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Introduction & Market Context
Grupo Aeroportuario del Pacifico (NYSE:PAC) (BMV:GAP) revealed strong financial performance and ambitious expansion plans in its Q1 2025 presentation. The company, which operates 14 airports across Mexico and Jamaica, continues to strengthen its position as Mexico’s largest airport operator while pursuing strategic diversification initiatives.
GAP’s portfolio includes 12 airports in Mexico and 2 in Jamaica, serving a total of 62.1 million passengers in 2024, a 2.2% increase from the previous year. The company operates 5 of Mexico’s 10 busiest airports, highlighting its dominant market position in the region.
As shown in the following snapshot of GAP’s key financial metrics for 2024:
Q1 2025 Performance Highlights
The first quarter of 2025 showed remarkable growth across all key financial indicators. Total (EPA:TTEF) revenues reached MXP 8.4 billion, representing a 26.1% increase compared to Q1 2024. EBITDA grew by 21.1% to MXP 5.6 billion, maintaining a healthy EBITDA margin of 67.1%. Net income rose by 15.7% to MXP 2.9 billion.
Passenger traffic also showed solid growth, with 16.3 million passengers in Q1 2025, a 4.2% increase from the same period last year. The company added 13 new routes during the quarter, including 10 international and 3 domestic destinations.
The following image highlights GAP’s key metrics for Q1 2025:
GAP’s market position as Mexico’s largest airport operator is clearly illustrated in the following chart, which shows that the company operates 5 of the top 10 busiest airports in Mexico:
Strategic Capital Investment Plans
A significant portion of the presentation focused on GAP’s ambitious capital investment plans. For the Mexican airports, the company has committed MXP 43,185 million for the 2025-2029 period. These investments are distributed across various projects, with terminal buildings receiving the largest allocation (37%), followed by airfield improvements (18%) and equipment renovation (13%).
By airport, Guadalajara will receive the largest share of investments (44%), followed by Tijuana (18%) and Los Cabos (13%). These investments aim to significantly expand terminal capacity, with plans to add over 50% additional square meters across the network.
The following chart shows the distribution of investments by project and airport:
For the Jamaican operations, GAP has committed USD 203.3 million for the 2026-2030 period, with 58% allocated to Montego Bay and 42% to Kingston.
A key focus of these investments is the expansion and modernization of Guadalajara Airport, positioned as "The Mexican Silicon Valley." The airport serves a catchment area of over 16 million people within a three-hour drive and offers strong connectivity with 62 total routes, including 32 domestic and 30 international destinations.
The following map illustrates Guadalajara’s extensive route network:
Revenue Diversification Strategy
GAP is actively pursuing revenue diversification, with a growing focus on non-aeronautical revenues. In Q1 2025, non-aeronautical revenues represented 29% of total revenues, showing significant growth potential. Business lines operated directly by GAP increased their contribution to 43% of non-aeronautical revenues in Q1 2025, up from 30% in Q1 2024.
A notable development in this strategy is the Mixed-Use Building at Guadalajara Airport, which includes a 180-room Hilton Garden Inn Hotel (opened in March 2024), office buildings (to be completed in 2025), and commercial areas (to be completed in second half of 2024). This project adds a total of 44,189 square meters of commercial space.
The following image shows details of the Mixed-Use Building at Guadalajara Airport:
In June 2024, GAP completed the acquisition of a 51.5% stake in GWTC for MXP 875.5 million. GWTC is a group of seven companies providing handling, storage, and custody services for international trade, operating within bonded warehouses at Guadalajara and Puebla airports. This acquisition is expected to contribute over MXP 699.7 million to GAP’s revenues in 2024, with an EBITDA margin of approximately 50%.
Forward-Looking Statements
Looking ahead, GAP faces both opportunities and challenges. The company is preparing for tariff reviews in Mexico (2025-2029) and Jamaica (2026-2030), which will impact future revenue streams. The new tariff regulation in Mexico includes changes to the discount rate formula and the introduction of a clawback clause when actual workload units exceed projections by more than 3%.
The company’s financial position remains strong, with consistent revenue and EBITDA growth. Total revenue CAGR from 2015 to 2024 was 15.1%, while EBITDA CAGR for the same period was 15.4%.
GAP’s strategic focus on expanding non-aeronautical revenues, particularly through businesses operated directly by the company, positions it well for continued growth. The significant capital investments planned for 2025-2029 in Mexico and 2026-2030 in Jamaica further support the company’s long-term growth strategy.
With its diversified portfolio, strong financial position, and strategic expansion plans, GAP appears well-positioned to maintain its leadership in the airport sector across Mexico and Jamaica.
Full presentation:
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