Overview
Two of Mexico's listed airport operators released fourth-quarter 2025 results that showed operating gains on a year-over-year basis but missed consensus estimates amid rising costs. Grupo Aeroportuario del Pacífico (identified in filings with the NYSE ticker PAC) and Grupo Aeroportuario del Centro Norte (NASDAQ: OMAB) reported higher EBITDA compared with the prior-year quarter, yet both companies saw pressure on margins driven by elevated expenses.
GAPB results and drivers
Grupo Aeroportuario del Pacífico posted fourth-quarter EBITDA of MXN5.1 billion, an increase of about 8% versus the same period a year earlier. This improvement occurred despite a 1% decline in passenger traffic. The firm’s results landed about 6% below FactSet consensus estimates, a shortfall the company attributed primarily to weaker commercial revenues per passenger and a contraction in EBITDA margin of roughly 315 basis points to 64%.
The margin deterioration was linked to higher maintenance expenses, increased technical assistance costs and elevated concession fees. The company has recently moved to internalize technical assistance services, a structural change management says should gradually alleviate some of the cost pressure over time.
GAPB is scheduled to host a conference call on Wednesday at 10:00am ET. Expected agenda items include operational cost reduction plans, the recovery of Jamaican operations following hurricane Melissa, safety concerns at Guadalajara airport, and the 2026 traffic outlook.
OMA performance and outlook
Grupo Aeroportuario del Centro Norte reported adjusted EBITDA of MXN2.58 billion for the fourth quarter, up 5.9% year-over-year. That gain was roughly in line with the company’s reported 6.0% increase in passenger traffic. Despite the top-line improvement, results missed FactSet consensus by 1.6%, with operating costs rising 11% year-over-year and placing pressure on profitability.
OMA’s EBITDA margin slipped modestly to 73.6% from 73.8% in the fourth quarter of 2024. The company reported a net debt to EBITDA ratio of 1.0x heading into the new year.
OMA will hold its conference call on Tuesday at 12:30pm ET. Management is expected to address progress on the recently approved five-year master plan, 2026 traffic projections, measures to manage operating costs and initiatives to grow commercial revenues.
What to watch
Investors and market participants will be monitoring the upcoming calls for additional detail on cost-control actions, timing of any benefit from internalizing services at GAPB, and company commentary on traffic recovery and commercial revenue trends for 2026.