GAP Reports Mixed 2025 Results: Revenue Growth Offset by Hurricane Impact and Rising Costs

Event summary

  • GAP reported a 2.8% increase in total revenues for Q4 2025, driven by a 12.8% rise in aeronautical and non-aeronautical services revenues.
  • EBITDA increased by 7.5% to Ps. 5,114.3 million, but EBITDA margin excluding IFRIC-12 effects decreased from 66.9% to 63.8%.
  • Comprehensive income decreased by 34.3% due to a 351.6 million peso increase in foreign currency translation losses.
  • Passenger traffic decreased by 0.9% in Q4 2025, primarily due to the impact of Hurricane Melissa on Jamaica's airports.
  • GAP opened 19 new routes in Q4 2025, including international connections to Bogotá, Toronto, and Panama City.

The big picture

GAP's mixed results reflect the dual pressures of natural disasters and currency fluctuations on airport operations. The company's strategic focus on route expansion and non-aeronautical revenue growth aims to offset these challenges, but execution risks remain. The broader aviation sector continues to grapple with cost inflation and passenger demand volatility, making operational efficiency a key differentiator.

What we're watching

Recovery Dynamics
The pace at which Jamaica's tourism infrastructure recovers will determine the rebound in passenger traffic at Montego Bay and Kingston airports.
Cost Pressures
Whether GAP can sustain its EBITDA margin amid rising operating costs, particularly in maintenance and employee expenses.
Route Expansion
How the newly inaugurated routes will contribute to revenue growth and passenger traffic in 2026.

Related topics

Aviation