GAP Soars to New Heights Despite Industry Challenges
The third quarter of 2026 has been a significant period for GAP, as the company delivers a solid financial performance amidst persistent challenges across its airport network. In a recent conference call, Mr. Raúl Revuelta, Chief Executive Officer, and Mr. Saúl Villarreal, Chief Financial Officer, highlighted the valuable contribution of the company's diversified business model to its success.
Despite a 1.4% decline in passenger traffic compared to the third quarter of 2025, GAP's revenue excluding construction services increased by 13.2%. EBITDA grew by 19.2%, reaching MXN 6.1 billion, and EBITDA margins expanded by 350 basis points to 67.8%. These impressive results are attributed to three distinct drivers: the consolidation of Cross Border Xpress, the internalization of GAP Technical Assistance Services, and the growth in directly operated business.
While these figures demonstrate the strength of GAP's operating model, they also indicate that underlying passenger demand remains challenging. However, the company is prioritizing factors it can control, such as strengthening its airport network while building complementary businesses to diversify earnings and expand capacity for long-term value creation.
The 14 airports handled approximately 18.4 million passengers during the third quarter, with domestic traffic increasing by 0.6% and international traffic declining by 4.5%. Guadalajara remains a primary performance driver, with an 8% passenger traffic increase supported by growth in both domestic and international volume. International passengers in Guadalajara grew by 13.1%, reflecting the resilience of the airport's diversified passenger mix across visiting friends and relatives, business, and leisure segments.
CBX users increased by 8.4% during the quarter, reaching approximately 1 million passengers. The CBX capture rate improved from 29.7% in the third quarter of 2025 to 32.4% in the third quarter of 2026, highlighting the growing importance of cross-border connectivity and the strategic benefits of integrating CBX into GAP's airport network.
However, Puerto Vallarta and Los Cabos continue to experience softer demand, with passengers traffic declining by 11% and 6.8%, respectively. International traffic at Puerto Vallarta remained weak, declined by 24.8%, primarily due to security concerns following events in Jalisco in February. To counter this, the company is actively collaborating with airlines, tourists, and stakeholders to promote connectivity and passenger demand in the region.
