Business Context and Reporting Period
Company: Grupo Aeroportuario del Pacifico, S.A.B. de C.V. (Pacific Airport Group)
Filing Type: Form 6-K (Report of Foreign Private Issuer)
Reporting Period: Preliminary terminal passenger traffic figures for April 2025 and the first four months of 2025 (January–April).
Date of Filing: May 6, 2025
Operations: The company operates 12 airports in Mexico's Pacific region and two airports in Jamaica (Montego Bay and Kingston).
Key Financial and Operational Metrics
Note: This filing contains operational traffic data only. No revenue, profit, cash flow, margin, debt, or liquidity figures are provided in this document.
Passenger Traffic (April 2025 vs. April 2024)
- Total Terminal Passengers: 5,530.6 thousand (9.1% increase).
- Domestic Passengers: 3,134.8 thousand (12.3% increase).
- International Passengers: 2,395.8 thousand (5.2% increase).
- Seats Available: Increased by 11.0%.
- Load Factor: Decreased from 81.8% to 80.4%.
Passenger Traffic (Jan-Apr 2025 vs. Jan-Apr 2024)
- Total Terminal Passengers: 21,799.9 thousand (5.4% increase).
- Domestic Passengers: 11,671.6 thousand (10.0% increase).
- International Passengers: 10,128.3 thousand (0.6% increase).
Material Changes and Airport Performance
Top Performers (April 2025 YoY Growth):
- Mexicali: 45.0% total increase (driven by 45.4% domestic growth).
- Los Mochis: 31.0% total increase (driven by 31.3% domestic growth).
- La Paz: 20.4% total increase.
- Morelia: 16.0% total increase.
- Guanajuato: 17.9% total increase.
Declines (April 2025 YoY):
- Montego Bay (Jamaica): Decreased 1.3% total (International only).
- Aguascalientes: Decreased 5.2% total.
- Puerto Vallarta: Decreased 2.7% in international traffic, though total traffic rose 5.7%.
- Kingston (Jamaica): Domestic traffic dropped 90.0% (from 0.3k to 0.0k), though international traffic rose 14.7%.
CBX Usage (Tijuana): Cross-border traffic increased 13.8% in April 2025 and 7.9% for the first four months.
Outlook, Risks, and Management Commentary
Forward-Looking Statements: The filing includes standard disclaimers that statements regarding future economic circumstances, industry conditions, and financial results are based on management's current estimates and are subject to risks and uncertainties.
Risks: Actual results may differ materially from expectations due to changes in general economic and market conditions, industry conditions, and operating factors.
Whistleblower Program: The company maintains a program for anonymous reporting of criminal conduct or violations in accordance with the Sarbanes-Oxley Act.
Investor Verification Checklist
- Verify the impact of the 1.4 percentage point drop in load factor (81.8% to 80.4%) on future revenue per available seat mile (RASM).
- Confirm the sustainability of the 45% growth at Mexicali and 31% growth at Los Mochis, which are smaller airports.
- Monitor the continued decline in Montego Bay international traffic (-1.3% in April, -6.5% YTD) and Kingston domestic traffic.
- Review the upcoming Form 20-F or quarterly earnings release for actual revenue and profit figures, as this 6-K contains only traffic data.
- Assess the correlation between the 11% increase in seats available and the 9.1% increase in total passengers to gauge capacity utilization trends.