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Introduction & Market Context
Grupo Aeroportuario del Pacífico (BMV:GAP) presented its Q2 2025 corporate results on July 23, highlighting strong financial performance and strategic initiatives. As Mexico’s largest airport operator with 14 airports across Mexico and Jamaica, GAP continues to benefit from robust passenger traffic growth and diversified revenue streams.
The company’s stock reacted positively to recent performance, with a 2.16% increase following its Q3 2025 earnings announcement, reflecting investor confidence in GAP’s strategic direction and financial health. With a market capitalization of $11.2 billion and a year-to-date return of 13.9%, the company maintains a solid position in the airport infrastructure sector.
6M25 Performance Highlights
GAP reported impressive financial results for the first half of 2025, with revenue reaching MXP 16.6 billion, representing a 28.3% increase compared to the same period in 2024. EBITDA grew by 25.8% to MXP 11.1 billion, while net income rose by 16.7% to MXP 5.5 billion. The company maintained a strong EBITDA margin of 67.1% (excluding IFRIC 12).
As shown in the following snapshot of key metrics for the first half of 2025, passenger traffic reached 32.1 million, a 4.2% increase year-over-year, with 21 new routes added (11 international and 10 domestic):
This growth trend continued into Q3 2025, with the company reporting a 30.6% year-over-year revenue increase to ARS 8.2 billion and passenger traffic growth of 4.1% to 15.8 million for the quarter.
GAP’s diversified business model remains a key strength, with a balanced mix of revenue sources and passenger profiles. The company generates 80% of its revenue in Mexican pesos and 20% in US dollars, while its passenger traffic is split between domestic (55%) and international (45%) travelers. The passenger profile is well-diversified across leisure (40%), visiting friends and relatives (22%), and business (38%) segments.
Strategic Investment Program 2025-2029
A centerpiece of GAP’s presentation was its Master Development Program (MDP) for Mexican airports, with committed investments totaling MXP 43,185 million for the 2025-2029 period. This significant capital expenditure program is designed to expand capacity, enhance passenger experience, and support long-term growth.
The investment will be distributed across the years, with the highest allocation in 2025:
By category, terminal building expansions will receive the largest share (37%) of the investment, followed by airfield improvements (18%), equipment renovation (13%), and land acquisition (12%). Geographically, Guadalajara will receive 44% of the total investment, followed by Tijuana (18%), Los Cabos (13%), and Puerto Vallarta (7%).
The Guadalajara airport, which GAP describes as "The Mexican Silicon Valley," will undergo significant expansion with a 73% increase in terminal building space, adding 69,000 square meters, 23 new gates for commercial flights, and 4 new cargo aircraft positions. The following architectural rendering illustrates the planned improvements:
Similarly, Tijuana airport, positioned as "The Entrance to California," will see a 47% expansion in terminal space, with 7 new remote departure gates and 9 new aprons, representing a 30% increase in capacity:
Los Cabos and Puerto Vallarta, both key leisure destinations, will also receive substantial investments to expand terminal buildings and improve infrastructure. Los Cabos will see a 37% increase in terminal space with three new contact departure gates:
Regulatory Framework and Tariff Structure
The presentation detailed the new tariff regulation framework for Mexican airports for the 2025-2029 period. A key change is the shift from using the cost of equity (Ke) to the weighted average cost of capital (WACC) as the discount rate in the maximum tariff calculation formula. Additionally, a clawback clause has been introduced, triggered when actual workload units exceed projections by more than 3% on a consolidated basis.
The maximum tariffs approved for 2025-2029 show a slight annual decrease of 0.8% due to an efficiency factor, though these will be adjusted for inflation using the National Producer Price Index:
This regulatory framework provides revenue visibility for the next five years, with tariff adjustments expected in January 2026 that could potentially lead to double-digit increases in passenger fees, according to management commentary from the Q3 earnings call.
Competitive Position and Outlook
GAP maintains its position as Mexico’s largest airport operator by passenger traffic. The company’s diversified portfolio of airports serves various market segments, from business hubs like Guadalajara to leisure destinations such as Los Cabos, Puerto Vallarta, and Montego Bay.
The airline market share at GAP’s airports is led by Volaris (39.9%), followed by VIVA (21.0%), Aeromexico (9.2%), and American Airlines (6.4%), demonstrating a healthy mix of domestic and international carriers:
Looking ahead, GAP remains optimistic about its future performance despite some challenges. During the Q3 earnings call, management addressed concerns about U.S. migration policies impacting passenger traffic and challenges with the Pratt & Whitney engine fleet groundings. The company is also exploring acquisition opportunities, including potential targets in Turks and Caicos and CCR Airports, to further expand its portfolio.
With a healthy net debt to EBITDA ratio of 1.8x and strong cash position of ARS 9.7 billion reported in Q3 2025, GAP is well-positioned to execute its ambitious investment program while maintaining financial flexibility. CEO Raul Revuelta expressed confidence in the company’s strategic direction, stating, "We are confident that our diversified revenue base and solid financial position will support the accretion of long-term value for shareholders."
Full presentation:
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