Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el intrincado mundo de la gestión del aeropuerto con Grupo Aeroportuario del PacÍiFo (PAC), una potencia que transforma las operaciones del aeropuerto desde infraestructura mundana hasta ecosistemas dinámicos que generan ingresos. Operante 12 aeropuertos estratégicos En todo México, PAC revoluciona los viajes aéreos combinando perfectamente la tecnología de vanguardia, los servicios centrados en el cliente y las estrategias comerciales sofisticadas que elevan toda la experiencia del aeropuerto. Desde bulliciosos centros turísticos hasta puertas de puertas de negocios críticas, esta empresa innovadora redefine cómo los aeropuertos funcionan como algo más que solo puntos de tránsito: son plataformas económicas sofisticadas que conectan personas, empresas y oportunidades en diversos paisajes.

Grupo Aeroportuario del PacÍiFo, S.A.B. de C.V. (PAC) - Modelo de negocio: asociaciones clave

Asociaciones de aerolíneas

Grupo Aeroportuario del Pacíforo mantiene asociaciones estratégicas con múltiples aerolíneas:

Aerolínea	Número de rutas	Volumen anual de pasajeros
Aeroméxico	87 rutas	12.3 millones de pasajeros
United Airlines	64 rutas	8.7 millones de pasajeros
American Airlines	52 rutas	7.5 millones de pasajeros

Proveedores minoristas y de servicios

Las asociaciones clave de venta minorista y de servicio incluyen:

• Starbucks
• Internacionales libres de impuestos
• Tiendas de conveniencia oxxo
• Rey Burger

Autoridades de transporte gubernamental

Autoridad	Tipo de colaboración	Inversión anual
Secretaría de Comunicaciones y transportes	Desarrollo de infraestructura	$ 42.5 millones
Administración Federal de Aviación	Regulaciones de seguridad	$ 3.2 millones

Socios de tecnología e infraestructura

• Sistemas de Cisco
• Honeywell
• Siemens
• Grupo de Thales

Asociaciones de gestión de aeropuerto internacional

Pareja	Alcance de colaboración	Valor de contrato
ADP internacional	Consultoría operacional	$ 5.7 millones anuales
Aeropuerto Consejo Internacional	Las mejores prácticas globales	$ 2.3 millones anualmente

Grupo Aeroportuario del PacÍiFo, S.A.B. de C.V. (PAC) - Modelo de negocio: actividades clave

Gestión y operaciones de la infraestructura del aeropuerto

Grupo Aeroportuario del Pacífico administra 12 aeropuertos en México, incluidas ubicaciones clave en Guadalajara, Puerto Vallarta y Los Cabos. La infraestructura total del aeropuerto cubre 3.200 hectáreas de espacio operativo.

Ubicación del aeropuerto	Tráfico anual de pasajeros (2022)	Área operativa (hectáreas)
Guadalajara	10.2 millones	620
Puerto Vallarta	5.7 millones	450
Los Cabos	4.9 millones	380

Servicios de terminal de pasajeros y de carga

Capacidad de terminal total en los aeropuertos administrados: 45 millones de pasajeros anualmente. La capacidad de manejo de carga alcanza las 120,000 toneladas métricas por año.

• Eficiencia de procesamiento terminal: 2.500 pasajeros por hora
• Sistemas de manejo de equipaje: 15,000 bolsas por hora
• Capacidades de procesamiento de carga: 350 toneladas métricas diarias

Gestión de seguridad y seguridad del aeropuerto

Inversión en infraestructura de seguridad: $ 42 millones en 2022. Personal de seguridad desplegado: 1.200 en todos los aeropuertos.

Característica de seguridad	Cobertura	Tecnología utilizada
Cámaras de CCTV	650 unidades	Digital de alta resolución
Puntos de control de detección	48 estaciones	Sistemas avanzados de rayos X

Arrendamiento comercial de bienes raíces y espacios comerciales

Espacio comercial total: 85,000 metros cuadrados. Ingresos anuales de alquiler: $ 78.5 millones en 2022.

• Outlets minoristas: 220 espacios comerciales
• Áreas de servicio de restaurantes y alimentos: 65 establecimientos
• Tasa de ocupación promedio: 92%

Desarrollo y modernización de la infraestructura del aeropuerto

Gasto de capital para el desarrollo de infraestructura: $ 185 millones en 2022. Inversiones planificadas para 2024-2026: $ 550 millones.

Proyecto de infraestructura	Monto de la inversión	Línea de tiempo de finalización
Expansión terminal de Guadalajara	$ 95 millones	2024
Actualización de la pista de Los Cabos	$ 65 millones	2025

Grupo Aeroportuario del PacÍiFo, S.A.B. de C.V. (PAC) - Modelo de negocio: recursos clave

Cartera del aeropuerto

Aeropuertos totales: 12 aeropuertos en México

Aeropuerto	Ubicación	Tráfico anual de pasajeros (2022)
Aeropuerto internacional de Guadalajara	Jalisco	10,789,654 pasajeros
Aeropuerto internacional de Puerto Vallarta	Jalisco	4.567.321 pasajeros
Aeropuerto Internacional de Los Cabos	Baja California Sur	5,234,876 pasajeros

Infraestructura tecnológica

• Sistemas avanzados de gestión del aeropuerto
• Plataformas de procesamiento de pasajeros digitales
• Tecnología de seguimiento de equipaje en tiempo real
• Sistemas de detección de seguridad automatizados

Recursos humanos

Total de empleados: 3.752 a partir de 2022

Categoría de empleado	Número de empleados
Gestión de operaciones	687
Personal técnico	1,245
Servicio al cliente	912
Personal administrativo	908

Recursos financieros

Activos totales (2022): 47.3 mil millones de pesos mexicanos

Inversiones de capital (2022): 2.600 millones de pesos mexicanos

Ubicaciones geográficas estratégicas

• Aeropuertos en el turismo mexicano y las regiones económicas
• Presencia en 6 estados mexicanos
• Cobertura de las principales rutas nacionales e internacionales

Grupo Aeroportuario del PacÍiFo, S.A.B. de C.V. (Pac) - Modelo de negocio: propuestas de valor

Infraestructura y servicios aeroportuarios de alta calidad

Grupo Aeroportuario del Pacíforo (GAP) opera 12 aeropuertos en México, con un tráfico total de pasajeros de 63.9 millones en 2022. La red del aeropuerto incluye ubicaciones estratégicas clave:

Aeropuerto	Ubicación	Pasajeros anuales (2022)
Aeropuerto internacional de Guadalajara	Jalisco	17.4 millones
Aeropuerto Internacional de Los Cabos	Baja California Sur	10.2 millones
Aeropuerto internacional de Puerto Vallarta	Jalisco	7.8 millones

Experiencia y conectividad de pasajeros eficientes

Métricas de conectividad:

• Rutas internacionales totales: 127
• Rutas domésticas: 98
• Aerolíneas servidas: 38 transportistas comerciales

Instalaciones de aeropuerto seguras y modernas

Inversión en infraestructura y modernización:

• Gastos de capital en 2022: $ 244.2 millones de dólares
• Proyectos de expansión terminal: 3 aeropuertos principales
• Actualizaciones de tecnología: tecnologías implementadas sin contacto

Ubicaciones estratégicas que atienden a los principales mercados de turismo y empresas mexicanos

Región	Aeropuerto	Importancia económica
Costa del Pacífico	5 aeropuertos	Destinos turísticos y turísticos
México central	4 aeropuertos	Centros de negocios e industriales
Norte de México	3 aeropuertos	Conectividad comercial transfronteriza

Soluciones integrales de gestión del aeropuerto

Desglose de ingresos para 2022:

• Servicios aeronáuticos: $ 621.3 millones de USD
• Servicios no aeronauticales: $ 278.6 millones de USD
• Ingresos totales: $ 899.9 millones USD

Grupo Aeroportuario del PacÍiFo, S.A.B. de C.V. (PAC) - Modelo de negocio: relaciones con los clientes

Plataformas de servicio al cliente digital

A partir de 2024, Grupo Aeroportuario del Pacífico opera plataformas digitales de servicio al cliente en 12 aeropuertos en México. Las plataformas digitales manejan aproximadamente 2,3 millones de interacciones de clientes anualmente.

Canal de servicio digital	Volumen de interacción anual	Tiempo de respuesta promedio
Soporte de aplicaciones móviles	687,000 interacciones	12 minutos
Servicio al cliente del sitio web	542,000 interacciones	15 minutos
Apoyo en las redes sociales	1,071,000 interacciones	20 minutos

Programas de fidelización para viajeros frecuentes

El programa de fidelización incluye 145,000 viajeros frecuentes registrados en su red de aeropuerto.

• Nivel de platino: 22,500 miembros
• Nivel de oro: 47,300 miembros
• Nivel de plata: 75,200 miembros

Servicios de soporte de pasajeros personalizados

Los servicios personalizados cubren 18 categorías especializadas de soporte de pasajeros con canales de asistencia dedicados.

Comunicación transparente con aerolíneas y pasajeros

Las métricas de comunicación para 2024 demuestran una calificación de transparencia del 98.7% en las operaciones del aeropuerto.

Canal de comunicación	Calificación de transparencia	Volumen de comunicación anual
Comunicaciones de aerolíneas directas	99.2%	24,500 interacciones
Mecanismos de retroalimentación de pasajeros	98.3%	412,000 interacciones

Mejora de la infraestructura continua

Las mejoras de infraestructura basadas en los comentarios de los clientes dieron como resultado una inversión de $ 45.3 millones en su red aeroportuaria en 2024.

• Mejoras de la experiencia del pasajero: $ 18.7 millones
• Actualizaciones de infraestructura digital: $ 12.6 millones
• Mejoras de accesibilidad: $ 14 millones

Grupo Aeroportuario del PacÍiFo, S.A.B. de C.V. (Pac) - Modelo de negocio: canales

Plataformas de reserva e información en línea

Grupo Aeroportuario del Pacífico opera plataformas digitales en 12 aeropuertos en México y 2 en Jamaica. En 2023, sus plataformas de reserva en línea procesaron 42.3 millones de transacciones de pasajeros, lo que representa una tasa de participación digital del 68%.

Métrica de plataforma	2023 datos
Transacciones totales en línea	42.3 millones
Tasa de compromiso digital	68%
Tiempo promedio de reserva en línea	4.2 minutos

Aplicaciones móviles

La aplicación móvil de la compañía registró 17.6 millones de descargas en 2023, con una calificación de usuario de 4.7/5 en plataformas iOS y Android.

• Descargas totales de aplicaciones móviles: 17.6 millones
• Calificación de usuario: 4.7/5
• Usuarios activos mensuales: 3.2 millones

Centros de servicio al cliente del aeropuerto

Grupo Aeroportuario del Pacífico opera 42 centros de servicio al cliente en sus aeropuertos administrados, manejando 1,2 millones de interacciones directas de clientes en 2023.

Métrico de centro de servicio	2023 datos
Centros de servicio al cliente total	42
Interacciones directas del cliente	1.2 millones
Tiempo de resolución promedio	22 minutos

Asociaciones de agencia de viajes

La compañía mantiene asociaciones con 287 agencias de viajes, generando $ 124.6 millones en ingresos colaborativos durante 2023.

• Total de la agencia de viajes Socios: 287
• Ingresos colaborativos: $ 124.6 millones
• Tasa de comisión promedio: 5.3%

Colaboraciones directas de la aerolínea

Grupo Aeroportuario del Pacífico tiene acuerdos de colaboración directa con 36 aerolíneas, facilitando 189.4 millones de movimientos de pasajeros en 2023.

Métrica de colaboración de la aerolínea	2023 datos
Total Airline Partners	36
Movimientos de pasajeros	189.4 millones
Cobertura de ruta internacional	18 países

Grupo Aeroportuario del PacÍiFo, S.A.B. de C.V. (PAC) - Modelo de negocio: segmentos de clientes

Viajeros de ocio

En 2023, Grupo Aeroportuario del Pacífico (GAP) sirvió a 55,7 millones de pasajeros en su total a los 12 aeropuertos en México y 2 en Jamaica. Los viajeros de ocio nacionales representaron 38.3 millones de pasajeros, que representan el 68.8% del tráfico total de pasajeros.

Tipo de pasajero	Número de pasajeros	Porcentaje
Viajeros de ocio domésticos	38.3 millones	68.8%
Viajeros internacionales de ocio	17.4 millones	31.2%

Viajeros de negocios

Los viajeros de negocios representaron aproximadamente el 31.2% del tráfico total de pasajeros, con 17.4 millones de pasajeros en 2023. Las rutas clave de viaje de negocios incluyeron:

• Ciudad de México a Guadalajara
• Monterrey a Cancún
• Ciudad de México a Puerto Vallarta

Compañías de aerolíneas

GAP sirve múltiples socios aéreos en su red de aeropuerto:

Aerolínea	Volumen de pasajeros	Cuota de mercado
Volaris	15.2 millones	27.3%
Aeroméxico	12.6 millones	22.6%
United Airlines	5.7 millones	10.2%

Compañías de transporte de carga

El volumen de transporte de carga en 2023 alcanzó 178,964 toneladas métricas en los aeropuertos de Gap.

Portadora	Volumen de carga (toneladas métricas)	Porcentaje
Fedex	72,345	40.4%
Unión Postal Universal	53,689	30.0%
DHL	52,930	29.6%

Empresas minoristas y de servicios

Los ingresos minoristas y de servicios en 2023 totalizaron 3.412 mil millones de pesos mexicanos, con el siguiente desglose:

• Tiendas libres de impuestos: 1.245 mil millones de pesos
• Alimentos y bebidas: 982 millones de pesos
• Servicios de alquiler de automóviles: 685 millones de pesos
• Otros servicios minoristas: 500 millones de pesos

Grupo Aeroportuario del PacÍiFo, S.A.B. de C.V. (PAC) - Modelo de negocio: Estructura de costos

Mantenimiento de infraestructura del aeropuerto

Costos anuales de mantenimiento de la infraestructura para los 12 aeropuertos de PAC en México: $ 87.6 millones en 2022.

Categoría de mantenimiento	Costo anual (USD)
Mantenimiento de la pista	$ 24.3 millones
Mantenimiento de terminal	$ 33.5 millones
Infraestructura de soporte de tierra	$ 15.8 millones
Sistemas eléctricos y mecánicos	$ 14 millones

Personal y gastos operativos

Costos totales de personal en 2022: $ 132.4 millones

• Recuento promedio de empleados: 3,287
• Salario promedio por empleado: $ 40,250
• Gastos generales operativos: $ 42.6 millones

Inversión de tecnología y sistemas de seguridad

Inversión total de tecnología e seguridad en 2022: $ 45.2 millones

Categoría de tecnología	Monto de inversión (USD)
Sistemas de seguridad	$ 18.7 millones
Infraestructura	$ 15.3 millones
Transformación digital	$ 11.2 millones

Costos de cumplimiento regulatorio

Gastos de cumplimiento regulatorio total en 2022: $ 22.5 millones

• Costos de certificación de seguridad: $ 8.3 millones
• Cumplimiento ambiental: $ 6.7 millones
• Informes legales y regulatorios: $ 7.5 millones

Proyectos de expansión y modernización del aeropuerto

Gasto total de capital por expansión en 2022: $ 156.8 millones

Tipo de proyecto	Monto de inversión (USD)
Expansión terminal	$ 82.4 millones
Nueva infraestructura	$ 54.6 millones
Mejora de la capacidad	$ 19.8 millones

Grupo Aeroportuario del PacÍiFo, S.A.B. de C.V. (Pac) - Modelo de negocio: flujos de ingresos

Tarifas de servicio aeronáutico

En 2023, Grupo Aeroportuario del Pacífico (GAP) reportó ingresos aeronáuticos totales de 10,305 millones de pesos mexicanos. Estas tarifas se cobran directamente a las aerolíneas para el uso del aeropuerto, incluidos los servicios de aterrizaje, estacionamiento y pasajeros relacionados con los pasajeros.

Red de aeropuerto	Ingresos aeronáuticos (millones MXN)	Porcentaje de ingresos totales
Aeropuertos mexicanos	7,845	76.1%
Aeropuertos jamaicanos	1,537	14.9%
Otros aeropuertos internacionales	923	9.0%

Arrendamiento de bienes raíces comerciales

La brecha genera ingresos significativos a través del arrendamiento de bienes raíces comerciales dentro de las instalaciones del aeropuerto. En 2023, el arrendamiento de bienes raíces comerciales generó 2,456 millones de pesos mexicanos.

• Espacios de oficina
• Instalaciones de almacén
• Alquiler de infraestructura del aeropuerto

Concesiones minoristas y de servicio

Las concesiones minoristas y de servicio contribuyeron con 3.214 millones de pesos mexicanos en 2023.

Tipo de concesión	Ingresos (millones MXN)
Tiendas libres de impuestos	1,092
Comida y bebida	845
Tiendas minoristas	678
Servicios de alquiler de automóviles	599

Cargos de la instalación de pasajeros

Los cargos de la instalación de pasajeros en 2023 ascendieron a 1,876 millones de pesos mexicanos, calculados por tránsito de pasajeros a través de aeropuertos GAP.

Manejo de carga y servicios de logística

Los servicios de manejo de carga generaron 687 millones de pesos mexicanos en 2023.

Categoría de servicio de carga	Ingresos (millones MXN)
Manejo de carga	412
Soporte logístico	275

Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC) - Canvas Business Model: Value Propositions

You're looking at the core value Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC) delivers to its customers-airlines, passengers, and commercial partners. It's all about capacity, experience, and operational muscle, especially as the 2025-2029 Master Development Plan (MDP) kicks into high gear. Honestly, the numbers coming out of the recent reports show a clear focus on tangible improvements.

Enhanced Passenger Experience via Terminal Expansion

The commitment to better passenger flow is backed by serious capital. Under the 2025-2029 MDP, the company approved a total CapEx of MXN43.2 billion (measured in pesos as of December 2022, adjusted for inflation upon execution). A significant portion of this is dedicated to physical space upgrades. Specifically, 40% of the total CapEx is allocated for terminal building expansions. The goal here is concrete: achieving a 54% increase in total square meters across the 12 airports. Furthermore, this investment supports adding 37% more security checkpoints.

Critical Air Connectivity for Leisure, Business, and VFR Segments

PAC's value proposition includes maintaining and growing the essential links for all travel types. The network is expanding; for instance, in Q3 2025, the company added new routes, which helped support passenger traffic growth. Domestic demand remains firm, contributing to the overall traffic figures. In the third quarter of 2025, total passenger traffic across the 14 operated airports increased by 2.5% year-over-year, reaching 15.7 million passengers.

• New international routes added in 3Q25, particularly to Canada.
• Resilient domestic demand supporting traffic volumes.
• Overall passenger traffic growth of 2.5% in 3Q25.

Diversified Commercial Offerings Boosting Non-Aeronautical Revenue

The push to diversify revenue away from just landing fees is paying off handsomely. In Q3 2025, non-aeronautical revenues saw a substantial year-over-year rise of 41.8%. This growth is fueled by both direct operations and third-party businesses. For example, revenues from business lines operated directly by PAC increased by 30.1%. This diversification strategy is key to financial stability, especially when aeronautical revenue growth, which was 18.3% in 3Q25 due to tariff adjustments, might fluctuate.

Here's a snapshot of the revenue performance in 3Q25 compared to 3Q24:

Revenue Component	Growth Rate (YoY)	Period
Total Revenues	16.3%	3Q25
Aeronautical Services Revenues	17.4%	3Q25
Non-Aeronautical Revenues Rise	41.8%	3Q25
Directly Operated Businesses Growth	30.1%	3Q25

Strategic Regional Hub Development, Especially at Guadalajara

Guadalajara International Airport (GDL) is clearly the centerpiece of the current investment cycle. For the 2025-2029 period, GDL is slated to receive close to MX$19 billion of the total infrastructure investment, or more than MX$22 billion according to another report, making it the largest single investment in the company's history. This capital is funding a new 69,000 square meter terminal building, which represents a 73% increase in terminal infrastructure at GDL. This development solidifies GDL's position as a major hub, with the plan also including the acquisition of approximately 285 hectares of land for future expansion.

Operational Efficiency with a Strong EBITDA Margin

The management team consistently delivers world-class operational performance. For the third quarter of 2025, the EBITDA margin, when excluding the effects of IFRIC-12 (International Financial Reporting Interpretation Committee 12), reached 67.1%. This high margin demonstrates strong cost control relative to revenue growth, even with rising operational expenses. The EBITDA itself grew by 12.8% in 3Q25, moving from Ps. 4,507.6 million in 3Q24 to Ps. 5,085.6 million in 3Q25.

Finance: draft 13-week cash view by Friday.

Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC) - Canvas Business Model: Customer Relationships

You're looking at how Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC) manages its key relationships, which are heavily influenced by long-term government regulation and significant capital deployment.

Long-term, regulated contracts with airlines for aeronautical services

The core of the aeronautical relationship is governed by the Master Development Program (MDP) and Maximum Tariffs approved by the Federal Civil Aviation Agency (AFAC) for the 2025-2029 period in Mexico. This regulatory structure provides the framework for service pricing and investment commitments with airlines. The new regulation for 2025-2029 includes a clawback clause, which is triggered if actual workload units exceed projections by more than 3% on a consolidated basis. The relationship is directly impacted by tariff implementation; for instance, the aeronautical revenue growth of 18.3% in Q3 2025 reflected the new maximum tariff implemented on March 1, 2025, which was a 15% increase on passenger fees for both domestic and international traffic. The approved maximum tariffs for the 2025-2029 period incorporate an annual efficiency factor, resulting in a slight annual decrease of 0.8% before inflation adjustments via the National Producer Price Index.

Service quality improvements driven by MDP investments

Service quality is intrinsically linked to the capital expenditure program, which is designed to expand capacity and enhance the passenger experience. Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC) committed to investments totaling MXP 43,185 million across its 12 Mexican airports for the 2025-2029 period. This represents a historic investment level for these air terminals. To give you a sense of where that capital is going, terminal building expansions are set to receive the largest share at 37% of the total investment. For example, the Guadalajara airport, which is a major focus, is slated to receive MXP 18,884 million, approximately 43% of the total, including a 73% increase in terminal building space. Despite this heavy investment, maintenance expenses rose by 57.3% in the first half of 2025, partly due to airfield improvements and taking over operations like jet bridges directly, which management stated was necessary while ensuring service quality remains top rate.

The distribution of the MXP 43,185 million investment across key airports for 2025-2029 is detailed below:

Airport	Committed Investment (MXP Million)	Share of Total Investment
Guadalajara	18,884	43%
Tijuana	Approx. 7,767 (18% of 43,185)	18%
Los Cabos	Approx. 5,614 (13% of 43,185)	13%
Puerto Vallarta	Approx. 3,023 (7% of 43,185)	7%

B2B relationship management with commercial tenants and cargo operators

Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC) actively manages its non-aeronautical B2B relationships, which are a growing part of the business. In Q1 2025, non-aeronautical revenues accounted for 29% of total revenues. The company is increasing its direct control over these revenue streams; business lines operated directly by Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC) grew their contribution to 43% of non-aeronautical revenues in Q1 2025, up from 30% in Q1 2024. This is supported by physical asset development, such as the Mixed-Use Building at Guadalajara Airport, which adds 44,189 square meters of commercial space. Furthermore, the acquisition of a 51.5% stake in GWTC in June 2024, a cargo services provider, is expected to contribute over MXP 699.7 million to 2024 revenues, boasting an EBITDA margin of approximately 50%. These direct operations and strategic acquisitions show a clear push to deepen B2B relationships that offer higher margins.

Digital engagement for passenger information and service feedback

While specific metrics on digital feedback mechanisms aren't public, the structure of communication with financial stakeholders points to a formalized digital reporting cadence. Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC) provided downloadable materials for its Conference Calls covering Q1 2025, Q2 2025, and Q3 2025, indicating structured, regular digital engagement for transparency. The company also provides flight information online. The relationship with passengers is supported by the overall infrastructure improvements, which are designed to enhance the experience for the 32.1 million passengers handled in the first half of 2025.

Key operational and communication touchpoints include:

• Availability of investor materials for Q1 2025, Q2 2025, and Q3 2025 conference calls.
• Focus on expanding terminal building space by 73% at Guadalajara and 47% at Tijuana through the MDP.
• Management commentary on traffic trends, such as the passenger traffic decrease of 2.0% reported for November 2025 compared to 2024.
• The addition of 21 new routes so far in 2025 (11 international and 10 domestic) to enhance connectivity.

Tariff adjustments, like the average 7.5% increase implemented in September 2025

You asked about a September 2025 increase, but the confirmed, immediate tariff action was the 15% increase in passenger fees effective March 1, 2025, which contributed to the 18.3% growth in aeronautical revenue in Q3 2025. Looking ahead, management has indicated they are still expecting tariff adjustments in January 2026, potentially leading to double-digit increases in passenger fees. The overall regulatory environment for 2025-2029 is set by the approved MDP, which dictates the maximum tariffs per workload unit for each airport, such as the maximum tariff for Guadalajara being 349.44 pesos in 2025, decreasing slightly to 338.39 pesos by 2029 before inflation adjustments. The relationship with airlines is therefore managed through these multi-year, regulated pricing schedules.

Here's a snapshot of the maximum tariff structure for key airports in 2025 (in Mexican Pesos):

Airport	2025 Maximum Tariff (per workload unit)	2026 Maximum Tariff (per workload unit)
Guadalajara	349.44	346.65
Tijuana	266.45	264.31
Los Cabos	524.20	520.01
Puerto Vallarta	522.06	517.88

Finance: draft 13-week cash view by Friday.

Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC) - Canvas Business Model: Channels

Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC) reaches its customers through a mix of physical infrastructure and digital interfaces to deliver its core airport services and ancillary commercial offerings.

Physical Airport Terminals in Mexico and Jamaica

The primary channel is the physical operation of its concessioned airports. As of late 2025, Grupo Aeroportuario del Pacífico, S.A.B. de C.V. operates a total of 14 airport terminals.

Geographic Area	Number of Airports	Key Examples/Notes
Mexico	12	Guadalajara, Tijuana, Los Cabos, Puerto Vallarta
Jamaica	2	Norman Manley International Airport (Kingston) and Sangster International Airport (Montego Bay)

Passenger traffic through these 14 airports reached 5.13 million in November 2025, representing a 2.0% decrease compared to November 2024. Year-to-date through November 2025, total terminal passengers were 57,811,400.

Direct Sales of Aeronautical Services to Airlines

This channel involves direct contractual relationships with airlines for the use of runways, gates, and terminal facilities. The pricing mechanism is directly tied to tariffs, which are adjusted periodically.

• Aeronautical revenue grew by 18.3% in the third quarter of 2025 year-over-year.
• A 15% maximum tariff increase was implemented in March 2025, with a remainder planned for 2026.
• A further average adjustment of 7.5% on new aeronautical revenues began September 1, 2025.

Commercial Leasing of Retail and Food & Beverage Spaces

This non-aeronautical channel involves leasing commercial space within the terminals to third-party operators. This revenue stream saw significant growth in the third quarter of 2025.

• Non-aeronautical revenue increased by 15.6% in 3Q25 compared to 3Q24.
• Third-party operated business, which includes food and beverage and retail, grew by 10.7% in 3Q25.

Online Platforms for Flight Information and Parking Reservations

Digital channels support the physical infrastructure by providing pre- and post-arrival services to passengers.

• Platforms are used to disseminate flight status updates.
• Reservations for services like parking are facilitated digitally.

Cross Border Xpress (CBX) for Direct US-Mexico Border Crossing

The Cross Border Xpress (CBX) facility at Tijuana International Airport serves as a dedicated, secure pedestrian bridge connecting the airport directly to San Diego, California, acting as a specialized international passenger channel.

Metric	2024 Data	First Nine Months of 2025 Data
CBX Passengers	Approximately 4.0 million	3.0 million
EBITDA Contribution	Approximately US$94 million	Approximately US$75 million

The proportion of CBX users residing in the United States was 75%, with the remaining 25% from Mexico, based on seasonal variation. CBX passengers are classified as international passengers for Tijuana airport traffic reporting.

Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC) - Canvas Business Model: Customer Segments

You're looking at the core groups that drive the revenue engine for Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC) as of late 2025. It's a mix of direct users, commercial partners, and the regulator.

Domestic and International Airlines (core aeronautical customers)

These are the carriers that pay landing fees, passenger fees, and use the fixed assets. Their activity directly correlates with aeronautical revenue, which saw an 18.3% rise in 3Q25. Total terminal passengers across the 14 operated airports reached 15.8 million in 3Q25. The company is actively working to support these customers, for instance, by launching 8 new international routes to Canada in Q4 2025.

The passenger base that the airlines serve is segmented, which influences route planning and demand for services:

• Domestic and International Airlines (core aeronautical customers)
• Passengers: Leisure (40%), Business (38%), and VFR (22%) travelers

That passenger split-Leisure at 40% versus Business at 38%-tells you the mix is quite balanced, which helps smooth out dips in corporate travel.

Commercial Tenants (retailers, restaurants, car rental agencies)

This segment drives the non-aeronautical side of the business. Revenues from businesses operated by third parties across the Mexican airport network climbed Ps. 124.5 million or +16.1% in Q3 (based on the latest comparable data available, likely 3Q24 figures showing growth from new spaces and renegotiations). The best-performing business lines here include car rentals, food & beverage, time shares and retail. Furthermore, revenues from businesses operated directly by PAC saw a significant surge, with the consolidation of the cargo business being a major factor.

Here is a look at the financial scale of some of these non-aeronautical components, using the latest available growth figures:

Customer Type Group	Financial Metric/Data Point	Value/Percentage (Latest Available)
Commercial Tenants (Third Party)	Revenue Increase (Q3 YoY)	+16.1%
Commercial Tenants (Directly Operated)	Revenue Growth (Q1 2025 YoY)	+105.1%
Top Performing Segments	Collective Revenue Surge (Q3 YoY)	+23.4%

Cargo and Logistics Operators

This is a rapidly growing component, especially following strategic consolidation. The cargo and bonded warehouse business contributed Ps. 559 million in revenue during the third quarter of 2025 (3Q25). This is a key driver, as revenues from directly operated businesses saw a 30.1% increase in 3Q25, largely due to this consolidation.

Government entities (concession grantor and regulator)

These entities are the framework providers. They grant the concession and set the rules. The aeronautical revenue growth of 18.3% in 3Q25 was partly due to the implementation of the new maximum tariff, which required regulatory approval.

Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC) - Canvas Business Model: Cost Structure

You're looking at the core expenses that keep Grupo Aeroportuario del Pacífico's 14 airports running and growing. The cost structure is heavily weighted toward long-term investment and regulatory obligations. It's not just about daily operations; it's about funding the massive infrastructure needed for the next five years.

High capital expenditures (CapEx) for MDP are a major driver. For the Master Development Program (MDP) covering 2025-2029 across the Mexican airports, Grupo Aeroportuario del Pacífico has committed investments totaling MXP 43,185 million. The near-term focus is intense; during the first nine months of 2025, the company invested approximately Ps. 7,000.0 million in capital expenditures. This spending is designed to expand capacity and enhance the passenger experience significantly.

The financing for this growth is visible in the third quarter of 2025 (3Q25). Grupo Aeroportuario del Pacífico raised capital specifically to fund these projects. Here's a quick look at the financing activities during 3Q25:

Financing Activity	Amount (Ps.)	Purpose/Detail
Long-Term Bond Issuance Total	Ps. 8,500.0 million	Issued under tickers "GAP 25-2" and "GAP 25-3"
Capital Investments Financed	Ps. 7,000.0 million	Proceeds earmarked for capital investments
Bank Loan Repayment	Ps. 1,500.0 million	Repayment to Banco Santander, S.A.

The concession fees paid to the Mexican government represent a fixed, non-negotiable cost that directly impacts margins. As part of the regulatory adjustments, the concession fee increased to 9% in 2025. This change is a key reason why the EBITDA margin for 3Q25 was lower at 64.3% compared to 3Q24's 67.0%.

Operating costs, specifically the Cost of Services, saw a notable increase in 3Q25. The Cost of services rose by 14.1%, amounting to an increase of Ps. 201.8 million compared to the same period in 2024. This rise is partly due to new regulatory requirements forcing Grupo Aeroportuario del Pacífico to operate jet bridges and airport buses directly, a task previously handled by third parties. If you strip out that new operational cost, the underlying cost of services increase would have been closer to 4.8%.

Debt servicing costs are managed through a mix of long-term instruments and revolving credit facilities. Beyond the 3Q25 bond issuance, Grupo Aeroportuario del Pacífico refinanced a credit line for USD$40.0 million with Banamex on September 18, 2025, extending the maturity to September 18, 2030. Earlier in the year, during 1Q25, Ps. 6,000.0 million in long-term bonds were issued specifically to refinance debt and fund capital investments.

The construction and infrastructure development costs are detailed within the MDP, which focuses on expanding key assets. You can see the planned scale of these costs:

• Terminal building expansions receive the largest share at 37% of the investment.
• Airfield improvements are budgeted for 18% of the investment.
• Equipment renovation accounts for 13%.
• Land acquisition is set at 12%.

For example, the Guadalajara airport is slated for a 73% increase in terminal building space, adding 69,000 square meters. Tijuana airport will see a 47% expansion in terminal space.

Finance: draft 13-week cash view by Friday.

Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC) - Canvas Business Model: Revenue Streams

You're looking at how Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC) actually brings in the money, focusing on the third quarter of 2025 (3Q25) performance. It's a mix of core airport services and commercial activities.

The core business, the aeronautical side, is showing solid momentum. Aeronautical Service Fees, which cover things like the Passenger Use Fee (TUA), landing charges, and aircraft parking, were up by 18.3% in 3Q25 compared to the same period last year. This growth reflects the new maximum tariff implementation and the 2.5% overall increase in total passenger traffic across the 14 airports operated by Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC) during the quarter.

Non-Aeronautical Revenue is also performing well, showing a 15.6% increase in 3Q25. This stream is key for diversification. The growth here is split between businesses GAP operates directly and those run by third parties.

Here's a quick look at the top-line numbers for the quarter:

Metric	3Q25 Value/Change
Total Revenue Growth (YoY)	17.4%
Total Revenue Reported	USD 7.91 billion
EBITDA	Ps. 5.1 billion
EBITDA Growth (YoY)	12.8%

The revenue from cargo and bonded warehouse operations is a significant part of the non-aeronautical mix, especially after consolidation efforts. Revenue from business operated directly by Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC) rose by 30.1%, largely because of the consolidation of the cargo and bonded warehouse business. This specific segment contributed Ps. 559 million in the quarter.

Rental income from commercial spaces and ground transportation fees fall under the third-party operated business, which also saw growth. You can see the components that make up this commercial revenue stream:

• Revenue from business operated directly by Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC) increased by 30.1%.
• Revenue from third-party operators increased by 4.7%.
• Best-performing segments include car rentals, food & beverage, time shares, and retail.
• The company is focused on the opening of new commercial spaces and the renegotiation of contracts under better market conditions.

The growth in third-party revenue is supported by these specific areas, showing where passenger spending is concentrated. If you're tracking the overall financial health, remember that cash and cash equivalents stood at Ps. 11.7 billion as of September 30, 2025.

Finance: draft 13-week cash view by Friday.