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 February 2026, reported on March 6, 2026. GAP 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.
- Total Passenger Traffic (Feb 2026): 4,608.2 thousand passengers, a 5.5% decrease compared to February 2025 (4,875.4 thousand).
- YTD Traffic (Jan-Feb 2026): 10,130.2 thousand passengers, a 3.7% decrease compared to the same period in 2025.
- Seats Available: Decreased by 3.4% in February 2026 versus February 2025.
- Load Factor: Declined from 81.2% in February 2025 to 79.4% in February 2026.
Material Changes and Operational Disruptions
Significant declines were observed across the portfolio, driven by specific regional events:
- Hurricane Melissa Impact: Jamaica operations suffered severe disruptions. Montego Bay traffic fell 31.4% (Feb 2026 vs. Feb 2025), and Kingston fell 2.1%.
- Jalisco State Events: On February 22 and 23, 2026, government alerts and local events caused flight cancellations. Guadalajara Airport recorded 120 cancellations on Feb 22 and 103 on Feb 23. Puerto Vallarta recorded 89 and 52 cancellations on those respective days.
- Major Airport Performance (Feb 2026 vs. Feb 2025):
- Tijuana: -7.4%
- Puerto Vallarta: -5.3%
- Guadalajara: -1.6%
- Los Cabos: +0.8% (Only major airport with growth)
- Smaller Markets: Mexicali (-19.1%) and Manzanillo (-12.2%) saw significant declines, while Morelia (+13.4%) and La Paz (+5.2%) reported growth.
Guidance, Outlook, and Risks
The filing contains standard forward-looking statement disclaimers but provides no specific financial guidance or updated outlook for 2026. Management highlights risks related to general economic conditions, industry trends, and operating factors. Specific operational risks cited include the impact of Hurricane Melissa on Jamaican assets and flight cancellations due to civil unrest or alerts in the State of Jalisco.
Investor Verification Checklist
- Verify the financial impact of the 5.5% traffic decline on Q1 2026 revenue and EBITDA in the upcoming quarterly report.
- Assess the duration and recovery timeline for Jamaica operations following Hurricane Melissa.
- Monitor the stability of the Jalisco region to determine if flight cancellations at Guadalajara and Puerto Vallarta are recurring.
- Review the correlation between the 3.4% reduction in available seats and the 1.8 percentage point drop in load factors to understand airline capacity strategies.
- Confirm if the growth in Los Cabos (+0.8%) and Morelia (+13.4%) is sufficient to offset declines in larger hubs.