Pacific Airport Group
Pacific Airport Group, known legally as Grupo Aeroportuario del Pacífico (GAP), operates a network of concessioned airports in Mexico and Jamaica, including major gateways such as Guadalajara, Tijuana, Los Cabos, Puerto Vallarta, Kingston and Montego Bay. The company also owns the Cross Border Xpress terminal in San Diego, a specialized facility linked to the Tijuana airport.
Fiscal year 2025 · change from previous year
Development 2022–2025
Business
Share of revenueOperation of concessioned passenger airports, terminals, runways, and airside facilities.
Passenger, landing, security, and other aviation-related charges paid by airlines and travelers.
Commercial income from retail, parking, food and beverage, and other passenger services.
Revenue linked to airport construction and improvements recognized under concession accounting.
CBX terminal services connecting passengers between San Diego and Tijuana.
Customers
GAP serves airlines, passengers, concessionaires, and commercial tenants across its airport network. Its aeronautical services are used by domestic and international carriers, while non-aeronautical revenues depend on travelers using shops, parking, and other airport facilities. The business is also tied to tourism, business travel, and cross-border passenger flows, especially in Mexico’s Pacific corridor and Jamaica.
Pay landing, passenger, and facility charges for use of GAP airports and terminals.
Generate revenue through airport fees, retail spend, parking, and terminal usage.
Lease space and operate retail, food, beverage, and service outlets in terminals.
Use resort airports such as Los Cabos, Puerto Vallarta, and Montego Bay.
Use CBX to move between San Diego and Tijuana with reduced border friction.
Strategy
GAP’s strategy centers on expanding and modernizing airport infrastructure while increasing passenger throughput and commercial revenue per traveler. The company also uses concession-based development programs and external funding tools to support long-lived airport investment, which is important in a capital-intensive regulated business. Its cross-border and Jamaica assets broaden the network beyond Mexico and add exposure to higher-value international traffic.
Capacity and service quality drive long-term traffic growth and concession economics.
Commercial spending can raise revenue per passenger without adding runway capacity.
Passenger volumes and route mix directly influence airport fee and terminal income.
Geography
GAP’s core business is concentrated in western and northern Mexico, where it operates 12 airports across the Pacific region. It also has airport operations in Jamaica and a cross-border terminal in San Diego tied to Tijuana, giving the company exposure to tourism, business travel, and U.S.-Mexico travel flows. The business is therefore tied to both domestic Mexican demand and international passenger traffic, especially from the United States.
Risks
The business is exposed to airline route changes, passenger demand volatility, and concentration in tourism-heavy airports, where traffic can move quickly with macroeconomic and competitive conditions. Because revenues depend on regulated concessions and passenger flows, the company is also sensitive to airport investment execution, concession terms, and cross-border travel patterns. Jamaica and CBX add geographic diversification, but they also create exposure to local airline capacity, currency, and operational disruptions.
- Tourism demand volatilityImpact: HighLikelihood: Medium
Several airports depend on leisure travel to resort destinations.
Exposure - Capital project executionImpact: HighLikelihood: Medium
Growth depends on timely airport infrastructure expansion and modernization.
Exposure: Mexico and Jamaica development programs
- Regulated concession riskImpact: HighLikelihood: Medium
Airport pricing, investments, and returns are shaped by concession terms and oversight.
Exposure: Mexican and Jamaican airport concessions
- Airline capacity reductionsImpact: MediumLikelihood: High
Airport revenue depends on carriers maintaining service and passenger volumes.
Exposure
Accounting
Judgemental itemsInfrastructure construction is recognized as revenue even though it is not cash-based.
Impact: Can inflate total revenue relative to operating cash generation
Airport volumes vary by tourism season, airline schedules, and travel demand.
Impact: Quarterly comparability of revenue and margins can be distorted
Large airport projects create significant fixed assets and future depreciation.
Impact: Affects asset values, depreciation expense, and return metrics
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Last updated: 28/09/2026