Pacific Airport Group received a new significant shareholder disclosure as part of a completed merger. Investor Juan Ignacio Gallardo Thurlow now beneficially owns 36,651,505 shares, representing about 6.9% of the Series B share class, assuming conversion of his Series BB shares.
His position includes 24,019,569 Series B shares and 12,631,936 Series BB shares received on May 6, 2026 in exchange for membership interests in merged entities AMP, CMA and PAL. These shares are subject to a 365-day lock-up from shareholder approval, with limited ability to sell up to 25% after 90 days and another 25% after 180 days.
Pacific Airport Group director Juan Ignacio Gallardo Thurlow reported an internal restructuring of his holdings tied to the company’s merger. In connection with the Merger under the April 30, 2026 Merger Agreement, he received 23,206,837 Series B shares and 12,631,936 Series BB shares for no cash consideration in exchange for his shares in PAL Aeropuertos.
At the same time, 21,628,281 Series B shares and 75,791,619 Series BB shares that were held indirectly through Aeropuertos Mexicanos del Pacifico (AMP) were cancelled pursuant to the Merger Agreement. After these transactions, he holds 23,809,569 Series B shares and 12,631,936 Series BB shares directly, with no remaining AMP-held shares reported. The filing reflects ownership changes from the merger rather than open-market buying or selling.
Pacific Airport Group director Laura Diez-Barroso Azcárraga reported a restructuring of her holdings tied to a merger completed on May 6, 2026. The company merged five entities into the issuer and, as consideration, issued new Series B and Series BB shares to the merging entities’ shareholders.
In connection with this merger, she received an aggregate of 19,438,479 Series B shares and 25,263,873 Series BB shares for no cash consideration. At the same time, 21,628,281 Series B shares and 75,791,619 Series BB shares previously held indirectly through Aeropuertos Mexicanos del Pacifico (AMP) were cancelled under the merger terms.
After these transactions, she directly holds 34,231,996 Series B shares and 25,263,873 Series BB shares, while 25,956,136 Series B shares are held by her spouse. The Series BB shares are convertible into an equal number of Series B shares at any time, subject to timing and notice conditions in the company’s bylaws.
Grupo Aeroportuario del Pacífico reported that it has begun the process for the potential creation of an irrevocable trust called FIBRA GAP, which would subscribe a minority equity interest in the 12 Mexican airport concessionaires it operates. Through the initial issuance of FIBRA GAP, these airports aim to obtain funds to help execute the 2026–2029 Master Development Program, which contemplates investments of approximately Ps. 40.0 billion. The program is expected to expand airport infrastructure with an estimated 60% increase in terminals, 35% more inspection points and access areas, 25% more aircraft parking positions, and 10% additional airside infrastructure. The FIBRA GAP investment would provide an additional funding source for airport infrastructure alongside GAP’s existing debt securities program used since 2015.
Aena Desarrollo Internacional and its affiliates report a new equity stake in Pacific Airport Group following a merger. They beneficially own 38,994,777 Shares, including 13,730,904 Series B shares and 25,263,873 Series BB shares that can convert into Series B, representing 6.55% of 595,018,195 outstanding Shares as of May 7, 2026.
The stake was received as consideration in the merger of Aeropuertos Mexicanos del Pacifico into the issuer. The Shares are subject to a 365-day lock-up from shareholder approval, with partial releases allowing up to 25% to be sold after 90 days and an additional 25% after 180 days. AENA also holds registration rights, including demand and shelf registration rights and the ability to request underwritten offerings and block trades, subject to limits and a minimum aggregate market value of $100,000,000 per request.
Grupo Aeroportuario del Pacífico (GAP) has completed the business combination of Cross Border Xpress (CBX) and related technical assistance and technology transfer arrangements. The merger agreement was notarized after shareholder approval, and GAP also closed the purchase of the remaining 25% of the CBX business, bringing its ownership to 100%.
As a result of the merger, GAP issued 89,740,731 new shares, bringing its total outstanding share count to 595,018,195 shares, split into 519,226,576 Series B shares and 75,791,619 Series BB shares. GAP assumed control of the merged entities and began consolidating CBX and related businesses into its financial statements starting in May.
Grupo Aeroportuario del Pacífico reported that total terminal passenger traffic across its 12 Mexican and 2 Jamaican airports fell 7.6% in April 2026 versus April 2025, to 5,113.4 thousand passengers. For January–April, total passengers declined 6.0% to 20,483.2 thousand.
Mexican airports saw a 6.3% drop in April, with Puerto Vallarta, Tijuana and Los Cabos down 17.0%, 10.5% and 8.1%, while Guadalajara grew 0.9%. In Jamaica, Montego Bay traffic fell 22.0% and Kingston 6.0%, with Montego Bay affected by Hurricane Melissa.
Available seats decreased 8.3% in April 2026, but the overall load factor improved from 80.8% to 81.5%, indicating fuller planes despite lower capacity and traffic.
Grupo Aeroportuario del Pacífico reports that shareholders approved all key items at the annual meeting. They approved 2025 unconsolidated and consolidated financial statements and management and board reports.
Net income for 2025 of $9,343,142,610.00 pesos was allocated entirely to retained earnings, as the legal reserve already meets the required level. From retained earnings of $20,379,864,675.00 pesos, shareholders approved a cash dividend of $20.80 pesos per share, payable in one or more installments within 12 months after April 22, 2026, to shares outstanding on the payment date, excluding repurchased shares.
They canceled the prior buyback program and authorized a new share repurchase capacity of $2,500,000,000.00 pesos for the 12 months following April 22, 2026. Shareholders also ratified and appointed board members, confirmed Laura Díez Barroso Azcárraga as chairwoman, approved board compensation for 2025 and 2026, and ratified the leadership of the Audit and Corporate Practices and Nominations and Compensation committees.
Grupo Aeroportuario del Pacífico reports solid 2025 growth in its Form 20-F. Total revenues reached Ps.41,408,540 thousand, driven by aeronautical services of Ps.22,821,817 thousand and non-aeronautical services of Ps.9,704,090 thousand, plus IFRIC 12 construction revenue.
Income from operations was Ps.17,580,115 thousand and net profit reached Ps.10,000,609 thousand, equal to basic and diluted EPS of Ps.18.9305 per share and Ps.189.3053 per ADS. Operating cash flow was Ps.18,249,740 thousand, supporting 2025 dividends of Ps.16.8400 per share.
Total assets rose to Ps.88,140,275 thousand, with total liabilities of Ps.63,304,344 thousand and consolidated bank loans and debt securities of approximately Ps.53.0 billion. The group handled 63,686 thousand terminal passengers in 2025, while disclosing extensive risk factors around regulation, fuel prices, tariffs, leverage and a pending business combination involving CBX and internalization of technical assistance services.
Grupo Aeroportuario del Pacífico reports that total terminal passenger traffic for March 2026 fell 8.9% year over year to 5.237 million passengers. The 12 Mexican airports saw a 7.6% decline, with Puerto Vallarta, Tijuana, Los Cabos and Guadalajara down 24.4%, 8.7%, 6.9% and 2.3%, respectively.
In Jamaica, Kingston traffic rose 1.0%, while Montego Bay dropped 25.7%, impacted by disruptions from Hurricane Melissa. For the first quarter of 2026, total passengers across all airports decreased 5.5% to 15.367 million. Available seats declined 4.5% and the system-wide load factor fell from 81.5% to 75.5%.