Grupo Aeroportuario del Pacifico Reports a Passenger Traffic Decrease in November 2025 of 2.0% Compared to 2024

Rhea-AI Summary

Grupo Aeroportuario del Pacífico (NYSE: PAC) reported preliminary November 2025 terminal passenger figures versus November 2024. Total terminal passengers decreased 2.0% in November 2025 while year‑to‑date (Jan–Nov) total passengers rose 2.7%. Domestic traffic rose 4.8% in November; international traffic fell 10.8%, driven by a 73.4% drop at Montego Bay after Hurricane Melissa. Seats available increased 6.8% in November and load factor declined from 85.2% to 78.1%. Key airport moves: Guadalajara +6.7%, Puerto Vallarta +4.5%, Tijuana -0.6%, Los Cabos -0.1%.

Positive

• Domestic passengers +4.8% in November 2025
• Seats available +6.8% in November 2025
• Jan–Nov total passengers +2.7% year‑to‑date

Negative

• Total terminal passengers -2.0% in November 2025
• International passengers -10.8% in November 2025
• Montego Bay -73.4% in November 2025 due to Hurricane Melissa
• Load factor fell 7.1 percentage points to 78.1% in November 2025

Key Figures

Total Nov passengers 5,130.7k Total terminal passengers Nov-25, down 2.0% vs Nov-24

Domestic Nov passengers 3,096.6k Domestic total Nov-25, up 4.8% vs Nov-24

International Nov passengers 2,034.2k International total Nov-25, down 10.8% vs Nov-24

Montego Bay Nov traffic 99.1k Montego Bay total Nov-25, 73.4% below Nov-24

Seats available 6.8% Increase in seats available Nov-25 vs Nov-24

Load factor Nov-25 78.1% Down from 85.2% in Nov-24

YTD total passengers 57,811.4k Jan–Nov 2025 total, up 2.7% vs Jan–Nov 2024

CBX users Nov 353.1k Tijuana CBX users Nov-25, up 0.4% vs Nov-24

Market Reality Check

$228.54 Last Close

Volume Volume 39,365 vs 20-day average 88,985 (relative volume 0.44) shows trading below typical activity ahead of this release. low

Technical Price 228.54 trades above the 200-day MA at 220.62, keeping the longer-term trend constructive despite short-term traffic softness.

Peers on Argus

PAC fell 1.26% pre-release while peers were mixed: ASR up 0.66%, CAAP down 2.0%, and JOBY and BAH up strongly. The mixed moves and scanner flag indicate this traffic-driven weakness looks more company-specific than a broad airports selloff.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Nov 07	Traffic update	Negative	-0.8%	October 2025 total passengers fell 0.8% with weaker international traffic.
Oct 31	Operations update	Positive	+2.4%	Montego Bay operations resumed for evacuations and limited commercial flights.
Oct 29	Hurricane impact	Negative	-3.3%	Jamaican airports faced ongoing suspension and assessments after Hurricane Melissa.
Oct 28	Hurricane disruption	Negative	-0.1%	Hurricane Melissa forced closures at Kingston and Montego Bay airports.
Oct 20	Earnings results	Positive	-4.3%	3Q25 revenues and EBITDA grew strongly despite lower comprehensive income.

Pattern Detected

Recent news with operational disruptions or traffic declines often coincided with modest negative price moves, while positive operational updates saw gains; earnings strength did not prevent a pullback.

Recent Company History

Over the last few months, news for PAC has centered on traffic trends and Hurricane Melissa’s impact in Jamaica. October 2025 traffic showed a 0.8% decline, and multiple late-October releases detailed airport closures, staged reopenings, and ongoing assessments in Kingston and Montego Bay. Despite strong 3Q25 revenue and EBITDA growth, the stock fell after earnings. Today’s November data, with a 2.0% total passenger decline driven by Jamaica, extends that pattern of hurricane-related traffic pressure.

Market Pulse Summary

This announcement highlights a 2.0% decline in total November passengers, driven by a 10.8% drop in international traffic and a 73.4% fall at Montego Bay following Hurricane Melissa, while Mexican airports and domestic traffic grew. YTD passengers remain up 2.7%. The divergence between rising capacity (seats up 6.8%) and lower load factor at 78.1% underscores demand softness, particularly in Jamaica, as a key metric to watch.

Key Terms

terminal passenger traffic technical

"announces preliminary terminal passenger traffic figures for November 2025"

Terminal passenger traffic is the number of people who pass through an airport terminal during a set period, including those arriving, departing, and connecting. Investors watch it like foot traffic in a shopping center: higher passenger counts typically increase airlines’ ticket sales, airport fees and retail income, while changes in the trend signal shifts in travel demand, capacity pressure, or recovery from disruptions.

load factors technical

"The load factors for the month went from 85.2% in November 2024 to 78.1%"

Load factors measure how much of a company’s available capacity is actually being used, expressed as a percentage. Think of it like the share of seats filled on a bus or oven space in a bakery: higher load factor means more of the product or service is being sold relative to what could be offered. For investors, it signals operational efficiency and revenue potential—high load factors usually boost profit margins and lower per-unit costs, while low ones can warn of wasted capacity or weak demand.

Hurricane Melissa other

"Montego Bay Airport decreased by 73.4%, due to the impacts of Hurricane Melissa."

A hurricane named Melissa is a strong tropical storm system with heavy winds, rain and coastal storm surge; the name identifies that particular storm in public warnings. For investors it matters because storms can disrupt production, damage property, interrupt supply chains and spike insurance costs—similar to a sudden, severe pothole in a company’s operations that can reduce revenue, raise expenses and affect stock prices and markets.

forward-looking statements regulatory

"This press release may contain forward-looking statements."

Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.

whistleblower program regulatory

"GAP has implemented a “whistleblower” program, which allows complainants"

A whistleblower program lets employees or outsiders confidentially report suspected fraud, legal violations, or unsafe practices to regulators or a company, often with protection from retaliation and sometimes monetary rewards. Think of it as an alarm button that brings hidden problems into the open. Investors care because such reports can trigger investigations, fines, lawsuits or corrective fixes that affect a company’s finances, reputation and stock value.

concession agreement regulatory

"GAP entered into a concession agreement for the Norman Manley International"

A concession agreement is a contract where a government or owner gives a company the right to operate, maintain, or exploit a public asset or service (like a road, port, or utility) for a set period in exchange for payments, investments, or sharing revenue. Think of it like renting and running a storefront on behalf of the property owner: the company collects income but must meet rules and invest in upkeep. For investors, these deals shape a firm’s long-term revenue, upfront costs, regulatory risk and cash-flow predictability.

AI-generated analysis. Not financial advice.

GUADALAJARA, Mexico, Dec. 04, 2025 (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 November 2025, compared with November 2024.

During this period, the total number of terminal passengers at GAP’s 12 Mexican airports increased by 3.5%, compared to November 2024. Guadalajara and Puerto Vallarta airports presented an increase in passenger traffic of 6.7% and 4.5%, respectively, while Tijuana, and Los Cabos airports decreased 0.6%, and 0.1%, respectively. Regarding Jamaica’s airports, Kingston increased by 2.5%, while Montego Bay Airport decreased by 73.4%, due to the impacts of Hurricane Melissa.

Domestic Terminal Passengers (in thousands):
Airport	Nov-24	Nov-25	% Change		Jan - Nov 24	Jan - Nov 25	% Change
Guadalajara	1,021.8	1,127.8	10.4	%	10,855.8	11,513.6	6.1	%
Tijuana*	716.9	709.4	(1.0	%)	7,717.0	7,839.4	1.6	%
Los Cabos	225.9	216.5	(4.1	%)	2,579.0	2,603.5	0.9	%
Puerto Vallarta	240.2	257.0	7.0	%	2,593.4	2,855.4	10.1	%
Montego Bay	0.0	0.0	N/A		0.0	0.0	N/A
Guanajuato	187.5	194.0	3.4	%	1,925.9	2,046.7	6.3	%
Hermosillo	188.5	171.7	(8.9	%)	1,883.5	1,941.6	3.1	%
Kingston	0.0	0.1	123.3	%	2.5	1.2	(52.7	%)
Morelia	62.6	67.6	8.1	%	580.5	700.8	20.7	%
La Paz	103.0	116.7	13.2	%	1,083.3	1,180.0	8.9	%
Mexicali	82.5	101.7	23.3	%	922.9	1,138.3	23.3	%
Aguascalientes	57.7	60.1	4.1	%	579.5	597.5	3.1	%
Los Mochis	55.3	59.9	8.5	%	519.6	640.6	23.3	%
Manzanillo	12.8	14.1	10.2	%	116.1	121.9	5.0	%
Total	2,954.7	3,096.6	4.8	%	31,359.1	33,180.3	5.8	%
International Terminal Passengers (in thousands):
Airport	Nov-24	Nov-25	% Change		Jan - Nov 24	Jan - Nov 25	% Change
Guadalajara	478.5	473.7	(1.0	%)	5,302.3	5,336.0	0.6	%
Tijuana*	358.3	359.8	0.4	%	3,691.9	3,704.6	0.3	%
Los Cabos	401.5	410.5	2.2	%	4,214.7	4,240.7	0.6	%
Puerto Vallarta	351.8	361.9	2.9	%	3,524.6	3,379.5	(4.1	%)
Montego Bay	373.3	99.1	(73.4	%)	4,589.6	4,206.2	(8.4	%)
Guanajuato	85.6	83.4	(2.5	%)	943.0	942.4	(0.1	%)
Hermosillo	6.2	6.6	6.9	%	75.6	73.1	(3.3	%)
Kingston	132.8	136.0	2.4	%	1,597.2	1,667.8	4.4	%
Morelia	55.6	59.9	7.7	%	592.2	646.7	9.2	%
La Paz	2.1	4.7	126.6	%	11.9	33.1	178.4	%
Mexicali	0.6	0.7	19.4	%	6.6	6.8	3.0	%
Aguascalientes	26.6	28.7	7.6	%	295.7	302.3	2.2	%
Los Mochis	0.5	0.6	28.2	%	7.2	7.3	1.0	%
Manzanillo	8.3	8.5	2.3	%	77.8	84.5	8.6	%
Total	2,281.5	2,034.2	(10.8	%)	24,930.3	24,631.1	(1.2	%)
Total Terminal Passengers (in thousands):
Airport	Nov-24	Nov-25	% Change		Jan - Nov 24	Jan - Nov 25	% Change
Guadalajara	1,500.2	1,601.4	6.7	%	16,158.1	16,849.7	4.3	%
Tijuana*	1,075.2	1,069.3	(0.6	%)	11,408.9	11,544.1	1.2	%
Los Cabos	627.4	627.0	(0.1	%)	6,793.7	6,844.1	0.7	%
Puerto Vallarta	592.0	618.9	4.5	%	6,118.0	6,234.9	1.9	%
Montego Bay	373.3	99.1	(73.4	%)	4,589.6	4,206.2	(8.4	%)
Guanajuato	273.1	277.4	1.6	%	2,868.9	2,989.1	4.2	%
Hermosillo	194.7	178.3	(8.4	%)	1,959.2	2,014.8	2.8	%
Kingston	132.8	136.1	2.5	%	1,599.7	1,669.0	4.3	%
Morelia	118.2	127.5	7.9	%	1,172.7	1,347.5	14.9	%
La Paz	105.1	121.4	15.5	%	1,095.2	1,213.1	10.8	%
Mexicali	83.1	102.4	23.2	%	929.5	1,145.1	23.2	%
Aguascalientes	84.4	88.7	5.2	%	875.2	899.8	2.8	%
Los Mochis	55.7	60.5	8.6	%	526.8	647.9	23.0	%
Manzanillo	21.1	22.6	7.1	%	193.9	206.4	6.5	%
Total	5,236.2	5,130.7	(2.0	%)	56,289.3	57,811.4	2.7	%
CBX users (in thousands):
Airport	Nov-24	Nov-25	% Change		Jan - Nov 24	Jan - Nov 25	% Change
Tijuana	351.8	353.1	0.4	%	3,634.3	3,635.0	0.0	%

Highlights for the month:

• Seats and load factors
  The seats available during November 2025 increased by 6.8%, compared to November 2024. The load factors for the month went from 85.2% in November 2024 to 78.1% in November 2025.
  
  
• New routes
  • Guadalajara – Toronto: Air Canada
  • Guadalajara – Bogotá: Volaris
  • Guadalajara – Zihuatanejo: Volaris
  • Guadalajara – Puebla: Volaris
  • Guadalajara – Villahermosa: Volaris
  • Guadalajara – Durango: Volaris
  • Puerto Vallarta – Toronto: Porter

• Hurricane Melissa
  

As part of this month’s highlights, we continue to monitor the progress of the recovery in Jamaica following the impact of Hurricane Melissa, which struck on October 28, 2025, causing disruptions to airport operations and damage to the island’s tourism infrastructure.

Kingston Airport is operating under normal commercial conditions after resuming activities on October 30.

At Montego Bay Airport, although air operations have been restored since October 31, the destination’s hotel capacity remains approximately 70% affected, which has limited the recovery in demand. The pace at which tourism infrastructure, particularly hotel capacity, is restored will be a key factor for the normalization of economic activity and air traffic at the destination.

GAP will continue to provide timely updates on passenger traffic trends and the recovery of the destination’s hotel capacity.

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 did PAC report for total terminal passengers in November 2025 versus November 2024?

PAC reported total terminal passengers of 5,130.7 thousand in November 2025, a 2.0% decrease from November 2024.

How did international traffic affect PAC's November 2025 results (PAC)?

International terminal passengers fell 10.8% in November 2025, driven mainly by a 73.4% decline at Montego Bay after Hurricane Melissa.

What happened to PAC's seats and load factor in November 2025?

Seats available increased 6.8% while load factor declined from 85.2% to 78.1% in November 2025.

Which PAC airports had the largest November 2025 passenger changes?

Guadalajara +6.7% and Puerto Vallarta +4.5% in November 2025; Montego Bay -73.4% and Tijuana -0.6%.

How did Hurricane Melissa impact PAC's operations in November 2025?

Hurricane Melissa disrupted Montego Bay demand, leaving hotel capacity around 70% affected, limiting passenger recovery despite air operations resuming.