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Pacific Airport Group

PAC
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Business Summary

Pacific Airport Group (GAP) holds concessions to operate, maintain, and develop twelve international airports in Mexico's Pacific and Central regions and two international airports in Jamaica. The company charges airlines, passengers, and other users fees for the use of airport facilities and generates rental and other income from commercial activities at its airports, including leasing space to restaurants and retailers, parking operations, and advertising services.

The company's revenues are primarily dependent on a few key airline customers. In 2025, Concesionaria Vuela Compañía de Aviación, S.A. de C.V. (Volaris), Aeroenlaces Nacionales, S.A. de C.V. (Viva), Grupo Aeroméxico, S.A.B. de C.V. (Aeromexico), and American Airlines, Inc. accounted for a significant portion of passenger traffic, with passenger charges collected by these four airlines representing 17.2% , 8.3% , 4.2% , and 4.1% of total revenues from the company's airports, respectively. In 2025, 80.3% of total aeronautical and non-aeronautical revenues was generated at five of the company's fourteen airports: Guadalajara (28.1% ), Los Cabos (16.5% ), Tijuana (13.7% ), Puerto Vallarta (12.6% ), and Montego Bay (9.4% ).

The company generates revenue from aeronautical services, non-aeronautical services, and improvements to concession assets. Aeronautical services revenues consist primarily of regulated fees, including charges per departing passenger, aircraft landing and parking fees, charges for transporting passengers from the aircraft to the terminal building, and security charges per departing passenger. Non-aeronautical services revenues arise from leasing commercial space to tenants, advertisers, certain ground transportation providers, and other miscellaneous sources, as well as from business lines operated directly by the company, including car parking charges, advertising, VIP lounges, convenience stores, hotel operation, and cargo and bonded warehouse business. Revenues from improvements to concession assets are recognized in connection with improvements made to concession assets and the associated costs from capital expenditures agreed with the Mexican government under Master Development Programs and with the Jamaican government under Capital Development Programs; these amounts do not result in actual cash inflows and do not affect consolidated net profit as the revenues recognized equal the costs incurred.

Aeronautical services revenues were Ps.22,821,817 thousand in 2025, compared to Ps.19,110,067 thousand in 2024 and Ps.19,267,395 thousand in 2023. Passenger charges accounted for 48.3% , 46.6% , and 45.3% of total revenues in 2023, 2024, and 2025, respectively, and 63.2% , 58.5% , and 57.6% of aeronautical and non-aeronautical revenues in the same years. Non-aeronautical services revenues were Ps.9,704,090 thousand in 2025, up from Ps.7,671,766 thousand in 2024 and Ps.6,165,429 thousand in 2023. Revenues from business lines operated directly by the company represented 29.0% , 37.6% , and 47.8% of non-aeronautical revenues in 2023, 2024, and 2025, respectively, translating to 7.0% , 10.8% , and 13.9% of total aeronautical and non-aeronautical revenues.

Revenues from improvements to concession assets were Ps.8,882,633 thousand in 2025, compared to Ps.6,832,541 thousand in 2024 and Ps.7,791,320 thousand in 2023. The cost of improvements to concession assets was Ps.8,882,633 thousand in 2025, Ps.6,832,541 thousand in 2024, and Ps.7,791,320 thousand in 2023.

On December 11, 2025, the company's shareholders approved a Business Combination that, upon completion, would result in the merger of AMP into GAP and the internalization of technical assistance services, including the elimination of the technical assistance fee on a consolidated basis. The Business Combination remains in the process of implementation. The company expects to make the payment for the acquisition of the remaining 25% interest in CBX for approximately US$487.5 million through resources obtained in the debt market in Mexico, with the issuance of Stock Certificates on March 31, 2026 for Ps.10,718.0 million , besides assuming approximately US$75.0 million in financial debt from the merged companies. The company's capital expenditure during 2023, 2024, and 2025 was 107.8% , 115.3% , and 103.1% of its capital expenditure commitments under its Master Development Programs, respectively.

Total revenues for 2025 were Ps.41,408,540 thousand , compared to Ps.33,614,374 thousand in 2024 and Ps.33,224,144 thousand in 2023. Income from operations was Ps.17,580,115 thousand in 2025, versus Ps.15,050,644 thousand in 2024 and Ps.15,138,713 thousand in 2023. Net profit for the year was Ps.10,000,609 thousand in 2025, compared to Ps.8,875,439 thousand in 2024 and Ps.9,689,600 thousand in 2023. Basic and diluted earnings per share were Ps.18.9305 in 2025, Ps.17.0444 in 2024, and Ps.18.8864 in 2023. Net cash flows provided by operating activities were Ps.18,249,740 thousand in 2025, compared to Ps.16,674,340 thousand in 2024 and Ps.13,934,854 thousand in 2023.

Business Outlook

The maximum regulated charges for the company's Mexican airports through December 2029 have been set. For the five-year term ending in 2024, the SICT established an annual efficiency adjustment factor of 0.7% , while for 2025-2029, the annual efficiency adjustment factor was set at 0.8% . Under the Rules for Tariff Regulation, such adjustments may not exceed 1.0% . The maximum regulated charges for the company's Jamaican airports have been set from January 2026 through December 2030.

The company's business strategy involves setting prices as close to regulatory maximum rates for its Mexican and Jamaican airports, reducing operating costs, managing capital expenditures under the Master Development Programs and Capital Development Programs, increasing passenger and cargo traffic, and boosting revenues from commercial activities. A significant portion of commercial revenue relies on increasing passenger traffic, which requires continuing to remodel, expand, and modernize commercial areas and introduce new business lines. The company is also developing business lines it operates directly at its airports.

The company's growth is also tied to its acquisitions. In 2024, the company acquired the majority stake in the GWTC group, which specializes in handling storage and custody services for international trade merchandise in facilities qualified as bonded warehouse facilities at the Guadalajara Airport. The Pending Business Combination is expected to generate operational and financial synergies derived from the integration of structures, consolidating technical services, and coordinating operations. The internalization of technical assistance services is expected to eliminate the recurring technical assistance fee payments, resulting in estimated annual savings of approximately 3.1% of EBITDA from Mexican airport operations (approximately Ps.971.8 million based on 2025 amounts).

The technical assistance fee in 2025 was Ps.971.8 million , representing 4.4% of annual consolidated income from operations (before deducting the technical assistance fee, income taxes, and depreciation and amortization). The company expects a transition period of 6 to 12 months for the full transfer of services, processes, and systems currently provided by AMP following the completion of the Business Combination.

Capital expenditure commitments under the Master Development Programs are determined by the Mexican PPI's construction price index. The company's capital expenditure during 2025 was 103.1% of its capital expenditure commitments under its Master Development Programs. For the years 2023, 2024, and 2025, unpaid allocated investments totaled Ps.901.5 million , Ps.1,193.6 million , and Ps.1,578.5 million respectively.

As of December 31, 2025, total consolidated Bank Loans and issuance of Debt Securities was Ps.53.0 billion (U.S.$2.9 billion ). The company expects to make the payment for the acquisition of the remaining 25% interest in CBX for approximately US$487.5 million through resources obtained in the debt market in Mexico, with the issuance of Stock Certificates on March 31, 2026 for Ps.10,718.0 million , besides assuming approximately US$75.0 million in financial debt from the merged companies. Dividends per share were Ps.16.8400 in 2025.

The company faces headwinds from the imposition of new tariffs on imports from Mexico to the U.S., which could adversely affect its cargo business. The scheduled 2026 review of the USMCA could result in amendments, reinterpretations, non-renewal of certain provisions or other actions that adversely affect Mexico's trade conditions, economic growth, manufacturing activity or foreign direct investment. Changes in U.S. immigration policy and border controls could affect passenger traffic at the Tijuana International Airport, which is directly connected to the United States through the Cross-Border Express (CBX). Passenger traffic at CBX has declined from approximately 4.3 million passengers in 2023 to 4.0 million passengers in 2024 and approximately 4.0 million passengers in 2025.

The company's business is particularly sensitive to economic conditions in the United States. In 2023, 2024, and 2025, international terminal passengers traveling to or from the United States accounted for approximately 88.9% , 89.6% , and 88.3% , respectively, of total international passenger traffic at the company's Mexican airports and approximately 72.5% , 70.3% , and 70.8% , respectively, at its Jamaican airports. The company's operations are also subject to risks from extreme weather events; on October 28, 2025, Jamaica suffered severe damage from Hurricane Melissa, a category 5 storm, which resulted in a fall-off in traffic due to the closure of hotels.

Risk Factors

The company's revenues depend highly on passenger and cargo traffic volumes, which are sensitive to factors beyond its control, including economic conditions in the United States, which accounted for approximately 88.3% of international passenger traffic at its Mexican airports and 70.8% at its Jamaican airports in 2025. The imposition of new tariffs on imports from Mexico to the U.S. could adversely affect the cargo business, and the scheduled 2026 review of the USMCA creates uncertainty. The company's business is highly dependent on revenues from five airports, which generated 80.3% of aeronautical and non-aeronautical revenues in 2025. The loss of key airline customers, such as Volaris, which represented 17.2% of total revenues in 2025, could materially affect results. The company's operations are subject to extensive government regulation in Mexico and Jamaica, and changes in the regulatory framework, including the increase in the Mexican concession tax from 5% to 9% effective January 1, 2024, could adversely affect profitability. The company's leverage, with total consolidated Bank Loans and issuance of Debt Securities of Ps.53.0 billion (U.S.$2.9 billion ) as of December 31, 2025, could limit its ability to raise additional capital.

Management Priorities

Management's message emphasizes the company's focus on executing its business strategy of setting prices close to regulatory maximum rates, reducing operating costs, and increasing passenger traffic and commercial revenues. The company highlights the approval of the Business Combination on December 11, 2025, which is expected to internalize technical assistance services and generate estimated annual savings of approximately 3.1% of EBITDA from Mexican airport operations (approximately Ps.971.8 million based on 2025 amounts). Key strategic priorities include completing the Pending Business Combination, integrating CBX, and managing capital expenditures under the Master Development Programs for the 2025-2029 period, which became effective on January 1, 2025.

View Source Annual Report on SEC.gov ↗

References

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Analysis on 9/27/2026