About Grupo Aeroportuario del Pacífico (GAP)
Grupo Aeroportuario del Pacífico (GAP) is a Mexican and Jamaican airport management company headquartered in Guadalajara, Mexico. GAP operates 14 airports across Mexico and Jamaica, making it a significant player in the regional aviation industry.
Q2 2025 Financial Performance
GAP reported a 31.1% increase in its EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) for Q2 2025 compared to the same period in 2024. This performance surpassed analyst expectations, as outlined by Infosel.
Revenue Growth
GAP’s revenue saw a substantial 49.9% increase during the April-June period of 2025, outpacing analyst expectations by nearly 12%. This growth was driven by both the aeronautical and non-aeronautical services segments, as well as additional services from concessioned assets.
Analyst Perspectives
Monex Casa de Bolsa analysts deemed GAP’s report positive, citing favorable operational performance and a solid financial structure. They also acknowledged the recent development master plan. However, they emphasized the importance of evaluating economic performance at both local and international levels in 2025, which could potentially impact passenger traffic.
Factors Contributing to Success
GAP attributed its strong operational performance to a 27.6% increase in aeronautical service revenues at Mexican airports, driven by a 22.5% rise in the approved tariff for use of airport (TUA) for the 2025-2029 regulatory period, effective since March 2025. Additionally, passenger traffic in Mexico increased by 4.5% during the quarter.
Net Income Decline
Despite the positive EBITDA results, GAP’s net income decreased by 23.4% in Q2 2025 due to foreign exchange losses. This outcome fell nearly 26% short of market expectations.
Passenger Traffic
GAP served 5.18 million passengers in June, a 0.6% increase compared to the same period in 2024. This marked the company’s eighth consecutive month of passenger traffic growth, although it was the weakest performance during this period.
Domestic and International Travel
GAP’s traffic growth resulted from a 1.7% increase in domestic traveler transit and a 0.8% decrease in international traffic. The company reported that its 12 Mexican airports experienced a 0.7% increase in total passenger traffic compared to the same period last year.
Key Questions and Answers
- What is GAP, and why is it important? Grupo Aeroportuario del Pacífico (GAP) is a major airport management company in Mexico and Jamaica, operating 14 airports. Its financial performance impacts the regional aviation industry and investors.
- What factors contributed to GAP’s strong Q2 2025 performance? Key contributors include a 27.6% increase in aeronautical service revenues at Mexican airports, driven by higher tariffs and increased passenger traffic.
- Why did GAP’s net income decrease despite strong EBITDA results? The decline in net income was primarily due to foreign exchange losses that impacted the company’s financial performance in Q2 2025.
- How did GAP’s passenger traffic perform in Q2 2025? GAP served 5.18 million passengers in June, marking a 0.6% increase compared to the same period in 2024. This growth was driven by domestic traveler transit, while international traffic experienced a slight decline.
