Pacific Airport Group (GAP) - Form 6-K Summary
Business Context and Reporting Period
This Form 6-K filing by Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (GAP) covers preliminary terminal passenger traffic data for March 2026 and the first quarter (January–March) of 2026, compared to the same periods in 2025. The report was issued on April 7, 2026. GAP operates 12 airports in Mexico's Pacific region and two international airports in Jamaica (Montego Bay and Kingston).
Key Financial and Operational Metrics
The filing focuses on operational traffic metrics rather than financial statements (revenue, profit, cash flow, debt, or liquidity figures are not provided in this text).
- Total Passenger Traffic (March 2026): 5,237,000 passengers, a decrease of 8.9% year-over-year.
- Total Passenger Traffic (Q1 2026): 15,367,200 passengers, a decrease of 5.5% year-over-year.
- Seats Available (March 2026): Decreased by 4.5% compared to March 2025.
- Load Factors (March 2026): Declined from 81.5% in March 2025 to 75.5% in March 2026.
Material Changes vs. Prior Period
Passenger traffic declined across most major hubs, with significant variances between domestic and international terminals.
- International Traffic Decline: Total international passengers dropped 14.6% in March and 9.5% in Q1 2026.
- Domestic Traffic Decline: Total domestic passengers dropped 3.8% in March and 2.0% in Q1 2026.
- Key Airport Performance (March 2026 vs. 2025):
- Montego Bay (Jamaica): Decreased 25.7% due to disruptions from Hurricane Melissa.
- Puerto Vallarta: Decreased 24.4% (International traffic down 32.1%).
- Tijuana: Decreased 8.7% (International traffic down 15.9%).
- Los Cabos: Decreased 6.9%.
- Guadalajara: Decreased 2.3%.
- Positive Growth Areas:
- La Paz: Increased 21.4% (International up 40.1%).
- Morelia: Increased 6.9% (International up 20.4%).
- Kingston (Jamaica): Increased 1.0%.
Outlook, Risks, and Unusual Items
Unusual Items: The significant decline in Montego Bay traffic is explicitly attributed to disruptions caused by Hurricane Melissa.
New Routes: Several new routes were launched in March 2026, including:
- Guadalajara – Mazatlan (Volaris)
- Morelia – Santa Lucia and Uruapan (Aerus)
- Puerto Vallarta – San Diego and St. Louis (Southwest)
- Los Cabos – Indianapolis (Southwest)
- Montego Bay – Nashville (Southwest)
Risks and Forward-Looking Statements: The filing includes standard disclaimers that future results may differ materially from expectations due to economic conditions, industry trends, and operating factors. No specific financial guidance or dividend declarations were made in this text.
Investor Verification Checklist
- Verify the financial impact of the 8.9% traffic decline on Q1 2026 revenue and EBITDA in the upcoming quarterly report.
- Assess the extent of infrastructure damage and recovery timeline for Montego Bay following Hurricane Melissa.
- Monitor the performance of new Southwest Airlines routes to determine if they offset traffic losses at Puerto Vallarta and Los Cabos.
- Review the correlation between the 6 percentage point drop in load factors and potential pricing strategies or capacity adjustments.
- Confirm if the decline in Tijuana traffic is related to broader cross-border travel trends or specific CBP/CBX operational issues.