Grupo Aeroportuario del Pacifico Announces Approval of Maximum Tariffs and Capital Development Program for 2026-2030 for Kingston Airport in Jamaica

Rhea-AI Summary

Grupo Aeroportuario del Pacifico (NYSE: PAC) has received approval for its maximum tariffs and Capital Development Program for Kingston Airport in Jamaica covering 2026-2030. The maximum passenger charges, denominated in USD, will progressively increase from $38.18 in 2026 to $60.10 in 2030. The approved Capital Development Program includes total investments of $85.2 million USD, with the largest investment of $45.8 million scheduled for 2026. GAP operates 12 airports across Mexico's Pacific region and two airports in Jamaica, including the Norman Manley International Airport in Kingston and Sangster International Airport in Montego Bay.

Positive

• Approved tariff increases from $38.18 to $60.10 per passenger over 5 years indicate strong revenue growth potential
• Significant total investment commitment of $85.2 million USD demonstrates long-term development strategy
• Front-loaded investment schedule with $45.8 million in 2026 suggests rapid infrastructure improvements

Negative

• Large capital expenditure requirements may impact short-term cash flow
• Substantial tariff increases could potentially affect passenger traffic and airline relationships

Insights

Financial Analyst specializing in airport infrastructure

GAP secures significant 57% tariff increase for Kingston Airport over 2026-2030, with front-loaded $85.2M investment plan providing revenue visibility and growth capacity.

GAP has secured regulatory approval for Kingston Airport's 2026-2030 tariff structure and capital investment program, establishing clear revenue visibility and growth capacity for this Jamaican asset. The approved passenger tariffs show a progressive increase from $38.18 in 2026 to $60.10 by 2030, representing a 57% increase over the five-year period.

Notably, the tariff structure includes a substantial 47% jump between 2026 and 2027 (from $38.18 to $56.18), with more moderate annual increases of approximately 2.3% thereafter. This pattern aligns with the capital investment schedule, which is heavily front-loaded: $45.8M (or 53.8% of the total) allocated for 2026, followed by $23.4M for 2027. Together, these first two years account for 81% of the entire $85.2M five-year investment commitment.

This investment profile typically indicates major infrastructure improvements rather than routine maintenance, suggesting GAP plans significant capacity expansion or service enhancements at Kingston Airport. The synchronized timing between major investments and tariff increases reflects a strategic approach to quickly recover capital expenditures through increased passenger fees.

The regulatory certainty provided by this five-year approval reduces business risk for GAP's Kingston operations, which represent an important element of the company's international diversification beyond its core Mexican airport portfolio. While the substantial tariff increases could potentially impact passenger price sensitivity, the approved structure provides GAP with a predictable revenue framework to support its investment initiatives through 2030.

GUADALAJARA, Mexico, June 06, 2025 (GLOBE NEWSWIRE) -- Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (NYSE: PAC; BMV: GAP) (“the Company” or “GAP”) announces the conclusion of the ordinary review process for the maximum tariffs per passenger and committed investments included in the Capital Development Program for Kingston Airport for the 2026–2030 period.

The maximum passenger charges are expressed in U.S. dollars and will apply to each year as specified in the following table:

Airport	2026	2027	2028	2029	2030
Kingston	38.18	56.18	57.50	58.81	60.10

The investments approved by the Authority and committed under the Capital Development Program are expressed in millions of U.S. dollars and must be deployed according to the following schedule:

Airport	2026	2027	2028	2029	2030	Total
Kingston	45.8	23.4	3.8	7.9	4.3	85.2

Company Description

Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (GAP) operates 12 airports throughout Mexico’s Pacific region, including the major cities of Guadalajara and Tijuana, the four tourist destinations of Puerto Vallarta, Los Cabos, La Paz and Manzanillo, and six other mid-sized cities: Hermosillo, Guanajuato, Morelia, Aguascalientes, Mexicali, and Los Mochis. In February 2006, GAP’s shares were listed on the New York Stock Exchange under the ticker symbol “PAC” and on the Mexican Stock Exchange under the ticker symbol “GAP”. In April 2015, GAP acquired 100% of Desarrollo de Concessioner Aeroportuarias, S.L., which owns a majority stake in MBJ Airports Limited, a company operating Sangster International Airport in Montego Bay, Jamaica. In October 2018, GAP entered into a concession agreement for the Norman Manley International Airport operation in Kingston, Jamaica, and took control of the operation in October 2019.

This press release may contain forward-looking statements. These statements are statements that are not historical facts and are based on management’s current view and estimates of future economic circumstances, industry conditions, company performance, and financial results. The words “anticipates”, “believes”, “estimates”, “expects”, “plans” and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations, and the factors or trends affecting financial condition, liquidity, or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends, or results will occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.

In accordance with Section 806 of the Sarbanes-Oxley Act of 2002 and Article 42 of the “Ley del Mercado de Valores”, GAP has implemented a “whistleblower” program, which allows complainants to anonymously and confidentially report suspected activities that involve criminal conduct or violations. The telephone number in Mexico, facilitated by a third party responsible for collecting these complaints, is 800 04 ETICA (38422) or WhatsApp +52 55 6538 5504. The website is www.lineadedenunciagap.com or by email at denuncia@lineadedenunciagap.com. GAP’s Audit Committee will be notified of all complaints for immediate investigation.

Alejandra Soto Investor Relations and Social Responsibility Officer	asoto@aeropuertosgap.com.mx
Gisela Murillo, Investor Relations	gmurillo@aeropuertosgap.com.mx +52 33 3880 1100 ext. 20294

FAQ

What are the new maximum tariffs approved for PAC's Kingston Airport from 2026 to 2030?

The approved maximum tariffs per passenger will increase progressively from $38.18 in 2026 to $60.10 in 2030, with intermediate rates of $56.18 in 2027, $57.50 in 2028, and $58.81 in 2029.

How much will PAC invest in Kingston Airport's Capital Development Program?

PAC will invest a total of $85.2 million USD over the 2026-2030 period, with $45.8 million in 2026, $23.4 million in 2027, $3.8 million in 2028, $7.9 million in 2029, and $4.3 million in 2030.

How many airports does Grupo Aeroportuario del Pacifico (PAC) operate?

GAP operates a total of 14 airports: 12 airports throughout Mexico's Pacific region and 2 airports in Jamaica (Kingston and Montego Bay).

When did PAC take control of Norman Manley International Airport in Kingston?

GAP entered into a concession agreement for the Norman Manley International Airport in Kingston, Jamaica in October 2018 and took control of operations in October 2019.