Grupo Aeroportuario del Pacífico Q4 2025 Earnings Insights
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Feb 25 2026
0mins
Should l Buy PAC?
Source: seekingalpha
- Traffic Trends: In Q4 2025, Grupo Aeroportuario del Pacífico experienced a 0.9% decline in passenger traffic compared to the same period in 2024, attributed to stable trends in Mexico and a nearly 35% drop in Jamaica due to Hurricane Melissa, indicating external factors' impact on operations.
- Revenue Growth: The company reported a 12.8% increase in combined aeronautical and non-aeronautical service revenues, with aeronautical revenues rising by 12.6%, primarily driven by the implementation of new tariff structures, showcasing successful revenue diversification efforts.
- EBITDA Performance: EBITDA increased by 7.5% to MXN 5.1 billion in Q4, although the EBITDA margin fell due to higher concession fees and maintenance costs, highlighting challenges in cost management amidst revenue growth.
- Future Outlook: Management projects passenger traffic growth of 2% to 5% for 2026, with aeronautical revenues expected to rise by 9% to 12% and non-aeronautical revenues by 6% to 9%, reflecting confidence in strategic planning and future growth potential.
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Analyst Views on PAC
Wall Street analysts forecast PAC stock price to rise
2 Analyst Rating
1 Buy
1 Hold
0 Sell
Moderate Buy
Current: 240.160
Low
260.00
Averages
260.00
High
260.00
Current: 240.160
Low
260.00
Averages
260.00
High
260.00
About PAC
Grupo Aeroportuario del Pacifico SAB de CV is a holding company. The Company holds concessions to operate, maintain and develop approximately 10 international airports in the Pacific and Central regions of Mexico, and an international airport in Jamaica. The Company's segments include Guadalajara, Tijuana, Puerto Vallarta, San Jose del Cabo, Montego Bay, Hermosillo, Bajio, Other Airports and Others Companies. The Other Companies segment includes Servicios a la Infraestructura Aeroportuaria del Pacifico, S.A. de C.V. (SIAP), a company that provides technical assistance and professional services; Corporativo de Servicios Aeroportuarios, S.A. de C.V. (CORSA), a company that provides operative services specialized in aeronautical industry; Puerta Cero Parking, S.A. de C.V. (PCP), a company that manages the parking lot operation; Fundacion Grupo Aeroportuario del Pacifico, A.C., and Desarrollo de Concesiones Aeroportuarias, S.L. (DCA), as well as the Company's own operation.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
GAP Settles Bond Maturity Payment
- Bond Maturity Payment: Grupo Aeroportuario del Pacífico (GAP) has settled the maturity payment for the 'GAP 23L' bond, totaling 11.2 million certificates amounting to Ps.1,120.0 million, demonstrating the company's robust debt management.
- Financing Arrangement: The payment was funded through a new credit facility with Scotiabank Inverlat for Ps.1,120.0 million, with a 12-month term and an interest rate of TIIE Funding plus 44 basis points, indicating effective cost control in financing strategies.
- Operational Network Overview: GAP operates 12 airports across Mexico's Pacific region, including major cities like Guadalajara and Tijuana, as well as several tourist destinations, showcasing its extensive footprint and influence in the aviation market.
- Future Outlook: The company will continue to focus on financial stability and market expansion in its future operations, particularly in international airport operations, aiming to enhance overall competitiveness and market share.
See More
Grupo Aeroportuario del Pacífico Successfully Refinances Loan
- Loan Refinancing: Grupo Aeroportuario del Pacífico successfully refinanced its $95.5 million loan through BBVA México, extending the maturity, which demonstrates the company's flexibility and responsiveness in financial management.
- Loan Terms: The new loan runs for 6 months with an option to extend for another 6 months, with interest paid at a floating rate of SOFR + 0.40%, reflecting the company's adaptability to market interest rate fluctuations.
- Fee Structure: The loan includes a 0.10% upfront fee and an additional 0.10% fee if the extension is utilized, indicating the company's cautious approach to managing financing costs.
- Future Outlook: Grupo Aeroportuario del Pacífico expects passenger traffic growth of 2%-5% in 2026 while advancing CBX integration, showcasing the company's proactive positioning and growth potential in the recovering market.
See More
GAP Announces 2026 Annual Shareholders' Meeting
- Shareholders' Meeting Schedule: GAP is set to hold its Annual Shareholders' Meeting on April 22, 2026, at 12:00 PM at the Hilton Hotel in Guadalajara, Mexico, where it will discuss the operational results and audit reports for the fiscal year 2025, ensuring transparency and compliance.
- Financial Report Review: The meeting will review the non-consolidated financial statements for fiscal year 2025, with a projected net income of 9.34 billion pesos, as the Board assesses the financial health, impacting future shareholder confidence and investment decisions.
- Dividend Distribution Proposal: GAP proposes a dividend of 20.80 pesos per share from retained earnings, which is expected to attract more investor interest and enhance the company's appeal in the capital markets.
- Share Buyback Plan: The company plans to repurchase up to 2.5 billion pesos worth of shares within 2026, aimed at boosting earnings per share and enhancing shareholder value, reflecting confidence in its stock.
See More
Grupo Aeroportuario del Pacífico Reports March Passenger Traffic Decline
- Traffic Decline: Grupo Aeroportuario del Pacífico (PAC) reported a 3.2% month-over-month decrease in total passenger traffic for March, with Tijuana, Puerto Vallarta, and Guadalajara experiencing declines of 7.4%, 5.3%, and 1.6%, respectively, indicating a weakening market demand.
- Hurricane Impact: The disruptions caused by Hurricane Melissa led to significant passenger traffic drops at Jamaica's Montego Bay and Kingston airports, with decreases of 31.4% and 2.1%, highlighting the substantial impact of natural disasters on the aviation sector.
- Seat Supply Reduction: Available seats in February 2026 decreased by 3.4% compared to February 2025, while load factors fell from 81.2% to 79.4%, reflecting operational efficiency challenges faced by the airline.
- Future Outlook: Despite short-term challenges, PAC anticipates a 2%-5% growth in passenger traffic for 2026 and plans to advance CBX integration to enhance market competitiveness and customer experience.
See More
Grupo Aeroportuario del Pacifico Reports 5.5% Drop in February Passenger Traffic
- Traffic Decline: Grupo Aeroportuario del Pacifico reported a 5.5% decrease in total terminal passenger traffic for February, indicating potential adverse effects on revenue and profitability due to economic slowdown impacting travel demand.
- Market Reaction: The drop in passenger numbers may raise investor concerns regarding the company's future performance, leading to stock price volatility and affecting market confidence in Grupo Aeroportuario del Pacifico.
- Industry Trends: This decline contrasts with the overall recovery trends in the global aviation sector, suggesting that the company faces heightened challenges in a competitive market, necessitating strategic measures to restore growth.
- Future Outlook: The company may need to reassess its market strategies to address the challenges posed by declining traffic and seek new growth opportunities to maintain its market position.
See More
GAP Reports 3.2% Decline in February 2026 Passenger Traffic
- Traffic Decline: In February 2026, GAP's 12 Mexican airports experienced a 3.2% decrease in total passenger traffic compared to February 2025, with Tijuana, Puerto Vallarta, and Guadalajara reporting declines of 7.4%, 5.3%, and 1.6%, indicating a weakening market demand.
- International Flight Impact: Disruptions from Hurricane Melissa led to a 31.4% drop in passenger traffic at Montego Bay and a 2.1% decrease at Kingston, which not only affects GAP's overall performance but may also lead to revenue fluctuations in the future.
- Domestic Flight Performance: Guadalajara Airport recorded 906,200 domestic passengers, a 2.2% year-over-year decline, while Tijuana and Puerto Vallarta saw decreases of 7.4% and 3.2%, reflecting challenges in the domestic tourism market.
- Flight Cancellations: Following events on February 22, 2026, Guadalajara and Puerto Vallarta International Airports canceled a total of 120 flights, demonstrating the direct impact of external factors on operations, which could lead to decreased customer trust.
See More
GAP Settles Bond Maturity Payment
- Bond Maturity Payment: Grupo Aeroportuario del Pacífico (GAP) has settled the maturity payment for the 'GAP 23L' bond, totaling 11.2 million certificates amounting to Ps.1,120.0 million, demonstrating the company's robust debt management.
- Financing Arrangement: The payment was funded through a new credit facility with Scotiabank Inverlat for Ps.1,120.0 million, with a 12-month term and an interest rate of TIIE Funding plus 44 basis points, indicating effective cost control in financing strategies.
- Operational Network Overview: GAP operates 12 airports across Mexico's Pacific region, including major cities like Guadalajara and Tijuana, as well as several tourist destinations, showcasing its extensive footprint and influence in the aviation market.
- Future Outlook: The company will continue to focus on financial stability and market expansion in its future operations, particularly in international airport operations, aiming to enhance overall competitiveness and market share.
See More
Grupo Aeroportuario del Pacífico Successfully Refinances Loan
- Loan Refinancing: Grupo Aeroportuario del Pacífico successfully refinanced its $95.5 million loan through BBVA México, extending the maturity, which demonstrates the company's flexibility and responsiveness in financial management.
- Loan Terms: The new loan runs for 6 months with an option to extend for another 6 months, with interest paid at a floating rate of SOFR + 0.40%, reflecting the company's adaptability to market interest rate fluctuations.
- Fee Structure: The loan includes a 0.10% upfront fee and an additional 0.10% fee if the extension is utilized, indicating the company's cautious approach to managing financing costs.
- Future Outlook: Grupo Aeroportuario del Pacífico expects passenger traffic growth of 2%-5% in 2026 while advancing CBX integration, showcasing the company's proactive positioning and growth potential in the recovering market.
See More
GAP Announces 2026 Annual Shareholders' Meeting
- Shareholders' Meeting Schedule: GAP is set to hold its Annual Shareholders' Meeting on April 22, 2026, at 12:00 PM at the Hilton Hotel in Guadalajara, Mexico, where it will discuss the operational results and audit reports for the fiscal year 2025, ensuring transparency and compliance.
- Financial Report Review: The meeting will review the non-consolidated financial statements for fiscal year 2025, with a projected net income of 9.34 billion pesos, as the Board assesses the financial health, impacting future shareholder confidence and investment decisions.
- Dividend Distribution Proposal: GAP proposes a dividend of 20.80 pesos per share from retained earnings, which is expected to attract more investor interest and enhance the company's appeal in the capital markets.
- Share Buyback Plan: The company plans to repurchase up to 2.5 billion pesos worth of shares within 2026, aimed at boosting earnings per share and enhancing shareholder value, reflecting confidence in its stock.
See More
Grupo Aeroportuario del Pacífico Reports March Passenger Traffic Decline
- Traffic Decline: Grupo Aeroportuario del Pacífico (PAC) reported a 3.2% month-over-month decrease in total passenger traffic for March, with Tijuana, Puerto Vallarta, and Guadalajara experiencing declines of 7.4%, 5.3%, and 1.6%, respectively, indicating a weakening market demand.
- Hurricane Impact: The disruptions caused by Hurricane Melissa led to significant passenger traffic drops at Jamaica's Montego Bay and Kingston airports, with decreases of 31.4% and 2.1%, highlighting the substantial impact of natural disasters on the aviation sector.
- Seat Supply Reduction: Available seats in February 2026 decreased by 3.4% compared to February 2025, while load factors fell from 81.2% to 79.4%, reflecting operational efficiency challenges faced by the airline.
- Future Outlook: Despite short-term challenges, PAC anticipates a 2%-5% growth in passenger traffic for 2026 and plans to advance CBX integration to enhance market competitiveness and customer experience.
See More
Grupo Aeroportuario del Pacifico Reports 5.5% Drop in February Passenger Traffic
- Traffic Decline: Grupo Aeroportuario del Pacifico reported a 5.5% decrease in total terminal passenger traffic for February, indicating potential adverse effects on revenue and profitability due to economic slowdown impacting travel demand.
- Market Reaction: The drop in passenger numbers may raise investor concerns regarding the company's future performance, leading to stock price volatility and affecting market confidence in Grupo Aeroportuario del Pacifico.
- Industry Trends: This decline contrasts with the overall recovery trends in the global aviation sector, suggesting that the company faces heightened challenges in a competitive market, necessitating strategic measures to restore growth.
- Future Outlook: The company may need to reassess its market strategies to address the challenges posed by declining traffic and seek new growth opportunities to maintain its market position.
See More
GAP Reports 3.2% Decline in February 2026 Passenger Traffic
- Traffic Decline: In February 2026, GAP's 12 Mexican airports experienced a 3.2% decrease in total passenger traffic compared to February 2025, with Tijuana, Puerto Vallarta, and Guadalajara reporting declines of 7.4%, 5.3%, and 1.6%, indicating a weakening market demand.
- International Flight Impact: Disruptions from Hurricane Melissa led to a 31.4% drop in passenger traffic at Montego Bay and a 2.1% decrease at Kingston, which not only affects GAP's overall performance but may also lead to revenue fluctuations in the future.
- Domestic Flight Performance: Guadalajara Airport recorded 906,200 domestic passengers, a 2.2% year-over-year decline, while Tijuana and Puerto Vallarta saw decreases of 7.4% and 3.2%, reflecting challenges in the domestic tourism market.
- Flight Cancellations: Following events on February 22, 2026, Guadalajara and Puerto Vallarta International Airports canceled a total of 120 flights, demonstrating the direct impact of external factors on operations, which could lead to decreased customer trust.
See More
