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 for October 2025 and Year-to-Date (January through October 2025).
Date of Filing: November 7, 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 (October 2025 vs. October 2024)
- Total Terminal Passengers: Decreased 0.8% (4,874.7k vs. 4,915.8k).
- Domestic Passengers: Increased 2.0% (3,012.2k vs. 2,951.8k).
- International Passengers: Decreased 5.2% (1,862.5k vs. 1,964.0k).
- Seats Available: Increased 6.0%.
- Load Factor: Decreased from 86.5% to 80.9%.
Year-to-Date Performance (Jan-Oct 2025 vs. Jan-Oct 2024)
- Total Terminal Passengers: Increased 3.2% (52,683.2k vs. 51,053.1k).
- Domestic Passengers: Increased 5.9%.
- International Passengers: Decreased 0.2%.
Material Changes and Drivers
Hurricane Melissa Impact: The primary driver for the decline in international traffic was Hurricane Melissa, which struck Jamaica on October 28, 2025.
- Montego Bay Airport: Traffic decreased 17.6% month-over-month and 2.5% year-to-date due to significant damage and operational disruptions.
- Kingston Airport: Traffic decreased 13.0% month-over-month, though year-to-date traffic increased 4.5%.
- Recovery Status: Kingston resumed operations on October 30; Montego Bay resumed on October 31 following the deployment of technical teams and cargo supplies from Mexico.
Regional Variance: While Jamaica suffered declines, several Mexican airports showed growth. Mexicali (Total +42.5%), Los Mochis (Total +10.1%), and Morelia (Total +19.4%) saw significant month-over-month increases. Conversely, Tijuana (-4.2%) and Los Cabos (-2.1%) experienced declines in total traffic for the month.
Outlook, Risks, and Management Commentary
Management Commentary: GAP reaffirmed its commitment to employee safety and the comprehensive recovery of Jamaica's airports. The company emphasized that the speed of infrastructure and hotel supply recovery will be the determining factor for the destination's economic and tourism reactivation.
Risks and Contingencies:
- Natural Disasters: Ongoing recovery from Hurricane Melissa poses a risk to near-term traffic volumes in Jamaica.
- 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.
Guidance: No specific financial guidance or updated traffic forecasts were provided in this filing.
Investor Verification Checklist
- Verify the extent of physical damage to Montego Bay and Kingston airports and the timeline for full capacity restoration.
- Monitor the recovery of hotel supply and tourism demand in Jamaica to assess the sustainability of traffic rebound.
- Review upcoming quarterly financial reports to quantify the revenue impact of the 0.8% total traffic decline and the 5.6% drop in load factor.
- Assess the performance of high-growth Mexican airports (e.g., Mexicali, Los Mochis) to determine if they can offset Jamaican losses.