3 Key Points
—Grupo Aeroportuario del Pacífico (GAP), operator of Guadalajara, Tijuana and twelve other airports, cut its 2026 traffic forecast to between minus 3% and flat — its previous guidance promised 2–5% growth — after second-quarter passengers fell 5.6% to just under 15 million; the stock dropped more than 5% and led the Mexican bolsa’s losers.
—The quarter itself was a split screen: revenue of Ps.11,290 million ($646M) rose 3.7% but missed the roughly Ps.12,360 million ($707M) analysts expected, while EBITDA still climbed 8.4% to Ps.5,965 million ($341M) and comprehensive income rose 9.6% to Ps.2,450 million ($140M) — costs flexed faster than traffic fell.
—Three headwinds hit at once — a peso 10.9% stronger against the dollar, an 18.3% revenue drop at its Jamaican airports, and collapsing international traffic at beach destinations (Puerto Vallarta international down 27.1%) — just as the CBX Tijuana–San Diego bridge terminal entered the accounts, adding 89.7 million new shares and Ps.30,803 million ($1.76B) of goodwill.
GAP Guidance Cut Q2 2026: What Happened
