Background on Key Players and Their Relevance
The Mexican airport sector comprises three major groups: Aeroportuarios del Sureste (ASUR), Grupo Aeroportuario del Pacífico (GAP), and Grupo Aeroportuario del Centro Norte (OMA). These groups manage airports crucial for the country’s aviation industry and are publicly traded on Mexican stock exchanges.
Who are these airport groups?
- Aeroportuarios del Sureste (ASUR): Operates airports in southeastern Mexico, including Cancun International Airport.
- Grupo Aeroportuario del Pacífico (GAP): Manages airports in western Mexico, such as Guadalajara International Airport.
- Grupo Aeroportuario del Centro Norte (OMA): Oversees airports in central Mexico, including those in Monterrey and Zacatecas.
Regulatory Changes and Their Impact on Valuations
In October 2023, regulatory changes were announced, including an increase in the rights rate from 4% to 9% of gross revenues. These changes, along with some passenger traffic declines since 2023, had previously pressured airport group valuations.
Approval of Development Master Plans (PMD)
However, the approval of PMD for ASUR (2024-2028) in December 2023 and for GAP (2025-2029) in August 2024 has increased regulatory certainty for these airport groups.
- Concessions remain unchanged, only higher rights rates are applied.
- Increased investments in airports are required.
- Maximum Traffic Unit Tariffs (which determine the maximum level of the Airport Usage Tariff or TUA) will rise, allowing airport groups to charge more.
Passenger Traffic Recovery and Its Impact on Income
The significant recovery in passenger traffic for these airport groups since early 2025 suggests further growth in both aeronautical and non-aeronautical income.
- ASUR: April traffic grew by 3.8% a/a, and the first quarter saw a 0.2% a/a increase.
- GAP: April traffic advanced by 9.1% a/a, and the first quarter saw a 4.2% a/a increase.
- OMA: April traffic grew by 18.8% a/a, and the first quarter advanced by 9.1% a/a.
Low-Cost Airlines’ Role in Passenger Traffic Recovery
The recovery of passenger traffic for airport groups is partly linked to the growth in low-cost Mexican airlines, Controladora Vuela Compañía de Aviación (Volaris) and Grupo Viva Aerobus (Viva).
- Volaris: Interannual passenger traffic growth was reported from January: 4.3% a/a in January, 4.9% a/a in February, 12.3% in March, and 14.8% a/a in April.
- Viva: After some decelerations in 2024, April 2025 saw a passenger traffic growth of 17.5% a/a.
Income Growth and Stock Performance
Despite low-cost airline income declines due to reduced Total Revenue per Available Seat Mile (TRASM), airport group income (excluding construction or addition to concessioned assets) showed double-digit growth in Q1 2025:
- ASUR: Income grew by 13.9% a/a.
- GAP: Income increased by 26.1% a/a.
- OMA: Income advanced by 15.6% a/a.
Stock performance for airport groups has been notably positive:
- ASUR: Shares advanced by 26.0% from January 2 to May 15.
- GAP: Shares increased by 16.9% during the same period.
- OMA: Shares rose by 35.2% from January 2 to May 15.
In contrast, Volaris stocks have been under pressure, declining by 44.8% during the same period.
Key Questions and Answers
- Q: What are the major airport groups in Mexico?
- A: Aeroportuarios del Sureste (ASUR), Grupo Aeroportuario del Pacífico (GAP), and Grupo Aeroportuario del Centro Norte (OMA).
- Q: How have regulatory changes affected airport group valuations?
- A: Initial regulatory changes in October 2023 pressured valuations, but the approval of Development Master Plans (PMD) for ASUR and GAP has increased regulatory certainty.
- Q: How has passenger traffic recovery impacted airport group income?
- A: Despite some low-cost airline income declines, overall airport group income has shown double-digit growth due to increased passenger traffic.
- Q: What role do low-cost airlines play in this scenario?
- A: Low-cost airlines, such as Volaris and Viva, have contributed to passenger traffic recovery, supporting the growth in airport group income.
- Q: How have airport group stocks performed?
- A: Stocks for ASUR, GAP, and OMA have shown notable advances, while Volaris stocks have been under pressure.
