Grupo Aeroportuario del Pacifico Reports a Passenger Traffic Decrease in March 2026 of 8.9% Compared to 2025
Rhea-AI Summary
Grupo Aeroportuario del Pacífico (NYSE: PAC) reported a 8.9% decline in total terminal passengers in March 2026 versus March 2025 (5,237.0k vs 5,747.8k). International traffic fell 14.6%, seats available dropped 4.5%, and load factor fell from 81.5% to 75.5% (600 bps).
Significant airport moves: Puerto Vallarta (-24.4% total), Montego Bay (-25.7% total) and La Paz (+21.4% total). New routes and hurricane disruptions in Jamaica were noted.
Positive
- La Paz total passengers +21.4% (Mar 2026 vs Mar 2025)
- La Paz international passengers +40.1% (Mar 2026 vs Mar 2025)
- Morelia international passengers +20.4% (Mar 2026 vs Mar 2025)
Negative
- Montego Bay total passengers -25.7% (Mar 2026 vs Mar 2025)
- Puerto Vallarta total passengers -24.4% (Mar 2026 vs Mar 2025)
- International terminal passengers -14.6% (Mar 2026 vs Mar 2025)
- Tijuana CBX users -15.5% (Mar 2026 vs Mar 2025)
- Load factor declined 600 bps to 75.5% (Mar 2026)
News Market Reaction – PAC
In the Apr 8 session, PAC gained 4.31%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Historical Context
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Mar 31 | Bond issuance | Positive | +0.7% | Large Ps. 10,718.0m long-term bond issue to fund CBX stake and capex. |
| Mar 23 | Debt repayment | Positive | +2.9% | Payment of Ps.1,120.0m bond GAP 23L using new Scotiabank credit facility. |
| Mar 23 | ESG assurance | Positive | +0.0% | Independent assurance confirming 25% GHG emissions reduction KPI achievement. |
| Mar 19 | Loan refinancing | Neutral | -2.0% | Refinancing of USD$95.5m bank loan with BBVA México on new terms. |
| Mar 09 | AGM & dividend | Positive | +0.7% | Call for AGM with proposed MXN 20.80 dividend and share repurchase authorization. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Recent corporate actions (bond issuance, refinancing, dividend proposal, sustainability milestones) generally saw modestly positive price reactions, suggesting the stock often trades constructively around balance-sheet and governance news.
Over the past month, PAC announced several financing and corporate actions. On Mar 31, 2026 it issued long-term bonds totaling Ps. 10,718.0 million, which saw a 0.69% next-day gain. Earlier, on Mar 23, it paid down bond GAP 23L via a new loan and separately reported independent assurance on KPIs for multiple sustainability-linked bonds; both had flat-to-positive reactions. A USD$95.5 million loan refinancing on Mar 19 drew a modest -1.97% move, while the Apr 22, 2026 AGM call with a proposed MXN 20.80 dividend coincided with a 0.74% uptick.
Key Terms
terminal passenger traffic technical
load factors technical
forward-looking statements regulatory
whistleblower regulatory
AI-generated analysis. How Rhea-AI works. Not financial advice.
GUADALAJARA, Mexico, April 07, 2026 (GLOBE NEWSWIRE) -- Grupo Aeroportuario del Pacífico, S.A.B. de C.V., (NYSE: PAC; BMV: GAP) (“the Company” or “GAP”) announces preliminary terminal passenger traffic figures for March 2026, compared with March 2025.
During March 2026, the 12 Mexican airports operated by GAP recorded a
| Domestic Terminal Passengers (in thousands): | ||||||||
| Airport | Mar-25 | Mar-26 | % Change | Jan - Mar 25 | Jan - Mar 26 | % Change | ||
| Guadalajara | 1,088.8 | 1,063.1 | (2.4 | %) | 3,021.1 | 3,035.6 | 0.5 | % |
| Tijuana* | 724.0 | 685.4 | (5.3 | %) | 2,057.5 | 1,968.5 | (4.3 | %) |
| Los Cabos | 238.9 | 223.5 | (6.4 | %) | 668.9 | 628.3 | (6.1 | %) |
| Puerto Vallarta | 231.5 | 215.8 | (6.8 | %) | 653.6 | 644.8 | (1.4 | %) |
| Montego Bay | 0.0 | 0.0 | N/A | 0.0 | 0.0 | N/A | ||
| Guanajuato | 180.3 | 178.6 | (0.9 | %) | 515.5 | 510.8 | (0.9 | %) |
| Hermosillo | 188.8 | 175.8 | (6.9 | %) | 508.7 | 480.6 | (5.5 | %) |
| Kingston | 0.0 | 0.0 | 100.0 | % | 0.1 | 0.7 | 821.1 | % |
| Morelia | 63.5 | 60.6 | (4.7 | %) | 186.1 | 192.8 | 3.6 | % |
| La Paz | 98.5 | 119.1 | 20.8 | % | 280.6 | 313.8 | 11.8 | % |
| Mexicali | 104.1 | 86.8 | (16.6 | %) | 293.1 | 257.7 | (12.1 | %) |
| Aguascalientes | 53.7 | 47.9 | (10.7 | %) | 151.8 | 138.9 | (8.5 | %) |
| Los Mochis | 56.4 | 56.2 | (0.4 | %) | 165.0 | 163.3 | (1.1 | %) |
| Manzanillo | 11.9 | 11.0 | (7.7 | %) | 34.8 | 32.7 | (5.9 | %) |
| Total | 3,040.6 | 2,923.9 | (3.8 | %) | 8,536.9 | 8,368.5 | (2.0 | %) |
| International Terminal Passengers (in thousands): | ||||||||
| Airport | Mar-25 | Mar-26 | % Change | Jan - Mar 25 | Jan - Mar 26 | % Change | ||
| Guadalajara | 476.1 | 465.3 | (2.3 | %) | 1,507.0 | 1,492.1 | (1.0 | %) |
| Tijuana* | 344.7 | 290.0 | (15.9 | %) | 1,014.9 | 897.6 | (11.6 | %) |
| Los Cabos | 545.8 | 507.0 | (7.1 | %) | 1,382.9 | 1,372.7 | (0.7 | %) |
| Puerto Vallarta | 531.4 | 360.8 | (32.1 | %) | 1,472.5 | 1,278.9 | (13.1 | %) |
| Montego Bay | 482.6 | 358.4 | (25.7 | %) | 1,338.9 | 917.4 | (31.5 | %) |
| Guanajuato | 83.2 | 76.6 | (8.0 | %) | 263.1 | 257.8 | (2.0 | %) |
| Hermosillo | 6.6 | 6.9 | 5.1 | % | 20.9 | 22.0 | 4.9 | % |
| Kingston | 139.2 | 140.6 | 1.0 | % | 428.0 | 414.8 | (3.1 | %) |
| Morelia | 55.1 | 66.3 | 20.4 | % | 174.2 | 215.6 | 23.7 | % |
| La Paz | 3.2 | 4.5 | 40.1 | % | 8.7 | 12.6 | 44.5 | % |
| Mexicali | 0.6 | 0.6 | 5.3 | % | 1.8 | 1.8 | 3.2 | % |
| Aguascalientes | 23.4 | 24.1 | 3.2 | % | 73.7 | 77.3 | 4.9 | % |
| Los Mochis | 0.6 | 0.7 | 9.8 | % | 1.9 | 1.8 | (3.1 | %) |
| Manzanillo | 14.8 | 11.4 | (23.3 | %) | 43.9 | 36.3 | (17.4 | %) |
| Total | 2,707.2 | 2,313.1 | (14.6 | %) | 7,732.5 | 6,998.7 | (9.5 | %) |
| Total Terminal Passengers (in thousands): | ||||||||
| Airport | Mar-25 | Mar-26 | % Change | Jan - Mar 25 | Jan - Mar 26 | % Change | ||
| Guadalajara | 1,564.9 | 1,528.4 | (2.3 | %) | 4,528.2 | 4,527.8 | (0 | %) |
| Tijuana* | 1,068.8 | 975.4 | (8.7 | %) | 3,072.3 | 2,866.1 | (7 | %) |
| Los Cabos | 784.6 | 730.5 | (6.9 | %) | 2,051.8 | 2,001.0 | (2 | %) |
| Puerto Vallarta | 762.9 | 576.6 | (24.4 | %) | 2,126.1 | 1,923.7 | (10 | %) |
| Montego Bay | 482.6 | 358.4 | (25.7 | %) | 1,338.9 | 917.4 | (31 | %) |
| Guanajuato | 263.6 | 255.2 | (3.2 | %) | 778.6 | 768.7 | (1 | %) |
| Hermosillo | 195.4 | 182.7 | (6.5 | %) | 529.6 | 502.5 | (5 | %) |
| Kingston | 139.2 | 140.6 | 1.0 | % | 428.1 | 415.5 | (3 | %) |
| Morelia | 118.6 | 126.9 | 6.9 | % | 360.3 | 408.3 | 13 | % |
| La Paz | 101.8 | 123.6 | 21.4 | % | 289.3 | 326.4 | 13 | % |
| Mexicali | 104.7 | 87.4 | (16.5 | %) | 294.9 | 259.6 | (12.0 | %) |
| Aguascalientes | 77.1 | 72.1 | (6.5 | %) | 225.5 | 216.2 | (4 | %) |
| Los Mochis | 57.1 | 56.9 | (0.2 | %) | 166.9 | 165.1 | (1 | %) |
| Manzanillo | 26.7 | 22.4 | (16.3 | %) | 78.7 | 69.0 | (12 | %) |
| Total | 5,747.8 | 5,237.0 | (8.9 | %) | 16,269.3 | 15,367.2 | (5.5 | %) |
| *Passengers in Tijuana who use CBX in both directions are classified as international. | ||||||||
| CBX users (in thousands): | ||||||||
| Airport | Mar-25 | Mar-26 | % Change | Jan - Mar 25 | Jan - Mar 26 | % Change | ||
| Tijuana | 339.1 | 286.4 | (15.5 | %) | 998.2 | 886.3 | (11.2 | %) |
Highlights for the month:
- Seats and load factors
The seats available during March 2026 decreased by4.5% , compared to March 2025. The load factors for the month went from81.5% in March 2025 to75.5% in March 2026.
- New routes
- Guadalajara – Mazatlan: Volaris
- Morelia – Santa Lucia: Aerus
- Morelia – Uruapan: Aerus
- Puerto Vallarta – San Diego: Southwest
- Puerto Vallarta – St. Louis, Missouri: Southwest
- Los Cabos – Indianapolis: Southwest
- Montego Bay – Nashville: Southwest
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
| 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 |
