Pacific Airport (PAC) Company Report

Grupo Aeroportuario del Pacífico (PAC) reported a 2.0% decrease in total terminal passenger traffic in November 2025 compared to November 2024.
This decline was largely due to a 73.4% decrease in passenger traffic at Montego Bay Airport, impacted by Hurricane Melissa, which struck on October 28, 2025.
In contrast, GAP's 12 Mexican airports experienced a 3.5% increase in total terminal passengers during November 2025 compared to the previous year.
For the period of January - November 2025, total terminal passengers across all GAP airports increased by 2.7% year-over-year.

3 days ago

6-K

Pacific Airport Group Announces Strategic Merger to Acquire Cross Border Xpress and Internalize Technical Assistance Services

PAC

M&A

New Projects/Investments

Accounting Changes

Pacific Airport Group (GAP) announced a strategic merger to acquire 100% ownership of Cross Border Xpress (CBX) and internalize its technical assistance services.
The acquisition of CBX is expected to diversify GAP's revenue with 100% USD-denominated non-aeronautical cash flows, increasing its share of USD revenue to approximately 27% and non-aeronautical revenue to 35% of pro-forma total revenue.
The internalization of technical assistance services is projected to yield pre-tax annual savings equivalent to approximately 5% of Mexican airport EBITDA, or US$50.8 million for the LTM 9M25 period.
The transaction will result in the issuance of approximately 90 million new Series B shares, increasing outstanding shares by about 18% and causing dilution for current Series B shareholders.
The merger is subject to shareholder approval, with a vote scheduled for December 2025.

Nov 17, 2025, 11:00 AM

6-K

Grupo Aeroportuario del Pacífico Announces Integration of Cross Border Xpress and Internalization of Technical Assistance Agreement

PAC

M&A

New Projects/Investments

Revenue Acceleration/Inflection

Grupo Aeroportuario del Pacífico (GAP) announced the simultaneous integration of Cross Border Xpress (CBX) and the internalization of its Technical Assistance Agreement.
GAP will acquire 100% ownership of CBX and internalize the Technical Assistance Agreement by issuing roughly 90 million newly issued Series B shares (an 18% increment to current shares outstanding), paying approximately $290 million in cash, and assuming $74 million in debt.
The transaction is expected to be immediately accretive on a free cash flow per share basis. On a pro forma 2024 basis, it is projected to increase GAP's EBITDA by approximately $139 million (a 14.3% uplift) to an estimated $1.1 billion.
The internalization of the Technical Assistance Agreement is anticipated to generate pre-tax annual savings of approximately $15.8 million (equivalent to 5% of Mexican airport EBITDA) based on the last 12 months.
Strategic shareholders receiving new shares will be subject to a 365-day lock-up period, with phased exceptions for selling portions of their shares after 90 and 180 days.

Nov 4, 2025, 2:00 PM

Transcript

Grupo Aeroportuario del Pacífico Announces Integration of Cross Border Xpress and Internalization of Technical Assistance Agreement

PAC

M&A

New Projects/Investments

Revenue Acceleration/Inflection

Grupo Aeroportuario del Pacífico (GAP) is undertaking a strategic transaction to integrate Cross Border Xpress (CBX) and internalize its Technical Assistance Agreement (TAA).
GAP will acquire 100% ownership of CBX, with 75% through a merger involving the issuance of approximately 90 million newly issued Series B shares (an 18% increment to current shares outstanding) and the remaining 25% paid in cash.
The transaction is projected to be immediately accretive on a free cash flow per share basis and increase pro forma EBITDA by approximately $139 million, or 14.3%, to an estimated $1.1 billion based on 2024 figures.
Internalization of the TAA is expected to generate annual savings of approximately $50.8 million (last 12 months), equivalent to about 5% of Mexican airport EBITDA.
CBX provides significant diversification with unregulated U.S. denominated non-aeronautical revenues (69% from ticket sales, 21% from parking, 10% from ancillary services) and will increase GAP's U.S. dollar revenue share from 20% to 27% on a 2024 pro forma basis.

Nov 4, 2025, 2:00 PM

Transcript

Pacific Airport Proposes Cross Border Express Integration and Technical Agreement Internalization

PAC

M&A

New Projects/Investments

Revenue Acceleration/Inflection

Grupo Aeroportuario del Pacífico (GAP) proposes the integration of Cross Border Express (CVX) and the internalization of its technical assessment agreement.
The CVX integration is projected to increase GAP's EBITDA by approximately $139 million, an uplift of about 14.3%, resulting in an estimated pro forma EBITDA of $1.1 billion based on 2024 figures, and is expected to be immediately accretive on a free cash flow per share basis.
Internalizing the technical assessment agreement is anticipated to save approximately 5% of EBITDA from Mexican airport concessions, equivalent to about 3% of consolidated EBITDA or $50.8 million for the last twelve months.
The transaction aims to diversify GAP's business by increasing U.S. Dollar denominated revenues from 20% to 27% on a 2024 pro forma basis and streamlining its shareholder structure.
The transaction will involve issuing approximately 90 million new shares for the majority stake and the internalization, with the remaining 25% of CVX to be acquired in a separate cash transaction that will be leveraged for tax benefits.

Nov 4, 2025, 2:00 PM

Transcript

Pacific Airport Announces Integration of Cross Border Xpress and Internalization of Technical Assistance Agreement

PAC

M&A

New Projects/Investments

Grupo Aeroportuario del Pacífico (GAP) announced the simultaneous integration of Cross Border Xpress (CBX) and the internalization of its Technical Assistance Agreement (TAA), aiming to accelerate growth, diversify revenue, and simplify its ownership structure.
The transaction involves GAP obtaining 100% ownership of CBX and issuing approximately 90 million newly issued Series B shares, an 18% increment to current shares outstanding, with strategic shareholders receiving 100% consideration in these shares.
The internalization of the TAA is expected to generate pre-tax annual savings equivalent to approximately 5% of Mexican airport EBITDA, or around $15.8 million in the last 12 months.
On a pro forma basis using 2024 figures, the transaction is projected to increase GAP's EBITDA by approximately $139 million, an uplift of about 14.3%, bringing pro forma EBITDA to an estimated $1.1 billion. The transaction is expected to be immediately accretive on a free cash flow per share basis.
The transaction is subject to approval by GAP shareholders, with a meeting anticipated in December.

Nov 4, 2025, 2:00 PM

Transcript

PAC Board Proposes Business Combination and CBX Integration

PAC

M&A

New Projects/Investments

Grupo Aeroportuario del Pacífico (PAC) has announced that its Board of Directors proposes a business combination to shareholders, which includes the internalization of technical assistance and technology transfer services and the integration of Cross Border Xpress (CBX).
The CBX, a landside terminal in San Diego connected to the Tijuana International Airport, generated an EBITDA of approximately US$94 million in 2024 and US$75 million in the first nine months of 2025.
Subject to shareholder approval, this business combination is expected to result in the issuance of approximately 90 million net new shares and the assumption of US$290 million in cash and cash equivalents and US$74 million in financial debt.

Nov 3, 2025, 10:36 PM

6-K

Pacific Airport Group Provides Update on Hurricane Melissa's Impact in Jamaica

PAC

Kingston Airport resumed operations for humanitarian aid flights on October 29, 2025, at 4:00 p.m. (local time), with commercial operations scheduled to resume on October 30, 2025, at 7:00 a.m..
Inspections confirmed that all critical infrastructure at Kingston Airport is in suitable condition for aircraft operations and passenger services.
Operations at Montego Bay Airport remain suspended, as technical and engineering teams continue structural, electrical, and operational assessments to prepare for reopening for evacuation and humanitarian aid flights.

Oct 30, 2025, 10:15 AM

6-K

Pacific Airport Group Reports Impacts from Hurricane Melissa in Jamaica

PAC

Demand Weakening

Profit Warning

Grupo Aeroportuario del Pacífico (PAC) reported that its airport operations in Jamaica were affected by Hurricane Melissa, a Category 5 storm, leading to the suspension of operations at Kingston Airport on October 25 and Montego Bay Airport on October 26, 2025.
The company is currently assessing the damage to facilities and is focused on resuming operations as soon as possible to facilitate humanitarian aid.
For the first nine months of 2025, the Jamaican airports represented 11.0% of GAP's total passenger traffic and 8.8% of consolidated EBITDA.

Oct 29, 2025, 1:03 AM

6-K

Grupo Aeroportuario del Pacífico Reports Impacts from Hurricane Melissa in Jamaica

PAC

Demand Weakening

Grupo Aeroportuario del Pacífico (GAP) reported that Hurricane Melissa, a Category 5 storm, led to the suspension of airport operations in Jamaica.
Operations at Kingston Airport were suspended on October 25 at 9:00 p.m., and at Montego Bay Airport on October 26 at 12:00 p.m., 2025.
GAP is currently assessing damage and working to restore operations as soon as possible, prioritizing safety and facilitating humanitarian aid.
For the first nine months of 2025, Jamaican airports accounted for 11.0% of GAP's total passenger traffic and 8.8% of consolidated EBITDA.

Oct 29, 2025, 12:15 AM

Press Release

Earnings Transcripts

Quarterly earnings call transcripts for Pacific Airport.

Q3 2025

Oct 22, 2025

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Q2 2025

Jul 23, 2025

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