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)
Date: March 4, 2025
Reporting Period: Preliminary terminal passenger traffic figures for February 2025 and the two-month period ending February 2025 (January–February).
Operations: The Company operates 12 airports in Mexico's Pacific region and holds interests in 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 (February 2025 vs. February 2024)
- Total Terminal Passengers: 4,875.5 thousand (1.6% increase).
- Domestic Passengers: 2,597.1 thousand (7.1% increase).
- International Passengers: 2,278.4 thousand (4.1% decrease).
- Seats Available: Increased by 2.8%.
- Load Factor: Decreased from 82.1% to 81.2%.
Performance by Key Airport (February 2025)
- Guadalajara: +5.8% total traffic (Domestic +10.6%, International -3.4%).
- Tijuana: +2.7% total traffic (Domestic +1.9%, International +4.2%).
- Los Cabos: -3.8% total traffic (Domestic +0.5%, International -5.8%).
- Puerto Vallarta: -1.8% total traffic (Domestic +14.3%, International -7.3%).
- Montego Bay (Jamaica): -9.6% total traffic (International only).
- Los Mochis: +29.0% total traffic (Strongest growth).
Material Changes vs. Prior Period
- Domestic vs. International Divergence: While domestic traffic grew significantly (+7.1%), international traffic declined (-4.1%), driven primarily by decreases in Montego Bay (-9.6%), Los Cabos (-5.8%), and Puerto Vallarta (-7.3%).
- Load Factor Pressure: Despite a 2.8% increase in available seats, the load factor dropped 0.9 percentage points to 81.2%, indicating capacity growth outpaced demand in February.
- Regional Variance: Mid-sized airports like Los Mochis (+29.0%) and Morelia (+17.7%) showed robust growth, contrasting with declines in major tourist hubs like Montego Bay and Los Cabos.
Guidance, Outlook, and Risks
- New Routes: Avelo Company initiated a new route between Montego Bay and Raleigh-Durham.
- Forward-Looking Statements: The filing includes standard disclaimers that future results depend on economic conditions, industry trends, and operating factors. No specific financial guidance or earnings outlook is provided in this text.
- Risks: Management notes that actual results may differ materially from expectations due to general economic and market conditions.
Investor Verification Checklist
- Verify the impact of the 4.1% decline in international traffic on overall revenue, given the higher yield typically associated with international passengers.
- Confirm the sustainability of the 29.0% growth at Los Mochis and whether it represents a structural shift or seasonal anomaly.
- Monitor the load factor trend; a continued decline despite seat increases could signal overcapacity or weakening demand.
- Review the specific drivers behind the 9.6% drop in Montego Bay traffic to assess the impact of the new Avelo route or broader Caribbean market conditions.
- Check subsequent filings for the reconciliation of passenger traffic growth to actual revenue and EBITDA figures.