreement to acquire the remaining 25% of the CBX business has been completed, thereby consolidating 100% of the same.
Consequently, by virtue of the merger, GAP issued 89,740,731 new net shares, so to date it has 595,018,195 million shares outstanding, 519,226,576 Series B shares and 75,791,619 Series BB shares, and assumed control of the merged entities, beginning the financial consolidation of these businesses in May.
Company Description
Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (GAP) operates 12 airports throughout Mexico’s Pacific region, including the major cities of Guadalajara and Tijuana, the four tourist destinations of Puerto Vallarta, Los Cabos, La Paz and Manzanillo, and six other mid-sized cities: Hermosillo, Guanajuato, Morelia, Aguascalientes, Mexicali, and Los Mochis. In February 2006, GAP’s shares were listed on the New York Stock Exchange under the ticker symbol “PAC” and on the Mexican Stock Exchange under the ticker symbol “GAP”. In April 2015, GAP acquired 100% of Desarrollo de Concessioner Aeroportuarias, S.L., which owns a majority stake in MBJ Airports Limited, a company operating Sangster International Airport in Montego Bay, Jamaica. In October 2018, GAP entered into a concession agreement for the Norman Manley International Airport operation in Kingston, Jamaica, and took control of the operation in October 2019.
This press release may contain forward-looking statements. These statements are statements that are not historical facts and are based on management’s current view and estimates of future economic circumstances, industry conditions, company performance, and financial results. The words “anticipates”, “believes”, “estimates”, “expects”, “plans” and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations, and the factors or trends affecting financial condition, liquidity, or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends, or results will occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.
In accordance with Section 806 of the Sarbanes-Oxley Act of 2002 and Article 42 of the “Ley del Mercado de Valores”, GAP has implemented a “whistleblower” program, which allows complainants to anonymously and confidentially report suspected activities that involve criminal conduct or violations. The telephone number in Mexico, facilitated by a third party responsible for collecting these complaints, is 800 04 ETICA (38422) or WhatsApp +52 55 6538 5504. The website is www.lineadedenunciagap.com or by email at [email protected]. GAP’s Audit Committee will be notified of all complaints for immediate investigation.
Alejandra Soto Investor Relations and Social Responsibility [email protected] Gisela Murillo, Investor [email protected]
+52 33 3880 1100 ext. 20294
GUADALAJARA, Mexico, May 09, 2026 (GLOBE NEWSWIRE) -- Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (NYSE: PAC; BMV: GAP) (the “Company” or “GAP”) announces that it has initiated the process for the potential establishment of an Irrevocable Trust for the Issuance of Energy and Infrastructure Investment Trust Certificates (“FIBRA GAP”), with the objective of subscribing a minority equity interest in the 12 Mexican airport concessionaires operated by GAP.
Through the initial issuance of FIBRA GAP, each of the 12 airports intends to obtain funds to complement the execution of the Master Development Program for the 2026–2029 period, which contemplates investments of approximately Ps. 40.0 billion.
The Master Development Program will generate significant growth in airport infrastructure, including an approximate increase of 60% in terminals, 35% in inspection points and access areas, 25% in aircraft parking positions, and 10% in airside infrastructure.
These investments will contribute to economic development in the areas surrounding the airports through the generation of direct and indirect employment, as well as a multiplier effect on investment.
The investment made by FIBRA GAP in the airports will represent an additional source of funds to invest in airport infrastructure, complementing the debt securities issuances under the program that GAP has utilized since 2015.
Company Description
Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (GAP) operates 12 airports throughout Mexico’s Pacific region, including the major cities of Guadalajara and Tijuana, the four tourist destinations of Puerto Vallarta, Los Cabos, La Paz and Manzanillo, and six other mid-sized cities: Hermosillo, Guanajuato, Morelia, Aguascalientes, Mexicali, and Los Mochis. In February 2006, GAP’s shares were listed on the New York Stock Exchange under the ticker symbol “PAC” and on the Mexican Stock Exchange under the ticker symbol “GAP”. In April 2015, GAP acquired 100% of Desarrollo de Concessioner Aeroportuarias, S.L., which owns a majority stake in MBJ Airports Limited, a company operating Sangster International Airport in Montego Bay, Jamaica. In October 2018, GAP entered into a concession agreement for the Norman Manley International Airport operation in Kingston, Jamaica, and took control of the operation in October 2019.
This press release may contain forward-looking statements. These statements are statements that are not historical facts and are based on management’s current view and estimates of future economic circumstances, industry conditions, company performance, and financial results. The words “anticipates”, “believes”, “estimates”, “expects”, “plans” and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations, and the factors or trends affecting financial condition, liquidity, or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends, or results will occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations. In accordance with Section 806 of the Sarbanes-Oxley Act of 2002 and Article 42 of the “Ley del Mercado de Valores”, GAP has implemented a “whistleblower” program, which allows complainants to anonymously and confidentially report suspected activities that involve criminal conduct or violations. The telephone number in Mexico, facilitated by a third party responsible for collecting these complaints, is 800 04 ETICA (38422) or WhatsApp +52 55 6538 5504. The website is www.lineadedenunciagap.com or by email at [email protected]. GAP’s Audit Committee will be notified of all complaints for immediate investigation.
Alejandra Soto Investor Relations and Social Responsibility [email protected] Gisela Murillo, Investor [email protected]
+52 33 3880 1100 ext. 20294
Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC) Discusses Structure and Objectives of FIBRA GAP and Its Role in Funding Mexican Airport Infrastructure Transcript
More than one-third of responders with previously treated disease achieved complete responses, with median duration of response not yet reached, as reported in new Journal of Clinical Oncology publication RYBREVANT FASPRO™, an EGFR- and MET-targeting dual inhibitor, is the first and only subcutaneous therapy being evaluated in this setting Johnson & Johnson submitted a supplemental Biologics License Application to U.S. FDA seeking approval for this indication , /PRNewswire/ -- Johnson & Johnson (NYSE: JNJ) today announced pivotal results from the Phase 1b/2 OrigAMI-4 study showing that subcutaneous amivantamab and hyaluronidase-lpuj delivered durable responses in patients with advanced head and neck squamous cell carcinoma previously treated with immunotherapy and chemotherapy. Confirmed overall response rate was 42 percent, with more than one-third of responders achieving complete responses. Median duration of response was not yet reached, with a median follow up of 11.8 months.1 These data were featured in an oral session at the 2026 American Society of Clinical Oncology (ASCO) Annual Meeting (Abstract #6008) and simultaneously published in the Journal of Clinical Oncology (JCO).2 Together, with additional data presented in lung and colorectal cancers, these findings further demonstrate the expanding role of the amivantamab portfolio across tumor types.
A supplemental Biologics License Application (sBLA) seeking approval for subcutaneous amivantamab in head and neck cancer has been submitted to the U.S. Food and Drug Administration (FDA), following Breakthrough Therapy Designation.
High unmet need remains in advanced head and neck cancer
Head and neck squamous cell carcinoma is an aggressive disease that can significantly affect quality of life, with symptoms such as pain and difficulty swallowing that can make it hard to eat, speak and maintain proper nutrition.3,4 Certain forms of head and neck cancer, including tumors of the mouth, voice box and parts of the throat, are among the most difficult to treat, and are associated with poorer outcomes and persistent unmet need.5 Across head and neck cancers, up to half of patients will experience recurrence or metastatic disease, even when treated at an early stage.3 Once the disease becomes recurrent or metastatic, five-year survival is approximately 15 percent.6 For patients who receive additional treatment, current options provide limited benefit with response rates rarely exceeding 24 percent, and few patients achieve a complete response.7,8
Dual-targeting mechanism helps address tumor growth and resistance
Subcutaneous amivantamab is designed to dual target both epidermal growth factor receptor (EGFR) and mesenchymal-epithelial transition (MET), two pathways associated with tumor growth and resistance, while engaging the immune system.9
"Patients with recurrent or metastatic head and neck cancer who have already been treated with immunotherapy and chemotherapy face very poor outcomes," said Barbara Burtness, M.D.,* medical oncologist and professor of medicine at Yale Cancer Center in New Haven, Connecticut. "The high response seen with subcutaneous amivantamab on its own, including more than one-third of responders achieving complete responses, and the durability of those responses, suggests it has the potential to meaningfully improve expectations for these patients."
Detailed OrigAMI-4 study results
Cohort 1 of the OrigAMI-4 study evaluated subcutaneous amivantamab monotherapy in 102 patients with recurrent or metastatic head and neck cancer who had previously received immunotherapy and platinum-based chemotherapy, excluding patients with human papillomavirus (HPV)-positive oropharyngeal cancer. Patients received treatment every three weeks following an initial loading dose. The primary endpoint was overall response rate, as assessed by local investigators per protocol. Responses were confirmed via blinded independent central review (BICR).1
Based on BICR, confirmed overall response rate was 42 percent (95 percent confidence interval [CI], 32-52), including complete responses in more than one-third of responders (15 percent) and a 27 percent partial response rate. Clinical benefit rate was 63 percent (95 percent CI, 53-72), and median time to first response was 6.6 weeks (range, 5.6-36.9). At the time of analysis (median follow-up of 11.8 months), median duration of response had not yet been reached among confirmed responders, demonstrating notable durability. Median progression-free survival and overall survival were 6.8 months and 12.5 months, respectively.1
The safety profile of subcutaneous amivantamab monotherapy was consistent with prior reports, with no new safety signals identified. Most treatment-related adverse events were Grade 1 or 2 (mild to moderate) and associated with EGFR or MET inhibition. The most common on-target adverse events included hypoalbuminemia (50 percent), rash (37 percent), paronychia (34 percent) and dermatitis acneiform (34 percent). Administration-related reactions occurred in 15 percent of patients, with no Grade 3 or higher events reported. Treatment-related discontinuations remained low at eight percent.1
"Progress has been limited for patients with recurrent and metastatic head and neck cancer, highlighting the need for differentiated approaches that can address the disease more comprehensively," said Yusri Elsayed, M.D., M.H.Sc., Ph.D., Global Therapeutic Area Head, Oncology, Johnson & Johnson. "Subcutaneous amivantamab is the only therapy of its kind being studied in this disease, targeting both EGFR and MET while engaging the immune system. The encouraging responses we're seeing in OrigAMI-4, along with a well-established and manageable safety profile, underscore the potential of this approach and move us closer to delivering a fast, convenient treatment option."
Ongoing study of RYBREVANT FASPRO™ in head and neck cancer
A trial-in-progress update from the Phase 3 OrigAMI-5 study (NCT07276399) was also shared at ASCO 2026 (Abstract #583a). The study is evaluating subcutaneous amivantamab in combination with carboplatin and pembrolizumab as a first-line treatment for patients with recurrent or metastatic head and neck cancer, with the goal of improving outcomes in the first-line setting.10
RYBREVANT FASPRO™ is already approved in more than 40 countries, including the United States, Europe, Japan, and other markets, as a subcutaneous treatment for patients with EGFR-mutated non-small cell lung cancer.11
About the OrigAMI-4 Study
OrigAMI-4 (NCT06385080) is an open-label Phase 1b/2 study evaluating RYBREVANT FASPRO™ (amivantamab and hyaluronidase-lpuj) in recurrent or metastatic head and neck squamous cell carcinoma (R/M HNSCC). The study includes five cohorts exploring RYBREVANT FASPRO™ across different treatment settings and regimens.
Cohort 1 evaluated RYBREVANT FASPRO™ as monotherapy in patients with R/M HNSCC who had received prior platinum-based chemotherapy and PD-1/PD-L1 immunotherapy. Patients with HPV-positive oropharyngeal squamous cell carcinoma were excluded, as well as those with prior anti-EGFR therapy.
RYBREVANT FASPRO™ was administered on a weekly schedule during the initial treatment period followed by dosing every three weeks (Q3W), with weight-based dosing adjustments. The primary endpoint across cohorts is overall response rate (ORR), as assessed by investigators, using RECIST v1.1.†12
About Head and Neck Squamous Cell Carcinoma
Head and neck squamous cell carcinoma (HNSCC) is the most common form of head and neck cancer, a group of cancers that arise in the mouth, throat, voice box, sinuses, nasal cavity, and salivary glands.13 It represents approximately 4.5 percent of all cancers worldwide and is the seventh most common cancer globally.13 Major risk factors include tobacco and alcohol use, as well as infection with high-risk human papillomavirus (HPV).13 Approximately 80 percent of recurrent or metastatic HNSCC are not driven by HPV, and are typically associated with poorer prognosis and reduced response to treatment.13, 14 Despite advances in surgery, radiation, chemotherapy, and immunotherapy, many patients ultimately progress to advanced, recurrent or metastatic disease.15,16
About RYBREVANT FASPRO™ and RYBREVANT®
RYBREVANT FASPRO™ (amivantamab and hyaluronidase-lpuj) received U.S. FDA approval in December 2025 and is approved in multiple markets worldwide for the treatment of adults with EGFR-mutated non-small cell lung cancer (NSCLC), including those with exon 19 deletions, exon 21 L858R substitution mutations, and exon 20 insertion mutations. It is the only subcutaneous therapy approved in these populations and can be used as monotherapy or in combination with LAZCLUZE® (lazertinib) or chemotherapy in the front- and second-line settings, offering convenient monthly‡ or bi-weekly dosing. RYBREVANT FASPRO™ is co-formulated with recombinant human hyaluronidase PH20 (rHuPH20), Halozyme's ENHANZE® drug delivery technology.
RYBREVANT® (amivantamab-vmjw), administered intravenously, received U.S. FDA approval in March 2024 and is approved for the same indications as RYBREVANT FASPRO™ across multiple markets. RYBREVANT® is a first-in-class, fully human bispecific antibody targeting EGFR and MET, designed to inhibit tumor growth while engaging the immune system.
The effectiveness of RYBREVANT FASPRO™ is supported by the established clinical profile of RYBREVANT®, including data from multiple Phase 3 studies such as MARIPOSA, which demonstrated improvements in progression-free and overall survival when used in combination with LAZCLUZE® in first-line advanced EGFR-mutated NSCLC.
The National Comprehensive Cancer Network® (NCCN®) Clinical Practice Guidelines in Oncology (NCCN Guidelines®)§17 include amivantamab-vmjw (RYBREVANT®) across its FDA-approved treatment settings, including as a Category 1 preferred option in combination with lazertinib (LAZCLUZE®) for first-line treatment of patients with locally advanced or metastatic NSCLC with EGFR exon 19 deletions or exon 21 L858R mutations. Subcutaneous amivantamab and hyaluronidase-lpuj (RYBREVANT FASPRO™) may be substituted for IV amivantamab-vmjw (RYBREVANT®) where appropriate. See the latest NCCN Guidelines® for NSCLC for complete information. || ¶
The NCCN Guidelines for Central Nervous System Cancers also include amivantamab (RYBREVANT®)-based regimens, including in combination with lazertinib (LAZCLUZE®), as the only NCCN-preferred combination options for patients with EGFR-mutated NSCLC and brain metastases. || ¶
Beyond NSCLC, RYBREVANT-based therapies are being investigated across other solid tumors, including head and neck and colorectal cancers.
The legal manufacturer for RYBREVANT FASPRO™ and RYBREVANT® is Janssen Biotech, Inc. For more information, visit www.rybrevanthcp.com
INDICATIONS
RYBREVANT FASPRO™ (amivantamab and hyaluronidase-lpuj) and RYBREVANT® (amivantamab-vmjw) are indicated:
in combination with LAZCLUZE (lazertinib) for the first-line treatment of adult patients with locally advanced or metastatic NSCLC with EGFR exon 19 deletions or exon 21 L858R substitution mutations, as detected by an FDA-approved test.in combination with carboplatin and pemetrexed for the treatment of adult patients with locally advanced or metastatic NSCLC with EGFR exon 19 deletions or exon 21 L858R substitution mutations, whose disease has progressed on or after treatment with an EGFR tyrosine kinase inhibitor.in combination with carboplatin and pemetrexed for the first-line treatment of adult patients with locally advanced or metastatic NSCLC with EGFR exon 20 insertion mutations, as detected by an FDA-approved test.as a single agent for the treatment of adult patients with locally advanced or metastatic NSCLC with EGFR exon 20 insertion mutations, as detected by an FDA approved test, whose disease has progressed on or after platinum-based chemotherapy.IMPORTANT SAFETY INFORMATION FOR RYBREVANT FASPRO™ AND RYBREVANT® 10,18
CONTRAINDICATIONS
RYBREVANT FASPRO™ is contraindicated in patients with known hypersensitivity to hyaluronidase or to any of its excipients.
WARNINGS AND PRECAUTIONS
Hypersensitivity and Administration-Related Reactions with RYBREVANT FASPRO™
RYBREVANT FASPRO™ can cause hypersensitivity and administration-related reactions (ARR); signs and symptoms of ARR include dyspnea, flushing, fever, chills, chest discomfort, hypotension, and vomiting. The median time to ARR onset is approximately 2 hours.
RYBREVANT FASPRO™ with LAZCLUZE®
In PALOMA-3 (n=206), all Grade ARR occurred in 13% of patients, including 0.5% Grade 3. Of the patients who experienced ARR, 89% occurred with the initial dose (Week 1, Day 1).
Premedicate with antihistamines, antipyretics, and glucocorticoids and administer RYBREVANT FASPRO™ as recommended. Monitor patients for any signs and symptoms of administration-related reactions during injection in a setting where cardiopulmonary resuscitation medication and equipment are available. Interrupt RYBREVANT FASPRO™ injection if ARR is suspected. Resume treatment upon resolution of symptoms or permanently discontinue RYBREVANT FASPRO™ based on severity.
Infusion-Related Reactions with RYBREVANT®
RYBREVANT® can cause infusion-related reactions (IRR) including anaphylaxis; signs and symptoms of IRR include dyspnea, flushing, fever, chills, nausea, chest discomfort, hypotension, and vomiting. The median time to IRR onset is approximately 1 hour.
RYBREVANT® with LAZCLUZE®
In MARIPOSA (n=421), IRRs occurred in 63% of patients, including Grade 3 in 5% and Grade 4 in 1% of patients. IRR-related infusion modifications occurred in 54%, dose reduction in 0.7%, and permanent discontinuation of RYBREVANT® in 4.5% of patients.
RYBREVANT® with Carboplatin and Pemetrexed
Based on the pooled safety population (n=281), IRRs occurred in 50% of patients including Grade 3 (3.2%) adverse reactions. IRR-related infusion modifications occurred in 46%, and permanent discontinuation of RYBREVANT® in 2.8% of patients.
RYBREVANT® as a Single Agent
In CHRYSALIS (n=302), IRRs occurred in 66% of patients. IRRs occurred in 65% of patients on Week 1 Day 1, 3.4% on Day 2 infusion, 0.4% with Week 2 infusion, and were cumulatively 1.1% with subsequent infusions. 97% were Grade 1-2, 2.2% were Grade 3, and 0.4% were Grade 4. The median time to onset was 1 hour (range: 0.1 to 18 hours) after start of infusion. IRR-related infusion modifications occurred in 62%, and permanent discontinuation of RYBREVANT® in 1.3% of patients.
Premedicate with antihistamines, antipyretics, and glucocorticoids and infuse RYBREVANT® as recommended. Administer RYBREVANT® via a peripheral line on Week 1 and Week 2 to reduce the risk of IRRs. Monitor patients for signs and symptoms of IRRs in a setting where cardiopulmonary resuscitation medication and equipment are available. Interrupt infusion if IRR is suspected. Reduce the infusion rate or permanently discontinue RYBREVANT® based on severity. If an anaphylactic reaction occurs, permanently discontinue RYBREVANT®.
Interstitial Lung Disease/Pneumonitis
RYBREVANT FASPRO™ and RYBREVANT® can cause severe and fatal interstitial lung disease (ILD)/pneumonitis.
RYBREVANT FASPRO™ with LAZCLUZE®
In PALOMA-3, ILD/pneumonitis occurred in 6% of patients, including Grade 3 in 1%, Grade 4 in 1.5%, and fatal cases in 1.9% of patients. 5% of patients permanently discontinued RYBREVANT FASPRO™ and LAZCLUZE® due to ILD/pneumonitis.
RYBREVANT® with LAZCLUZE®
In MARIPOSA, ILD/pneumonitis occurred in 3.1% of patients, including Grade 3 in 1.0% and Grade 4 in 0.2% of patients. There was one fatal case of ILD/pneumonitis and 2.9% of patients permanently discontinued RYBREVANT® and LAZCLUZE® due to ILD/pneumonitis.
RYBREVANT® with Carboplatin and Pemetrexed
Based on the pooled safety population, ILD/pneumonitis occurred in 2.1% of patients with 1.8% of patients experiencing Grade 3 ILD/pneumonitis. 2.1% discontinued RYBREVANT® due to ILD/pneumonitis.
RYBREVANT® as a Single Agent
In CHRYSALIS, ILD/pneumonitis occurred in 3.3% of patients, with 0.7% of patients experiencing Grade 3 ILD/pneumonitis. Three patients (1%) permanently discontinued RYBREVANT® due to ILD/pneumonitis.
Monitor patients for new or worsening symptoms indicative of ILD/pneumonitis (e.g., dyspnea, cough, fever). Immediately withhold RYBREVANT FASPRO™ or RYBREVANT® and LAZCLUZE® (when applicable) in patients with suspected ILD/pneumonitis and permanently discontinue if ILD/pneumonitis is confirmed.
Venous Thromboembolic (VTE) Events with Concomitant Use with LAZCLUZE®
RYBREVANT FASPRO™ and RYBREVANT® in combination with LAZCLUZE® can cause serious and fatal venous thromboembolic (VTE) events, including deep vein thrombosis and pulmonary embolism. Without prophylactic anticoagulation, the majority of these events occurred during the first four months of treatment.
RYBREVANT FASPRO™ with LAZCLUZE®
In PALOMA-3 (n=206), all Grade VTE occurred in 11% of patients and 1.5% were Grade 3. 80% (n=164) of patients received prophylactic anticoagulation at study entry, with an all Grade VTE incidence of 7%. In patients who did not receive prophylactic anticoagulation (n=42), all Grade VTE occurred in 17% of patients. In total, 0.5% of patients had VTE leading to dose reductions of RYBREVANT FASPRO™ and no patients required permanent discontinuation. The median time to onset of VTEs was 95 days (range: 17 to 390).
RYBREVANT® with LAZCLUZE®
In MARIPOSA (n=421), VTEs occurred in 36% of patients including Grade 3 in 10% and Grade 4 in 0.5% of patients. On-study VTEs occurred in 1.2% of patients (n=5) while receiving anticoagulation therapy. There were two fatal cases of VTE (0.5%), 9% of patients had VTE leading to dose interruptions of RYBREVANT®, and 7% of patients had VTE leading to dose interruptions of LAZCLUZE®; 1% of patients had VTE leading to dose reductions of RYBREVANT®, and 0.5% of patients had VTE leading to dose reductions of LAZCLUZE®; 3.1% of patients had VTE leading to permanent discontinuation of RYBREVANT®, and 1.9% of patients had VTE leading to permanent discontinuation of LAZCLUZE®. The median time to onset of VTEs was 84 days (range: 6 to 777).
Administer prophylactic anticoagulation for the first four months of treatment. The use of Vitamin K antagonists is not recommended.
Monitor for signs and symptoms of VTE events and treat as medically appropriate. Withhold RYBREVANT FASPRO™ or RYBREVANT® and LAZCLUZE® based on severity. Once anticoagulant treatment has been initiated, resume RYBREVANT FASPRO™ or RYBREVANT® and LAZCLUZE® at the same dose level at the discretion of the healthcare provider. In the event of VTE recurrence despite therapeutic anticoagulation, permanently discontinue RYBREVANT FASPRO™ or RYBREVANT®. Treatment can continue with LAZCLUZE® at the same dose level at the discretion of the healthcare provider. Refer to the LAZCLUZE® Prescribing Information for recommended LAZCLUZE® dosage modification.
Dermatologic Adverse Reactions
RYBREVANT FASPRO™ and RYBREVANT® can cause severe rash including toxic epidermal necrolysis (TEN), dermatitis acneiform, pruritus and dry skin.
RYBREVANT FASPRO™ with LAZCLUZE®
In PALOMA-3, rash occurred in 80% of patients, including Grade 3 in 17% and Grade 4 in 0.5% of patients. Rash leading to dose reduction occurred in 11% of patients, and RYBREVANT FASPRO™ was permanently discontinued due to rash in 1.5% of patients.
RYBREVANT® with LAZCLUZE®
In MARIPOSA, rash occurred in 86% of patients, including Grade 3 in 26% of patients. The median time to onset of rash was 14 days (range: 1 to 556 days). Rash leading to dose interruptions occurred in 37% of patients for RYBREVANT® and 30% for LAZCLUZE®, rash leading to dose reductions occurred in 23% of patients for RYBREVANT® and 19% for LAZCLUZE®, and rash leading to permanent discontinuation occurred in 5% of patients for RYBREVANT® and 1.7% for LAZCLUZE®.
RYBREVANT® with Carboplatin and Pemetrexed
Based on the pooled safety population, rash occurred in 82% of patients, including Grade 3 (15%) adverse reactions. Rash leading to dose reductions occurred in 14% of patients, and 2.5% permanently discontinued RYBREVANT® and 3.1% discontinued pemetrexed.
RYBREVANT® as a Single Agent
In CHRYSALIS, rash occurred in 74% of patients, including Grade 3 in 3.3% of patients. The median time to onset of rash was 14 days (range: 1 to 276 days). Rash leading to dose reduction occurred in 5% and permanent discontinuation due to rash occurred in 0.7% of patients. Toxic epidermal necrolysis occurred in one patient (0.3%).
When initiating treatment with RYBREVANT FASPRO or RYBREVANT and LAZCLUZE, prophylactic and concomitant medications are recommended to reduce the risk and severity of dermatologic adverse reactions. Instruct patients to limit sun exposure during and for 2 months after treatment. Advise patients to wear protective clothing and use broad spectrum UVA/UVB sunscreen.
If skin reactions develop, administer supportive care including topical corticosteroids and topical and/or oral antibiotics. For Grade 3 reactions, add oral steroids and consider dermatologic consultation. Promptly refer patients presenting with severe rash, atypical appearance or distribution, or lack of improvement within 2 weeks to a dermatologist. For patients receiving RYBREVANT FASPRO™ or RYBREVANT® in combination with LAZCLUZE®, withhold, reduce the dose, or permanently discontinue both drugs based on severity. For patients receiving RYBREVANT FASPRO™ or RYBREVANT® as a single agent or in combination with carboplatin and pemetrexed, withhold, dose reduce or permanently discontinue RYBREVANT FASPRO™ or RYBREVANT® based on severity.
Hepatotoxicity
LAZCLUZE® in combination with amivantamab can cause severe hepatotoxicity (including increased ALT and AST).
RYBREVANT® with LAZCLUZE®
In MARIPOSA, based on adverse reaction data, hepatotoxicity occurred in 49% of patients treated with LAZCLUZE®, including Grade 3 in 9.3% of patients and Grade 4 in 0.5%. LAZCLUZE® was interrupted for an adverse reaction of hepatotoxicity in 8% of patients, the dose was reduced in 1.4% and permanently discontinued in 0.2%.
Perform liver function tests (including ALT, AST, and total bilirubin) before initiation of LAZCLUZE® and during treatment, as clinically indicated. Withhold, reduce the dose, or permanently discontinue LAZCLUZE® and amivantamab based on severity.
Ocular Toxicity
RYBREVANT FASPRO™ and RYBREVANT® can cause ocular toxicity including keratitis, blepharitis, dry eye symptoms, conjunctival redness, blurred vision, visual impairment, ocular itching, eye pruritus and uveitis.
RYBREVANT FASPRO™ with LAZCLUZE®
In PALOMA-3, all Grade ocular toxicity occurred in 13% of patients, including 0.5% Grade 3.
RYBREVANT® with LAZCLUZE®
In MARIPOSA, ocular toxicity occurred in 16%, including Grade 3 or 4 ocular toxicity in 0.7% of patients.
RYBREVANT® with Carboplatin and Pemetrexed
Based on the pooled safety population, ocular toxicity occurred in 16% of patients. All events were Grade 1 or 2.
RYBREVANT® as a Single Agent
In CHRYSALIS, keratitis occurred in 0.7% and uveitis occurred in 0.3% of patients. All events were Grade 1-2.
Promptly refer patients presenting with new or worsening eye symptoms to an ophthalmologist. Withhold, dose reduce or permanently discontinue RYBREVANT FASPRO™ or RYBREVANT® and continue LAZCLUZE® based on severity.
Embryo-Fetal Toxicity
Based on animal models, RYBREVANT FASPRO™, RYBREVANT® and LAZCLUZE® can cause fetal harm when administered to a pregnant woman. Verify pregnancy status of females of reproductive potential prior to initiating RYBREVANT FASPRO™ and RYBREVANT®. Advise pregnant women and females of reproductive potential of the potential risk to the fetus. Advise patients of reproductive potential to use effective contraception during treatment and for 3 months after the last dose of RYBREVANT FASPRO™ or RYBREVANT®, and for 3 weeks after the last dose of LAZCLUZE®.
ADVERSE REACTIONS
RYBREVANT FASPRO™ with LAZCLUZE®
In PALOMA-3 (n=206), the most common adverse reactions (≥20%) were rash (80%), nail toxicity (58%), musculoskeletal pain (50%), fatigue (37%), stomatitis (36%), edema (34%), nausea (30%), diarrhea (22%), vomiting (22%), constipation (22%), decreased appetite (22%), and headache (21%). The most common Grade 3 or 4 laboratory abnormalities (≥2%) were decreased lymphocyte count (6%), decreased sodium (5%), decreased potassium (5%), decreased albumin (4.9%), increased alanine aminotransferase (3.4%), decreased platelet count (2.4%), increased aspartate aminotransferase (2%), increased gamma-glutamyl transferase (2%), and decreased hemoglobin (2%).
Serious adverse reactions occurred in 33% of patients, with those occurring in ≥2% of patients including ILD/pneumonitis (6%); and pneumonia, VTE and fatigue (2.4% each). Death due to adverse reactions occurred in 5% of patients treated with RYBREVANT FASPRO™, including ILD/pneumonitis (1.9%), pneumonia (1.5%), and respiratory failure and sudden death (1% each).
RYBREVANT® with LAZCLUZE®
In MARIPOSA (n=421), the most common adverse reactions (ARs) (≥20%) were rash (86%), nail toxicity (71%), infusion-related reactions (IRRs) (RYBREVANT®) (63%), musculoskeletal pain (47%), stomatitis (43%), edema (43%), VTE (36%), paresthesia (35%), fatigue (32%), diarrhea (31%), constipation (29%), COVID-19 (26%), hemorrhage (25%), dry skin (25%), decreased appetite (24%), pruritus (24%), and nausea (21%). The most common Grade 3 or 4 laboratory abnormalities (≥2%) were decreased albumin (8%), decreased sodium (7%), increased ALT (7%), decreased potassium (5%), decreased hemoglobin (3.8%), increased AST (3.8%), increased GGT (2.6%), and increased magnesium (2.6%).
Serious ARs occurred in 49% of patients, with those occurring in ≥2% of patients including VTE (11%), pneumonia (4%), ILD/pneumonitis and rash (2.9% each), COVID-19 (2.4%), and pleural effusion and IRRs (RYBREVANT®) (2.1% each). Fatal ARs occurred in 7% of patients due to death not otherwise specified (1.2%); sepsis and respiratory failure (1% each); pneumonia, myocardial infarction, and sudden death (0.7% each); cerebral infarction, pulmonary embolism (PE), and COVID-19 infection (0.5% each); and ILD/pneumonitis, acute respiratory distress syndrome (ARDS), and cardiopulmonary arrest (0.2% each).
RYBREVANT® with Carboplatin and Pemetrexed
In MARIPOSA-2 (n=130), the most common ARs (≥20%) were rash (72%), IRRs (59%), fatigue (51%), nail toxicity (45%), nausea (45%), constipation (39%), edema (36%), stomatitis (35%), decreased appetite (31%), musculoskeletal pain (30%), vomiting (25%), and COVID-19 (21%). The most common Grade 3 to 4 laboratory abnormalities (≥2%) were decreased neutrophils (49%), decreased white blood cells (42%), decreased lymphocytes (28%), decreased platelets (17%), decreased hemoglobin (12%), decreased potassium (11%), decreased sodium (11%), increased alanine aminotransferase (3.9%), decreased albumin (3.8%), and increased gamma-glutamyl transferase (3.1%).
In MARIPOSA-2, serious ARs occurred in 32% of patients, with those occurring in >2% of patients including dyspnea (3.1%), thrombocytopenia (3.1%), sepsis (2.3%), and PE (2.3%). Fatal ARs occurred in 2.3% of patients; these included respiratory failure, sepsis, and ventricular fibrillation (0.8% each).
In PAPILLON (n=151), the most common ARs (≥20%) were rash (90%), nail toxicity (62%), stomatitis (43%), IRRs (42%), fatigue (42%), edema (40%), constipation (40%), decreased appetite (36%), nausea (36%), COVID-19 (24%), diarrhea (21%), and vomiting (21%). The most common Grade 3 to 4 laboratory abnormalities (≥2%) were decreased albumin (7%), increased alanine aminotransferase (4%), increased gamma-glutamyl transferase (4%), decreased sodium (7%), decreased potassium (11%), decreased magnesium (2%), and decreases in white blood cells (17%), hemoglobin (11%), neutrophils (36%), platelets (10%), and lymphocytes (11%).
In PAPILLON, serious ARs occurred in 37% of patients, with those occurring in ≥2% of patients including rash, pneumonia, ILD, PE, vomiting, and COVID-19. Fatal adverse reactions occurred in 7 patients (4.6%) due to pneumonia, cerebrovascular accident, cardio-respiratory arrest, COVID-19, sepsis, and death not otherwise specified.
RYBREVANT® as a Single Agent
In CHRYSALIS (n=129), the most common ARs (≥20%) were rash (84%), IRR (64%), paronychia (50%), musculoskeletal pain (47%), dyspnea (37%), nausea (36%), fatigue (33%), edema (27%), stomatitis (26%), cough (25%), constipation (23%), and vomiting (22%). The most common Grade 3 to 4 laboratory abnormalities (≥2%) were decreased lymphocytes (8%), decreased albumin (8%), decreased phosphate (8%), decreased potassium (6%), increased alkaline phosphatase (4.8%), increased glucose (4%), increased gamma-glutamyl transferase (4%), and decreased sodium (4%).
Serious ARs occurred in 30% of patients, with those occurring in ≥2% of patients including PE, pneumonitis/ILD, dyspnea, musculoskeletal pain, pneumonia, and muscular weakness. Fatal adverse reactions occurred in 2 patients (1.5%) due to pneumonia and 1 patient (0.8%) due to sudden death.
LAZCLUZE® DRUG INTERACTIONS
Avoid concomitant use of LAZCLUZE® with strong and moderate CYP3A4 inducers. Consider an alternate concomitant medication with no potential to induce CYP3A4.
Monitor for adverse reactions associated with a CYP3A4 or BCRP substrate where minimal concentration changes may lead to serious adverse reactions, as recommended in the approved product labeling for the CYP3A4 or BCRP substrate.
Please see full Prescribing Information for RYBREVANT FASPRO™, RYBREVANT® and LAZCLUZE®.
cp-491009v2
About Johnson & Johnson
At Johnson & Johnson, we believe health is everything. Our strength in healthcare innovation empowers us to build a world where complex diseases are prevented, treated, and cured, where treatments are smarter and less invasive, and solutions are personal. Through our expertise in Innovative Medicine and MedTech, we are uniquely positioned to innovate across the full spectrum of healthcare solutions today to deliver the breakthroughs of tomorrow and profoundly impact health for humanity. Learn more at https://www.jnj.com/ or at www.innovativemedicine.jnj.com. Follow us at @JNJInnovMed.
Cautions Concerning Forward-Looking Statements
This press release contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 regarding product development and the potential benefits and treatment impact of RYBREVANT®-based regimens. The reader is cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections of Johnson & Johnson. Risks and uncertainties include, but are not limited to: challenges and uncertainties inherent in product research and development, including the uncertainty of clinical success and of obtaining regulatory approvals; uncertainty of commercial success; manufacturing difficulties and delays; competition, including technological advances, new products and patents attained by competitors; challenges to patents; product efficacy or safety concerns resulting in product recalls or regulatory action; changes in behavior and spending patterns of purchasers of health care products and services; changes to applicable laws and regulations, including global health care reforms; and trends toward health care cost containment. A further list and descriptions of these risks, uncertainties and other factors can be found in Johnson & Johnson's most recent Annual Report on Form 10-K, including in the sections captioned "Cautionary Note Regarding Forward-Looking Statements" and "Item 1A. Risk Factors," and in Johnson & Johnson's subsequent Quarterly Reports on Form 10-Q and other filings with the Securities and Exchange Commission. Copies of these filings are available online at www.sec.gov, www.jnj.com, www.investor.jnj.com or on request from Johnson & Johnson. Johnson & Johnson does not undertake to update any forward-looking statement as a result of new information or future events or developments.
*Barbara Burtness, M.D. has served as a consultant to Johnson & Johnson; she has not been paid for any media work.
† RECIST (version 1.1) refers to Response Evaluation Criteria in Solid Tumors, which is a standard way to measure how well solid tumors respond to treatment and is based on whether tumors shrink, stay the same or get bigger.
‡ Once monthly after weekly injections from weeks 1-4.
§ The NCCN content does not constitute medical advice and should not be used in place of seeking professional medical advice, diagnosis or treatment by licensed practitioners. NCCN makes no warranties of any kind whatsoever regarding their content, use or application and disclaims any responsibility for their application or use in any way.
|| See the NCCN Guidelines for detailed recommendations, including other treatment options.
¶ The NCCN Guidelines for NSCLC provide recommendations for certain individual biomarkers that should be tested and recommend testing techniques but do not endorse any specific commercially available biomarker assays or commercial laboratories.
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Pacifico's traffic fell in Q1 but should return to positive territory on a full-year basis. The share price has corrected on jet fuel price worries, but these concerns will pass. My take on the company's new REIT-like funding structure.
GUADALAJARA, Mexico, June 05, 2026 (GLOBE NEWSWIRE) -- Grupo Aeroportuario del Pacífico, S.A.B. de C.V., (NYSE: PAC; BMV: GAP) (“the Company” or “GAP”) announces preliminary terminal passenger traffic figures for May 2026, compared with May 2025.
During May 2026, the 12 Mexican airports operated by GAP recorded a 2.8% decrease in total passenger traffic compared to May 2025. Guadalajara airport reported an increase of 7.1%, while Puerto Vallarta, Tijuana and Los Cabos reported a decrease of 14.4%, 9.8%, and 6.0%, respectively, compared to May 2025. With respect to GAP’s airports in Jamaica, Montego Bay recorded a decrease of 19.1%, while Montego Bay recorded a decrease of 5.2%.
Domestic Terminal Passengers (in thousands): AirportMay-25May-26% ChangeJan - May 25Jan - May 26% ChangeGuadalajara1,023.41,085.96.1%5,112.05,187.71.5%Tijuana*730.5664.5(9.0%)3,536.63,304.7(6.6%)Los Cabos245.0247.00.8%1,168.51,116.2(4.5%)Puerto Vallarta278.2266.7(4.1%)1,210.21,166.5(3.6%)Montego Bay0.00.0N/A0.00.0N/AGuanajuato194.1181.3(6.6%)903.7871.3(3.6%)Hermosillo184.5179.1(2.9%)877.6825.7(5.9%)Kingston0.00.1140.0%0.10.8489.7%Morelia59.455.6(6.3%)305.6306.90.4%La Paz107.0122.014.0%499.4559.111.9%Mexicali103.686.9(16.1%)501.8437.1(12.9%)Aguascalientes60.753.6(11.6%)265.8247.7(6.8%)Los Mochis58.161.55.8%289.6285.5(1.4%)Manzanillo10.310.0(2.4%)55.852.8(5.3%)Total3,054.63,014.2(1.3%)14,726.714,361.9(2.5%) International Terminal Passengers (in thousands): AirportMay-25May-26% ChangeJan - May 25Jan - May 26% ChangeGuadalajara457.5499.99.3%2,417.42,459.21.7%Tijuana*336.6297.9(11.5%)1,702.51,508.3(11.4%)Los Cabos367.3328.8(10.5%)2,193.22,101.6(4.2%)Puerto Vallarta236.1173.5(26.5%)2,084.31,740.0(16.5%)Montego Bay395.4320.1(19.1%)2,164.81,573.0(27.3%)Guanajuato80.371.9(10.4%)427.7402.0(6.0%)Hermosillo6.77.714.7%33.736.68.5%Kingston146.3138.7(5.2%)729.3699.2(4.1%)Morelia49.762.625.9%279.9343.322.7%La Paz3.14.751.9%14.821.948.2%Mexicali0.50.729.5%2.93.05.7%Aguascalientes28.729.00.9%129.8135.74.6%Los Mochis0.70.76.4%3.23.31.9%Manzanillo5.14.7(6.3%)58.749.3(16.1%)Total2,113.91,940.9(8.2%)12,242.211,076.4(9.5%) Total Terminal Passengers (in thousands): AirportMay-25May-26% ChangeJan - May 25Jan - May 26% ChangeGuadalajara1,480.81,585.87.1%7,529.47,646.91.6%Tijuana*1,067.1962.4(9.8%)5,239.24,813.0(8.1%)Los Cabos612.3575.8(6.0%)3,361.73,217.8(4.3%)Puerto Vallarta514.3440.2(14.4%)3,294.52,906.5(11.8%)Montego Bay395.4320.1(19.1%)2,164.81,573.0(27.3%)Guanajuato274.4253.3(7.7%)1,331.41,273.3(4.4%)Hermosillo191.2186.8(2.3%)911.3862.3(5.4%)Kingston146.4138.8(5.2%)729.5700.0(4.0%)Morelia109.0118.28.4%585.5650.211.0%La Paz110.1126.815.1%514.2581.013.0%Mexicali104.187.6(15.9%)504.6440.2(12.8%)Aguascalientes89.382.6(7.6%)395.6383.4(3.1%)Los Mochis58.762.15.9%292.8288.8(1.4%)Manzanillo15.414.8(3.7%)114.5102.1(10.9%)Total5,168.54,955.2(4.1%)26,968.825,438.4(5.7%) *Passengers in Tijuana who use CBX in both directions are classified as international.
CBX users (in thousands): AirportMay-25May-26% ChangeJan - May 25Jan - May 26% ChangeTijuana329.8293.5(11.0%)1,673.01,489.2(11.0%) Highlights for the month:
Seats and load factors
The seats available during May 2026 decreased by 7.5%, compared to May 2025. The load factors for the month went from 81.1% in May 2025 to 84.1% in May 2026. Company Description
Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (GAP) operates 12 airports throughout Mexico’s Pacific region, including the major cities of Guadalajara and Tijuana, the four tourist destinations of Puerto Vallarta, Los Cabos, La Paz and Manzanillo, and six other mid-sized cities: Hermosillo, Guanajuato, Morelia, Aguascalientes, Mexicali, and Los Mochis. In February 2006, GAP’s shares were listed on the New York Stock Exchange under the ticker symbol “PAC” and on the Mexican Stock Exchange under the ticker symbol “GAP”. In April 2015, GAP acquired 100% of Desarrollo de Concessioner Aeroportuarias, S.L., which owns a majority stake in MBJ Airports Limited, a company operating Sangster International Airport in Montego Bay, Jamaica. In October 2018, GAP entered into a concession agreement for the Norman Manley International Airport operation in Kingston, Jamaica, and took control of the operation in October 2019.
This press release may contain forward-looking statements. These statements are statements that are not historical facts and are based on management’s current view and estimates of future economic circumstances, industry conditions, company performance, and financial results. The words “anticipates”, “believes”, “estimates”, “expects”, “plans” and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations, and the factors or trends affecting financial condition, liquidity, or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends, or results will occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations. In accordance with Section 806 of the Sarbanes-Oxley Act of 2002 and Article 42 of the “Ley del Mercado de Valores”, GAP has implemented a “whistleblower” program, which allows complainants to anonymously and confidentially report suspected activities that involve criminal conduct or violations. The telephone number in Mexico, facilitated by a third party responsible for collecting these complaints, is 800 04 ETICA (38422) or WhatsApp +52 55 6538 5504. The website is www.lineadedenunciagap.com or by email at [email protected]. GAP’s Audit Committee will be notified of all complaints for immediate investigation.
Alejandra Soto, Investor Relations and Social Responsibility OfficerGisela Murillo, Investor Relations
GUADALAJARA, Mexico, June 08, 2026 (GLOBE NEWSWIRE) -- Grupo Aeroportuario del Pacífico, S.A.B. de C.V., (NYSE: PAC; BMV: GAP) (“the Company” or “GAP”) announces the publication of its 2025 Sustainability Report, which presents the Company’s performance, progress, and key initiatives related to environmental, social, and governance (ESG) matters during 2025.
The report covers the period from January 1 to December 31, 2025, and was prepared in accordance with the Global Reporting Initiative (GRI) Standards and the Sustainability Accounting Standards Board (SASB) framework. In addition, it incorporates considerations aligned with other international reporting frameworks, including IFRS Sustainability Disclosure Standards S1 and S2, issued by the International Sustainability Standards Board (ISSB).
The full report is available on GAP’s website at www.aeropuertosgap.com.mx under the Investors section.
Company Description
Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (GAP) operates 12 airports throughout Mexico’s Pacific region, including the major cities of Guadalajara and Tijuana, the four tourist destinations of Puerto Vallarta, Los Cabos, La Paz and Manzanillo, and six other mid-sized cities: Hermosillo, Guanajuato, Morelia, Aguascalientes, Mexicali, and Los Mochis. In February 2006, GAP’s shares were listed on the New York Stock Exchange under the ticker symbol “PAC” and on the Mexican Stock Exchange under the ticker symbol “GAP”. In April 2015, GAP acquired 100% of Desarrollo de Concessioner Aeroportuarias, S.L., which owns a majority stake in MBJ Airports Limited, a company operating Sangster International Airport in Montego Bay, Jamaica. In October 2018, GAP entered into a concession agreement for the Norman Manley International Airport operation in Kingston, Jamaica, and took control of the operation in October 2019.
In accordance with Section 806 of the Sarbanes-Oxley Act of 2002 and Article 42 of the “Ley del Mercado de Valores”, GAP has implemented a “whistleblower” program, which allows complainants to anonymously and confidentially report suspected activities that involve criminal conduct or violations. The telephone number in Mexico, facilitated by a third party responsible for collecting these complaints, is 800 04 ETICA (38422) or WhatsApp +52 55 6538 5504. The website is www.lineadedenunciagap.com or by email at [email protected]. GAP’s Audit Committee will be notified of all complaints for immediate investigation.
Alejandra Soto, Investor Relations and Social Responsibility [email protected] Gisela Murillo, Investor [email protected]
+52 33 3880 1100 ext. 20294
