Grupo Aeroportuario Del Pacifico (NYSE:PAC) reported fourth-quarter 2025 results and discussed near-term operational disruptions in Jamaica following Hurricane Melissa and recent security-related events in Mexico’s state of Jalisco, while reiterating a 2026 outlook for moderate growth.
Fourth-quarter traffic mixed across portfolio
CEO Raúl Revuelta said consolidated passenger traffic fell 0.9% year over year in the fourth quarter, reflecting “two clear separate dynamics” across the company’s airport portfolio.
In Jamaica, Revuelta said Hurricane Melissa struck on Oct. 28, prompting a temporary suspension of operations at Montego Bay and Kingston airports. He said the event contributed to a traffic decline of nearly 35% during the quarter. While management said there was no material damage to either airport, passenger traffic fell significantly in November and December, “mainly in Montego Bay,” as the surrounding area and hotel infrastructure were affected. Revuelta said roughly 70% of hotel capacity was impacted, but added that the recovery in hotel capacity and tourist infrastructure has been better than expected. He cited comments from Jamaica’s Minister of Tourism indicating hotel capacity is expected to return to 100% by the 2026 winter season, though the exact timing of full normalization remains uncertain.
Revenue growth driven by tariffs and commercial performance
Revuelta said combined aeronautical and non-aeronautical service revenues rose 12.8% year over year in the quarter. Aeronautical revenues increased 12.6%, primarily driven by the Maximum Tariff in Mexico and continued route expansion.
Non-aeronautical revenues increased 13.3% year over year. In Mexico, management pointed to strong commercial revenues, supported by cargo and bonded warehouse performance and the opening and renegotiation of commercial spaces under improved market conditions. Revuelta highlighted activity across food and beverage, retail, ground transportation, and leasing.
Profitability and earnings impacted by costs and financial items
EBITDA increased 7.5% to MXN 5.1 billion. The EBITDA margin excluding IFRS 12 was 63.8%, which management said declined due to higher concession fees in Mexico, additional headcount, and higher maintenance costs tied to GAP operating jet bridges and apron buses directly—activities previously handled by a third party. Revuelta also cited the impact of lower traffic and revenue in Jamaica after Hurricane Melissa.
Net income declined versus the fourth quarter of 2024. Management attributed the decrease mainly to higher financial expense and lower interest income due to a lower average cash balance and lower interest rates, along with deferred tax adjustment provisions recorded in the year’s aggregate balance.
Full-year 2025: tariff-driven aeronautical growth and stronger commercial execution
Revuelta characterized 2025 as a year of “strong structural growth” for the company. He said aeronautical revenues increased 19.4% for the year, driven mainly by the new tariff and a 3.7% increase in passenger traffic in Mexico. Non-aeronautical revenue rose 26.5% year over year.
He said non-aeronautical revenue per passenger increased to MXN 152 in 2025 from MXN 123 in 2024, citing improved commercial execution, pricing optimization, and a stronger contribution from cargo and modern warehouse operations.
For the full year, EBITDA grew 17.8% to MXN 21.3 billion, and the EBITDA margin excluding IFRS 12 was 65.6%. Revuelta said profitability remained solid despite higher concession fees and cost pressures.
On the balance sheet, the company ended 2025 with MXN 10.5 billion in cash and cash equivalents. Management said it strengthened its capital structure through the issuance of bond certificates while reducing certain bank loan positions. Capital expenditures totaled MXN 12.4 billion in 2025, including the first year under the 2025–2029 Master Development Program, investments in Jamaican airports, and commercial investments. Revuelta said the five-year CapEx plan will focus on terminal expansion and capacity enhancements.
CBX transaction, security events in Jalisco, and 2026 guidance
Revuelta noted that shareholders approved a business combination between CBX and a Terminal Agreement at an extraordinary meeting in December. He described the transaction as a way to further integrate and strengthen the Cross Border Xpress platform and said it is in the formalization process.
In Q&A, management said it expects to fully consolidate the CBX transaction in the second quarter of the year and that efficiency gains would build gradually, with “important efficiencies” potentially visible by the fourth quarter. Revuelta said the full synergy program is expected to be fully implemented by the first half of 2027.
Management also addressed incidents reported in Jalisco on Feb. 22, stating that Guadalajara and Puerto Vallarta airports remained operational and are protected by the Mexican National Guard and the Ministry of National Defense. Revuelta said the airports saw 171 flight cancellations in Guadalajara and 134 in Puerto Vallarta on Feb. 22 and 23, improving to 11 and four cancellations, respectively, on Feb. 24, with operations returning to normal. He estimated the passenger impact across the two airports at around 50,000 passengers and said the company did not anticipate additional impact.
Looking to 2026, management provided guidance that excludes the CBX business combination and the internalization of a technical assistant agreement, both still being formalized. The company expects:
- Passenger traffic growth of 2% to 5%;
- Aeronautical revenue growth of 9% to 12%, driven by Maximum Tariff implementation in Mexico and Kingston Airport in Jamaica, along with traffic, inflation assumptions, and projected exchange rates;
- Non-aeronautical revenue growth of 6% to 9%;
- Total revenue growth of 8% to 11%;
- EBITDA growth of 8% to 11%, with EBITDA margin around 65% ±1%.
On Jamaica specifically, Revuelta said the company expects continued recovery in hotel capacity, particularly in Montego Bay, and guided to passenger traffic in Jamaica of roughly -2% to 0% by year-end, noting that spring and winter are the key peak seasons. He said the spring season is likely to remain affected by hotel room availability, while management expects a full recovery of hotel capacity by the winter season.
Revuelta also said the Turks and Caicos tender process was canceled by the government and reiterated GAP’s “disciplined” approach to capital allocation. He told analysts the company would focus in the first half of the year on CBX integration and also continue reviewing opportunities, including in cargo facilities and potential projects in the U.S. enabled by the CBX platform.
About Grupo Aeroportuario Del Pacifico (NYSE:PAC)
Grupo Aeroportuario del Pacífico, SAB. de C.V. (NYSE:PAC), commonly known as GAP, is a leading airport operator in Mexico. Established in 1998 as part of the federal government’s airport privatization program, GAP holds long?term concession agreements—typically 50 years—to manage, develop and operate airports under a public–private partnership model. Through these concessions, the company undertakes terminal expansions, runway maintenance and the modernization of navigation and security systems.
The company’s portfolio comprises 12 airports across Mexico’s Pacific and western regions, including major hubs such as Guadalajara, Tijuana, Los Cabos, Puerto Vallarta and Mazatlán, as well as regional facilities in Aguascalientes, Morelia and La Paz.
