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 December 2025 and the full year ended December 31, 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 (December 2025 vs. December 2024)
- Total Terminal Passengers: 5.874 million (0.1% increase).
- Domestic Passengers: 3.265 million (5.8% increase).
- International Passengers: 2.610 million (6.2% decrease).
- Seats Available: Increased 10.6%.
- Load Factor: Decreased from 85.5% to 77.4%.
Full Year 2025 Traffic (Jan-Dec vs. Prior Year)
- Total Terminal Passengers: 63.686 million (2.5% increase).
- Domestic Passengers: 36.445 million (5.8% increase).
- International Passengers: 27.241 million (1.7% decrease).
Material Changes and Variance Analysis
Positive Growth Drivers:
- Guadalajara: Total traffic up 9.2% in December; full year up 4.8%.
- Puerto Vallarta: Total traffic up 4.0% in December; full year up 2.1%.
- High-Growth Regional Airports: Mexicali (+23.0% full year), Los Mochis (+21.9% full year), and Morelia (+15.6% full year) showed significant growth.
Negative Variances and Disruptions:
- Jamaica Operations: Montego Bay traffic plummeted 43.8% in December and 11.6% for the full year. Kingston traffic decreased 2.9% in December but grew 3.6% for the full year.
- Cause: The filing explicitly attributes the sharp decline in Montego Bay to disruptions caused by "Hurricane Melissa."
- Tijuana: Total traffic decreased 2.7% in December, though full year traffic grew 0.8%.
- Los Cabos: Total traffic decreased 1.2% in December, with full year growth of 0.6%.
Outlook, Commentary, and Risks
New Routes Announced: Several new international routes were launched in December 2025, including connections from Guadalajara to Calgary, Montreal, and Seattle; Puerto Vallarta to Ottawa, Hamilton, and Atlanta; and Los Cabos to Panama City, Austin, Atlanta, and Las Vegas.
Forward-Looking Statements: The filing includes standard disclaimers that future results depend on economic conditions, industry trends, and operating factors. There is no guarantee that expected trends will occur.
Risks and Contingencies:
- Natural Disasters: The impact of Hurricane Melissa on Jamaican operations is a material risk factor highlighted in the report.
- Load Factor Pressure: A significant drop in load factor (85.5% to 77.4%) despite a 10.6% increase in available seats suggests potential overcapacity or demand softness in the short term.
Investor Verification Checklist
- Verify the extent of physical damage and recovery timeline for Montego Bay airport following Hurricane Melissa.
- Monitor the sustainability of the 10.6% seat capacity increase against the declining load factor to assess revenue per available seat mile (RASM) implications.
- Review the performance of the newly announced routes in Q1 2026 to determine if they offset the decline in international traffic.
- Confirm the specific financial impact of the Jamaica traffic decline on the upcoming quarterly earnings report, as this filing lacks financial data.
- Assess the competitive landscape in Tijuana and Los Cabos, where traffic declined in December despite full-year stability.