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:
Domestic
AirlineDepartureArrivalOpening dateFrequenciesVolarisGuadalajaraQueretaroJune 1, 20264 weeklyVolarisGuadalajaraReynosaJune 1, 20261 dailyVolarisGuadalajaraSan Luis PotosiJune 1, 20263 weeklyVolarisLos CabosPueblaJune 1, 20264 weeklyVolarisGuanajuatoPueblaJune 1, 20264 weeklyVolarisTijuanaMeridaJune 1, 20264 weeklyAerusAguascalientesMonterreyJune 1, 20266 weeklyVolarisGuadalajaraZacatecasJune 2, 20263 weeklyVolarisPuerto VallartaPueblaJune 2, 20263 weeklyVolarisPuerto VallartaAguascalientesJune 2, 20263 weeklyVolarisPuerto VallartaSan Luis PotosiJune 2, 20264 weeklyVolarisTijuanaPuerto EscondidoJune 2, 20263 weeklyVolarisAguascalientesPueblaJune 2, 20263 weeklyVolarisAguascalientesPuerto VallartaJune 2, 20263 weeklyVivaAguascalientesSanta LuciaJune 15, 20261 dailyNote: Frequencies can vary without prior notice. International AirlineDepartureArrivalOpening dateFrequenciesVolarisGuadalajaraSalt Lake CityJune 1, 20263 weeklyVolarisGuadalajaraDetroitJune 1, 20263 weeklySouthwestLos CabosLas VegasJune 4, 20261 dailyWingoMontego BayMedellinJune 23, 20263 weeklyNote: Frequencies can vary without prior notice.Domestic Terminal Passengers – 14 airports (in thousands):
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%)
- 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.
‐ 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:
2026 vs 2025Passenger traffic-3% - 0%Aeronautical revenues1% - 4%Non-aeronautical revenues21% - 24%Total revenues7% - 10%EBITDA10% - 12%EBITDA margin67% +- 1%CAPEXPs. 12.0 billionCompany 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. 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 55,264,256WLU = Workload units represent passenger traffic plus cargo units (1 cargo unit = 100 kilograms of cargo).