GAP's Resilience Shines Through in Q2 2026 Results
In a show of resilience, GAP, the leading airport operator, has reported a strong performance in the second quarter of 2026. Despite a 5.6% decline in passenger traffic compared to the same period last year, the company's diversified business model and multiple revenue streams have helped protect earnings and drive growth.
According to CEO Raúl Revuelta, the results reflect the combined strength of GAP's airport portfolio, direct business operations, initial contributions from Cross Border Xpress, approved tariffs, and internationalization of technical assistance services. While traffic performance was not satisfactory, the company has demonstrated its ability to generate growth through various complementary revenue streams.
The decline in passenger traffic can be attributed to a combination of factors affecting both GAP's Mexican and Jamaican operations. In Jamaica, the impact of Hurricane Melissa continues to be felt, with hotel capacity recovery still underway. However, this is expected to turn around in the coming months, as indicated by the gradual reopening of hotels along the main tourist corridor.
In Mexico, rising jet fuel costs and international leisure demand affected by security concerns contributed to a 27% reduction in international passengers at Puerto Vallarta. The company is actively partnering with airlines and regional tourist stakeholders to rebuild route connectivity and boost travel confidence in this area.
The Guadalajara Airport, however, demonstrated its operational strength by successfully handling additional charter flights and the arrival of national teams, official delegations, and fans during the FIFA World Cup. Despite heightened security protocols, operations remained normal, preserving excellent standard service levels for daily passengers and airline partners. Traffic at Guadalajara Airport rose by 6% as a result.
GAP's revised guidance does not assume an immediate or complete recovery but rather reflects a gradual improvement supported by 19 new routes launched during the quarter, new frequencies that began operation in June, the gradual restoration of hotel capacity in Jamaica, and more favorable year-over-year comparison during the second half. The company remains optimistic about its ability to navigate temporary headwinds and capitalize on emerging opportunities.
As reported in the Q2 2026 conference call transcript, GAP's revenue, excluding construction services, increased by 4.9%, EBITDA grew by 8.4%, and EBITDA margin expanded by 230 basis points to 69.3%. These results demonstrate the company's resilience and ability to adapt to changing market conditions.
GAP's commitment to protecting earnings and generating growth through multiple revenue streams has proven effective, even in the face of challenging market conditions. As the company looks to the future, investors and stakeholders can expect a continued focus on diversification, innovation, and operational excellence.
