Company Overview

Grupo Aeroportuario del Pacífico, S.A.B. de C.V., together with its subsidiaries, develops, operates, and manages airports in Mexico and Jamaica. The company operates twelve international airports in the Guadalajara and Tijuana areas of Mexico, and two international airports in Montego Bay, Jamaica. Listed on both the New York Stock Exchange (NYSE) under ticker "PAC" and the Mexican Stock Exchange (BMV) as "GAP", the company has established itself as a major player in Latin American airport infrastructure. As of recent data, the market capitalization of Grupo Aeroportuario del Pacífico (PAC) is approximately $11.6 billion. The company trades with 43,545,635 shares outstanding.

Airport Network

GAP's extensive network comprises 12 airports throughout Mexico's Pacific region. This includes major hubs like Guadalajara and Tijuana, key tourist destinations such as Puerto Vallarta, Los Cabos, La Paz, and Manzanillo, as well as six other mid-sized cities: Hermosillo, Guanajuato, Morelia, Aguascalientes, Mexicali, and Los Mochis. In addition to its Mexican operations, GAP expanded its international presence by acquiring 100% of Desarrollo de Concesiones Aeroportuarias, S.L. in April 2015, which holds a majority stake in MBJ Airports Limited, the operator of Sangster International Airport in Montego Bay, Jamaica. Further strengthening its Caribbean operations, GAP entered into a concession agreement for the operation of Norman Manley International Airport in Kingston, Jamaica, in October 2018, taking operational control in October 2019.

Business Operations and Service Offerings

Grupo Aeroportuario del Pacífico offers a comprehensive range of services, categorized into aeronautical and non-aeronautical segments, alongside cargo and ground transportation.

Core Services:

- Aeronautical Services: Include passenger charges, aircraft landing and parking fees, leasing of space to airlines, airport security, passenger walkways, and airport buses.

- Complementary Services: Encompass baggage handling, catering, aircraft maintenance and repair, and fuel services.

- Cargo Handling: Facilitates the movement of goods through its airport infrastructure.

- Ground Transportation: Provides services connecting passengers and cargo to their final destinations.

Non-Aeronautical Services:

These services focus on enhancing the airport experience and generating diversified revenue streams. They include redesigning and modernizing terminal spaces, developing new airport projects, providing telephone and internet services, offering ground handling services under the brand Primesky, and facilitating advertising services within airport premises.

Business Segments:

The Company's operational segments are structured around its key airport locations and subsidiaries: Guadalajara, Tijuana, Puerto Vallarta, San Jose del Cabo, Montego Bay, Hermosillo, Bajio, Other Airports, and Other Companies. The Guadalajara segment is a primary revenue generator for the group.

Financial Performance

Recent Financial Highlights

- FY 2024 Performance:

- Total Revenue: Ps. 26.78 billion (an increase of 5.30% from the previous year)

- Earnings: Ps. 8.61 billion (a decrease of -9.75%)

- Net Income: Ps. 8.28 billion, to be allocated to retained earnings.

- Shareholder approved dividend: Ps. 16.84 per share (to be paid within 12 months after April 24, 2025).

- Q1 2025 Performance:

- Total Revenues increased by 30.1% to Ps. 11.06 billion.

- Growth driven by a 26.1% rise in both aeronautical and non-aeronautical services revenues.

- Operating income rose by 17.8%, while EBITDA increased by 21.1%.

- Comprehensive income boosted by 30%.

- Q4 2024 Performance:

- Sum of aeronautical and non-aeronautical services revenues increased by Ps. 1,002.2 million, or 16.4%.

- Total revenues increased by Ps. 496.1 million, or 5.4%.

- Q3 2024 Performance:

- Total revenues increased by 11.4% to Ps. 8.23 billion.

- Net income decreased by 16.6% to Ps. 1.98 billion.

- Revenue growth was fueled by a 38.7% increase in non-aeronautical services, notably from a new cargo and free trade zone business.

- Aeronautical revenues declined 3.8% due to a 5.7% decrease in passenger traffic.

Key Financial Metrics (Summary)

- Market Capitalization: ~$11.6 Billion (as of data compilation)

- Shares Outstanding: 43,545,635

- Dividend: Semiannual dividend of $3.869 per share, representing an annual dividend yield of 3.06%.

- FY 2024 Revenue: Ps. 26.78 billion

- FY 2024 Net Income: Ps. 8.28 billion

- Q1 2025 Revenue: Ps. 11.06 billion

Passenger Traffic Trends

Recent Performance

The company has demonstrated strong passenger traffic growth across its network. In April 2025, total terminal passengers across its 12 Mexican airports increased by 9.1% compared to April 2024, reaching 5.53 million passengers. Key airports showing significant increases include Tijuana (+10.0%), Guadalajara (+9.0%), Los Cabos (+8.7%), and Puerto Vallarta (+5.7%). Overall, the company experienced a 4.2% growth in passenger traffic across its 14 airports, adding approximately 660,000 passengers.

Operational Challenges and Recovery

The company faced operational headwinds in 2024, with passenger traffic declines partially attributed to Pratt & Whitney engine reviews affecting Volaris and VivaAerobus fleets. These issues peaked in Q3 2024 but are part of a broader recovery trend in air travel.

Strategic Initiatives and Future Outlook

Diversification and Revenue Enhancement

Grupo Aeroportuario del Pacífico is strategically diversifying its revenue streams. The recent expansion into cargo and free trade zone operations at Guadalajara airport is a significant move aimed at reducing dependency on passenger traffic, and this new business has already contributed substantially to non-aeronautical revenue growth.

Financial Management

GAP has reinforced its financial stability through prudent management. This includes issuing long-term bonds worth Ps. 6 billion and refinancing existing credit facilities. The company also renewed its share repurchase program, authorizing a maximum repurchase amount of Ps. 2.5 billion for the upcoming 12-month period.

The company continues to prioritize operational excellence while actively diversifying its revenue base beyond traditional aeronautical services. With a robust market position in Mexico's Pacific region and an expanding footprint in Jamaica, GAP is well-positioned to capitalize on the ongoing recovery in air travel and the continued growth of Mexico's aviation market.