Business Context and Reporting Period
Company: Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (Pacific Airport Group)
Filing Type: Form 6-K (Report of Foreign Private Issuer)
Reporting Period: November 2025 (Preliminary Traffic Data) and Year-to-Date (January – November 2025)
Date of Filing: December 4, 2025
The Company operates 12 airports in Mexico's Pacific region and two airports in Jamaica (Montego Bay and Kingston). This filing reports preliminary passenger traffic figures for November 2025 compared to November 2024.
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 Summary (in thousands)
| Metric | Nov 2024 | Nov 2025 | % Change | Jan-Nov 2024 | Jan-Nov 2025 | % Change |
|---|---|---|---|---|---|---|
| Total Terminal Passengers | 5,236.2 | 5,130.7 | (2.0%) | 56,289.3 | 57,811.4 | 2.7% |
| Domestic Passengers | 2,954.7 | 3,096.6 | 4.8% | 31,359.1 | 33,180.3 | 5.8% |
| International Passengers | 2,281.5 | 2,034.2 | (10.8%) | 24,930.3 | 24,631.1 | (1.2%) |
| CBX Users (Tijuana) | 351.8 | 353.1 | 0.4% | 3,634.3 | 3,635.0 | 0.0% |
Operational Efficiency
- Seats Available (Nov 2025): Increased 6.8% vs. November 2024.
- Load Factor (Nov 2025): Decreased to 78.1% from 85.2% in November 2024.
Material Changes vs. Prior Period
- Overall Traffic: Total terminal passengers declined 2.0% month-over-month in November 2025, driven primarily by a 10.8% drop in international traffic. However, year-to-date traffic grew 2.7%.
- Montego Bay Impact: Montego Bay (Jamaica) international traffic plummeted 73.4% in November 2025 (99.1k vs. 373.3k) due to Hurricane Melissa. This significantly impacted the international total.
- Strong Performers:
- Guadalajara: Total traffic up 6.7% (Nov) and 4.3% (YTD).
- Puerto Vallarta: Total traffic up 4.5% (Nov) and 1.9% (YTD).
- Mexicali & Los Mochis: Both saw significant growth of 23.2% and 23.0% respectively in total traffic for November.
- Weak Performers:
- Hermosillo: Total traffic down 8.4% in November.
- Tijuana: Total traffic down 0.6% in November.
Outlook, Risks, and Unusual Items
Hurricane Melissa (Unusual Item)
Hurricane Melissa struck Jamaica on October 28, 2025. While Kingston Airport resumed normal operations on October 30, Montego Bay Airport faces significant headwinds:
- Air operations restored October 31, but hotel capacity remains approximately 70% affected.
- Management states the pace of tourism infrastructure recovery, specifically hotel capacity, is the key factor for normalizing air traffic at Montego Bay.
New Routes
New routes launched in November 2025 include:
- Guadalajara: Toronto (Air Canada), Bogotá (Volaris), Zihuatanejo (Volaris), Puebla (Volaris), Villahermosa (Volaris), Durango (Volaris).
- Puerto Vallarta: Toronto (Porter).
Risks and Forward-Looking Statements
The filing includes standard forward-looking statements regarding future economic circumstances, industry conditions, and capital expenditure plans. Actual results may differ materially due to general economic conditions and operating factors.
Investor Verification Checklist
- Montego Bay Recovery Timeline: Verify the actual rate of hotel capacity restoration in Montego Bay to assess the duration of the traffic suppression.
- Load Factor Trends: Monitor if the 7.1 percentage point drop in load factor (85.2% to 78.1%) is a seasonal anomaly or a structural shift in demand.
- International vs. Domestic Mix: Confirm if the 10.8% drop in international traffic is isolated to Jamaica or indicative of broader regional headwinds.
- Financial Impact: Review the next quarterly financial report (Form 20-F or 10-Q) to quantify the revenue impact of the 2.0% traffic decline and the 73.4% drop at Montego Bay.