Grupo Aeroportuario del Pacifico Reports in March 2025 a Passenger Traffic Increase of 5.6% Compared to 2024

Rhea-AI Summary

Grupo Aeroportuario del Pacifico (NYSE: PAC) reported a 5.6% increase in total terminal passengers for March 2025 compared to March 2024, reaching 5.7 million passengers across its network. Domestic traffic showed strong growth of 12.6%, while international traffic decreased by 1.3%.

Key airport performance:

• Guadalajara: +10.4% (1.56M passengers)
• Tijuana: +5.6% (1.07M passengers)
• Los Cabos: +3.5% (784.6K passengers)
• Montego Bay: -7.7% (482.6K passengers)

The company's available seats increased by 9.0% compared to March 2024, though load factors decreased from 84.0% to 81.5%. New routes were launched including Guanajuato-Monterrey (Volaris), Puerto Vallarta-Sacramento (Southwest), Los Cabos-Nashville (Southwest), and Los Cabos-Oakland (Volaris).

Positive

• Total passenger traffic increased 5.6% YoY to 5.7M passengers
• Strong domestic traffic growth of 12.6%
• Guadalajara airport showed robust growth of 10.4%
• Four new routes launched across network
• 9.0% increase in available seats

Negative

• International traffic declined 1.3%
• Load factors decreased from 84.0% to 81.5%
• Montego Bay traffic dropped 7.7%
• Puerto Vallarta international traffic declined 3.7%

Insights

Financial Analyst

GAP's March 2025 traffic report shows 5.6% year-over-year passenger growth with 5.75 million total passengers. This growth presents a tale of two markets: robust domestic traffic (+12.6%) contrasted with declining international traffic (-1.3%).

Performance varies significantly across airports. Guadalajara, GAP's largest Mexican hub, posted 10.4% growth, while smaller markets like Los Mochis and Morelia delivered exceptional increases of 32.5% and 19.7% respectively. Conversely, Montego Bay experienced a concerning 7.7% decline, pointing to potential challenges in Caribbean tourism.

A critical operational divergence emerges in the data: while seat capacity increased by 9.0%, load factors decreased from 84.0% to 81.5%. This capacity outpacing demand suggests potential yield pressure that could impact revenue efficiency despite volume growth.

Year-to-date figures show 4.2% overall growth with the same domestic strength (+9.1% YTD) versus international weakness (-0.7% YTD) pattern, indicating a structural shift rather than a one-month anomaly.

The four new routes launched, including connections to Sacramento, Nashville, and Oakland, represent positive network expansion particularly for tourist destinations. However, these additions will take time to mature into meaningful traffic contributors.

While absolute passenger growth is positive, the efficiency metrics merit caution. The widening gap between capacity growth and traffic uptake suggests GAP may be trading load factor for volume, which typically pressures yield and revenue quality in airport operations.

GUADALAJARA, Mexico, April 04, 2025 (GLOBE NEWSWIRE) -- Grupo Aeroportuario del Pacífico, S.A.B. de C.V., (NYSE: PAC; BMV: GAP) (“the Company” or “GAP”) announces preliminary terminal passenger traffic figures for March 2025, compared with March 2024.

For March 2025, the total number of terminal passengers at GAP’s 12 Mexican airports increased by 7.0%, compared to March 2024. Guadalajara, Tijuana, and Los Cabos airports presented an increase in passenger traffic of 10.4%, 5.6%, and 3.5% respectively, compared to March 2024. On the other hand, Montego Bay presented a decrease in passenger traffic of 7.7%, compared to March 2024.

Domestic Terminal Passengers (in thousands):

Airport	Mar-24	Mar-25	% Change	Jan - Mar 24	Jan - Mar 25	% Change
Guadalajara	922.8	1,088.8	18.0%	2,671.7	3,021.1	13.1%
Tijuana*	687.5	724.0	5.3%	1,985.6	2,057.5	3.6%
Puerto Vallarta	205.2	231.5	12.8%	574.8	653.6	13.7%
Los Cabos	219.5	238.9	8.8%	637.7	668.9	4.9%
Montego Bay	0.0	0.0	N/A	0.0	0.0	N/A
Guanajuato	160.6	180.3	12.3%	484.0	515.5	6.5%
Hermosillo	160.2	188.8	17.9%	457.5	508.7	11.2%
Kingston	0.4	0.0	(97.3%)	0.6	0.1	(87.3%)
Morelia	47.1	63.5	34.8%	146.2	186.1	27.3%
Mexicali	91.4	104.1	13.9%	288.3	293.1	1.7%
La Paz	98.9	98.5	(0.3%)	271.4	280.6	3.4%
Aguascalientes	51.0	53.7	5.3%	142.3	151.8	6.7%
Los Mochis	42.4	56.4	33.2%	126.2	165.0	30.8%
Manzanillo	12.4	11.9	(3.8%)	35.9	34.8	(3.2%)
Total	2,699.5	3,040.6	12.6%	7,822.2	8,536.9	9.1%

International Terminal Passengers (in thousands):

Airport	Mar-24	Mar-25	% Change	Jan - Mar 24	Jan - Mar 25	% Change
Guadalajara	494.5	476.1	(3.7%)	1,490.2	1,507.0	1.1%
Tijuana*	324.4	344.7	6.3%	952.4	1,014.9	6.6%
Puerto Vallarta	551.4	531.3	(3.6%)	1,543.8	1,472.5	(4.6%)
Los Cabos	538.7	545.8	1.3%	1,408.0	1,382.9	(1.8%)
Montego Bay	522.8	482.6	(7.7%)	1,457.3	1,338.9	(8.1%)
Guanajuato	84.6	83.2	(1.7%)	247.1	263.1	6.5%
Hermosillo	7.0	6.6	(6.7%)	23.3	20.9	(10.2%)
Kingston	129.3	139.2	7.7%	391.4	428.0	9.4%
Morelia	51.9	55.1	6.1%	157.2	174.2	10.8%
Mexicali	0.6	0.6	(1.4%)	1.6	1.8	9.3%
La Paz	1.3	3.2	150.0%	3.2	8.7	171.5%
Aguascalientes	22.2	23.4	5.2%	69.5	73.7	6.0%
Los Mochis	0.7	0.6	(11.4%)	2.0	1.9	(6.3%)
Manzanillo	13.8	14.8	7.3%	40.3	43.9	9.0%
Total	2,743.2	2,707.2	(1.3%)	7,787.1	7,732.4	(0.7%)

Total Terminal Passengers (in thousands):

Airport	Mar-24	Mar-25	% Change	Jan - Mar 24	Jan - Mar 25	% Change
Guadalajara	1,417.4	1,564.9	10.4%	4,161.9	4,528.2	8.8%
Tijuana*	1,011.9	1,068.8	5.6%	2,938.0	3,072.3	4.6%
Puerto Vallarta	756.6	762.8	0.8%	2,118.6	2,126.1	0.4%
Los Cabos	758.1	784.6	3.5%	2,045.7	2,051.8	0.3%
Montego Bay	522.8	482.6	(7.7%)	1,457.3	1,338.9	(8.1%)
Guanajuato	245.3	263.6	7.5%	731.0	778.6	6.5%
Hermosillo	167.2	195.4	16.8%	480.8	529.6	10.2%
Kingston	129.7	139.2	7.4%	392.0	428.1	9.2%
Morelia	99.1	118.6	19.7%	303.4	360.3	18.8%
Mexicali	92.0	104.7	13.8%	289.9	294.9	1.7%
La Paz	100.2	101.8	1.6%	274.6	289.3	5.4%
Aguascalientes	73.2	77.1	5.3%	211.8	225.5	6.5%
Los Mochis	43.1	57.1	32.5%	128.2	166.9	30.2%
Manzanillo	26.2	26.7	2.0%	76.2	78.7	3.2%
Total	5,442.6	5,747.8	5.6%	15,609.3	16,269.3	4.2%

*Passengers in Tijuana who use CBX in both directions are classified as international.

CBX users (in thousands):

Airport	Mar-24	Mar-25	% Change	Jan - Mar 24	Jan - Mar 25	% Change
Tijuana	319.0	339.1	6.3%	941.8	998.2	6.0%

Highlights for the month:

• Seats and load factors: The seats available during March 2025 increased by 9.0%, compared to March 2024. The load factors for the month went from 84.0% in March 2024 to 81.5% in March 2025.
  
  
• New routes:
  
  
  • Guanajuato - Monterrey: Volaris
  • Puerto Vallarta – Sacramento: Southwest
  • Los Cabos – Nashville: Southwest
  • Los Cabos – Oakland: Volaris
    

Company Description

Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (GAP) operates 12 airports throughout Mexico’s Pacific region, including the major cities of Guadalajara and Tijuana, the four tourist destinations of Puerto Vallarta, Los Cabos, La Paz and Manzanillo, and six other mid-sized cities: Hermosillo, Guanajuato, Morelia, Aguascalientes, Mexicali, and Los Mochis. In February 2006, GAP’s shares were listed on the New York Stock Exchange under the ticker symbol “PAC” and on the Mexican Stock Exchange under the ticker symbol “GAP”. In April 2015, GAP acquired 100% of Desarrollo de Concessioner Aeroportuarias, S.L., which owns a majority stake in MBJ Airports Limited, a company operating Sangster International Airport in Montego Bay, Jamaica. In October 2018, GAP entered into a concession agreement for the Norman Manley International Airport operation in Kingston, Jamaica, and took control of the operation in October 2019.

This press release may contain forward-looking statements. These statements are statements that are not historical facts and are based on management’s current view and estimates of future economic circumstances, industry conditions, company performance, and financial results. The words “anticipates”, “believes”, “estimates”, “expects”, “plans” and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations, and the factors or trends affecting financial condition, liquidity, or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends, or results will occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.

In accordance with Section 806 of the Sarbanes-Oxley Act of 2002 and Article 42 of the “Ley del Mercado de Valores”, GAP has implemented a “whistleblower” program, which allows complainants to anonymously and confidentially report suspected activities that involve criminal conduct or violations. The telephone number in Mexico, facilitated by a third party responsible for collecting these complaints, is 800 04 ETICA (38422) or WhatsApp +52 55 6538 5504. The website is www.lineadedenunciagap.com or by email at denuncia@lineadedenunciagap.com. GAP’s Audit Committee will be notified of all complaints for immediate investigation.

Alejandra Soto, Investor Relations and Social Responsibility Officer	asoto@aeropuertosgap.com.mx
Gisela Murillo, Investor Relations	gmurillo@aeropuertosgap.com.mx/+52 33 3880 1100 ext. 20294

FAQ

What was PAC's total passenger growth rate in March 2025?

PAC reported a 5.6% increase in total terminal passengers in March 2025 compared to March 2024, reaching 5.7 million passengers.

How did PAC's domestic and international traffic perform in March 2025?

Domestic traffic grew 12.6% to 3.04 million passengers, while international traffic decreased 1.3% to 2.71 million passengers.

Which new routes did PAC launch in its airports?

New routes included Guanajuato-Monterrey (Volaris), Puerto Vallarta-Sacramento (Southwest), Los Cabos-Nashville (Southwest), and Los Cabos-Oakland (Volaris).

How did PAC's major airports perform in March 2025?

Guadalajara grew 10.4%, Tijuana increased 5.6%, Los Cabos rose 3.5%, while Montego Bay declined 7.7%.

What were PAC's load factors in March 2025 compared to 2024?

Load factors decreased from 84.0% in March 2024 to 81.5% in March 2025, despite a 9.0% increase in available seats.