$PAC (+1,03%) ✈️ Grupo Aeroportuario del Pacífico (PAC) – Q2 2026 Snapshot
EPS -> $2.35 reported (estimate $3.07) ❌ Miss
Revenue -> $645M reported (estimate $732M) ❌ Miss
📈 Operational Performance (this is where it gets interesting) Compared with Q2 2025:
- ✅ Revenue +3.7%
- ✅ Aeronautical + non-aeronautical revenue +4.9%
- ✅ EBITDA +8.4%
- ✅ Net income +9.6%
- ✅ EBITDA margin increased to 69.3%
🛫 Passenger Traffic Q2 traffic: -5.6% YoY
Recent monthly trend:
- April: around -6%
- May: around -4%
- June: around -5%
International traffic remains noticeably weaker than domestic traffic. Tourist airports such as Puerto Vallarta and Los Cabos continue to underperform, while Guadalajara has remained comparatively resilient.
🎤 Management Commentary
Management's tone was actually more constructive than the headlines.
Full-year outlook, they continue to expect approximately:
- Passenger traffic: -3% to 0%
- Revenue growth: 7–10%
- EBITDA growth: 10–12%
Traffic remains under pressure and headline EPS/Revenue missed expectations, but the underlying economics of the business continue to improve. Revenue, EBITDA, net income and margins all increased despite a ~5–6% decline in passenger traffic, demonstrating the strength of PAC's concession model.