Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC): Canvas du modèle commercial [Jan-2025 Mis à jour]

Plongez dans le monde complexe de la gestion des aéroports avec Grupo Aeroportuario del Pacífico (PAC), une centrale qui transforme les opérations aéroportuaires d'une infrastructure banale en écosystèmes dynamiques générateurs de revenus. Opération 12 aéroports stratégiques À travers le Mexique, le PAC révolutionne les voyages en avion en mélangeant de manière transparente une technologie de pointe, des services centrés sur le client et des stratégies commerciales sophistiquées qui élèvent toute l'expérience de l'aéroport. Des pôles touristiques animés aux passerelles commerciales critiques, cette entreprise innovante redéfinit la façon dont les aéroports fonctionnent comme plus que des points de transit - ce sont des plateformes économiques sophistiquées qui relient les personnes, les entreprises et les opportunités dans divers paysages.

Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC) - Modèle commercial: partenariats clés

Partenariats des compagnies aériennes

Grupo Aeroportuario del Pacífico maintient des partenariats stratégiques avec plusieurs compagnies aériennes:

Compagnie aérienne	Nombre de routes	Volume annuel de passagers
Aéroxico	87 routes	12,3 millions de passagers
United Airlines	64 routes	8,7 millions de passagers
Compagnies aériennes américaines	52 routes	7,5 millions de passagers

Fournisseurs de détail et de services

Les principaux partenariats de vente au détail et de service comprennent:

• Starbucks
• Internationaux en franchise de droits
• Dépanneurs Oxxo
• Burger roi

Autorités du transport gouvernemental

Autorité	Type de collaboration	Investissement annuel
Secrétaría de Comunicaciones y transporte	Développement des infrastructures	42,5 millions de dollars
Administration fédérale de l'aviation	Règlements sur la sécurité	3,2 millions de dollars

Partners de technologie et d'infrastructure

• Systèmes Cisco
• Honeywell
• Siemens
• Groupe de thales

Partenariats internationaux de gestion des aéroports

Partenaire	Portée de collaboration	Valeur du contrat
ADP International	Conseil opérationnel	5,7 millions de dollars par an
Conseil des aéroports International	Meilleures pratiques mondiales	2,3 millions de dollars par an

Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC) - Modèle d'entreprise: activités clés

Gestion et opérations des infrastructures aéroportuaires

Grupo Aeroportuario del Pacífico gère 12 aéroports à travers le Mexique, y compris des emplacements clés à Guadalajara, Puerto Vallarta et Los Cabos. L'infrastructure aéroportuaire totale couvre 3 200 hectares d'espace opérationnel.

Emplacement de l'aéroport	Trafic annuel des passagers (2022)	Zone opérationnelle (hectares)
Guadalajara	10,2 millions	620
Puerto Vallarta	5,7 millions	450
Los Cabos	4,9 millions	380

Services de terminaux de passagers et de fret

Capacité terminale totale dans tous les aéroports gérés: 45 millions de passagers par an. La capacité de manutention des cargaisons atteint 120 000 tonnes métriques par an.

• Efficacité de traitement des terminaux: 2 500 passagers par heure
• Systèmes de manutention des bagages: 15 000 sacs par heure
• Capacités de traitement des marchandises: 350 tonnes métriques par jour

Gestion de la sécurité et de la sécurité des aéroports

Investissement dans les infrastructures de sécurité: 42 millions de dollars en 2022. Personnel de sécurité déployé: 1 200 dans tous les aéroports.

Caractéristique de sécurité	Couverture	Technologie utilisée
Caméras de vidéosurveillance	650 unités	Numérique haute résolution
Points de contrôle de dépistage	48 stations	Systèmes de rayons X avancés

Location de location d'espaces immobiliers commerciaux et de vente au détail

Espace commercial total: 85 000 mètres carrés. Revenus de location annuels: 78,5 millions de dollars en 2022.

• Points de vente au détail: 220 espaces commerciaux
• Zones de restauration et de restauration: 65 établissements
• Taux d'occupation moyen: 92%

Développement et modernisation des infrastructures aéroportuaires

Dépenses en capital pour le développement des infrastructures: 185 millions de dollars en 2022. Investissements prévus pour 2024-2026: 550 millions de dollars.

Projet d'infrastructure	Montant d'investissement	Calendrier d'achèvement
Expansion du terminal de Guadalajara	95 millions de dollars	2024
Mise à niveau de la piste de Los Cabos	65 millions de dollars	2025

Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC) - Modèle d'entreprise: Ressources clés

Portefeuille d'aéroport

Total des aéroports: 12 aéroports du Mexique

Aéroport	Emplacement	Trafic annuel des passagers (2022)
Aéroport international de Guadalajara	Jalisco	10 789 654 passagers
Aéroport international de Puerto Vallarta	Jalisco	4 567 321 passagers
Aéroport international de Los Cabos	Baja California Sur	5 234 876 passagers

Infrastructure technologique

• Systèmes de gestion des aéroports avancés
• Plates-formes de traitement des passagers numériques
• Technologie de suivi des bagages en temps réel
• Systèmes de dépistage de sécurité automatisés

Ressources humaines

Total des employés: 3 752 en 2022

Catégorie des employés	Nombre d'employés
Gestion des opérations	687
Personnel technique	1,245
Service client	912
Personnel administratif	908

Ressources financières

Total des actifs (2022): 47,3 milliards de pesos mexicains

Investissements en capital (2022): 2,6 milliards de pesos mexicains

Emplacements géographiques stratégiques

• Aéroports des principaux régions du tourisme et économique mexicain
• Présence dans 6 États mexicains
• Couverture des principales routes nationales et internationales

Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC) - Modèle d'entreprise: propositions de valeur

Infrastructure et services d'aéroport de haute qualité

Grupo Aeroportuario del Pacífico (GAP) exploite 12 aéroports à travers le Mexique, avec un trafic total de passagers de 63,9 millions en 2022. Le réseau aéroportuaire comprend des emplacements stratégiques clés:

Aéroport	Emplacement	Passagers annuels (2022)
Aéroport international de Guadalajara	Jalisco	17,4 millions
Aéroport international de Los Cabos	Baja California Sur	10,2 millions
Aéroport international de Puerto Vallarta	Jalisco	7,8 millions

Expérience et connectivité des passagers efficaces

Mesures de connectivité:

• Total des routes internationales: 127
• Routes domestiques: 98
• Les compagnies aériennes servies: 38 transporteurs commerciaux

Installations aéroportuaires sûres et modernes

Investissement dans les infrastructures et la modernisation:

• Dépenses en capital en 2022: 244,2 millions de dollars
• Projets d'expansion des terminaux: 3 grands aéroports
• Mises à niveau de la technologie: Implémentées les technologies sans contact

Emplacements stratégiques au service des principaux marchés du tourisme et des affaires mexicains

Région	Aéroports	Importance économique
Côte du Pacifique	5 aéroports	Tourisme et destinations de villégiature
Centre du Mexique	4 aéroports	Centres commerciaux et industriels
Nord-Mexique	3 aéroports	Connectivité commerciale transfrontalière

Solutions complètes de gestion des aéroports

Répartition des revenus pour 2022:

• Services aéronautiques: 621,3 millions USD
• Services non aéronautiques: 278,6 millions USD
• Revenu total: 899,9 millions USD

Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC) - Modèle d'entreprise: relations avec les clients

Plateformes de service client numérique

En 2024, Grupo Aeroportuario del Pacífico exploite des plateformes de service client numérique dans 12 aéroports au Mexique. Les plateformes numériques gèrent environ 2,3 millions d'interactions clients par an.

Canal de service numérique	Volume d'interaction annuel	Temps de réponse moyen
Prise en charge de l'application mobile	687 000 interactions	12 minutes
Service client de site Web	542 000 interactions	15 minutes
Support des médias sociaux	1 071 000 interactions	20 minutes

Programmes de fidélité pour les voyageurs fréquents

Le programme de fidélité comprend 145 000 voyageurs fréquents enregistrés sur leur réseau aéroportuaire.

• Platinum Tier: 22 500 membres
• Tier d'or: 47 300 membres
• Tier argenté: 75 200 membres

Services de soutien aux passagers personnalisés

Les services personnalisés couvrent 18 catégories spécialisées de soutien aux passagers avec des canaux d'assistance dédiés.

Communication transparente avec les compagnies aériennes et les passagers

Les mesures de communication pour 2024 démontrent une cote de transparence de 98,7% entre les opérations de l'aéroport.

Canal de communication	Cote de transparence	Volume de communication annuel
Communications directes des compagnies aériennes	99.2%	24 500 interactions
Mécanismes de rétroaction des passagers	98.3%	412 000 interactions

Amélioration continue des infrastructures

Les améliorations des infrastructures basées sur les commentaires des clients ont entraîné des investissements de 45,3 millions de dollars sur leur réseau aéroportuaire en 2024.

• Améliorations de l'expérience des passagers: 18,7 millions de dollars
• Mises à niveau des infrastructures numériques: 12,6 millions de dollars
• Améliorations d'accessibilité: 14 millions de dollars

Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC) - Modèle d'entreprise: canaux

Plate-formes de réservation et d'information en ligne

Grupo Aeroportuario del Pacífico exploite des plateformes numériques dans 12 aéroports au Mexique et 2 en Jamaïque. En 2023, leurs plateformes de réservation en ligne ont traité 42,3 millions de transactions de passagers, représentant un taux d'engagement numérique de 68%.

Métrique de la plate-forme	2023 données
Total des transactions en ligne	42,3 millions
Taux d'engagement numérique	68%
Temps de réservation en ligne moyen	4,2 minutes

Applications mobiles

L'application mobile de la société a enregistré 17,6 millions de téléchargements en 2023, avec une note d'utilisateurs de 4,7 / 5 sur les plateformes iOS et Android.

• Téléchargements totaux d'applications mobiles: 17,6 millions
• Évaluation de l'utilisateur: 4.7 / 5
• Utilisateurs actifs mensuels: 3,2 millions

Centres de service à la clientèle aéroportuaire

Grupo Aeroportuario del Pacífico exploite 42 centres de service à la clientèle dans ses aéroports gérés, avec 1,2 million d'interactions clients directes en 2023.

Métrique du centre de service	2023 données
Centres de service client total	42
Interactions directes du client	1,2 million
Temps de résolution moyen	22 minutes

Partenariats de l'agence de voyage

La société maintient des partenariats avec 287 agences de voyage, générant 124,6 millions de dollars de revenus collaboratifs en 2023.

• Partenaires totaux de l'agence de voyage: 287
• Revenus collaboratifs: 124,6 millions de dollars
• Taux de commission moyen: 5,3%

Collaborations directes des compagnies aériennes

Grupo Aeroportuario del Pacífico a des accords de collaboration directs avec 36 compagnies aériennes, facilitant 189,4 millions de mouvements de passagers en 2023.

Métrique de la collaboration des compagnies aériennes	2023 données
Partenaires totaux des compagnies aériennes	36
Mouvements de passagers	189,4 millions
Couverture de l'itinéraire international	18 pays

Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC) - Modèle d'entreprise: segments de clientèle

Voyageurs de loisir

En 2023, Grupo Aeroportuario del Pacífico (GAP) a servi 55,7 millions de passagers au total dans ses 12 aéroports au Mexique et 2 en Jamaïque. Les voyageurs de loisirs intérieurs représentaient 38,3 millions de passagers, ce qui représente 68,8% du trafic total des passagers.

Type de passager	Nombre de passagers	Pourcentage
Voyageurs de loisirs domestiques	38,3 millions	68.8%
Voyages internationaux de loisir	17,4 millions	31.2%

Voyageurs d'affaires

Les voyageurs d'affaires représentaient environ 31,2% du trafic total des passagers, avec 17,4 millions de passagers en 2023. Les principales voies de voyage d'affaires comprenaient:

• Mexico à Guadalajara
• Monterrey à Cancun
• Mexico à Puerto Vallarta

Compagnies aériennes

GAP dessert plusieurs partenaires des compagnies aériennes sur son réseau aéroportuaire:

Compagnie aérienne	Volume de passagers	Part de marché
Volaris	15,2 millions	27.3%
Aéroxico	12,6 millions	22.6%
United Airlines	5,7 millions	10.2%

Compagnies de transport de fret

Le volume du transport de marchandises en 2023 a atteint 178 964 tonnes métriques entre les aéroports Gap.

Cargo	Volume de fret (tonnes métriques)	Pourcentage
FedEx	72,345	40.4%
Hauts	53,689	30.0%
DHL	52,930	29.6%

Commerce de vente au détail et de services

Les revenus de vente au détail et de service en 2023 ont totalisé 3,412 milliards de pesos mexicains, avec la ventilation suivante:

• Boutiques en franchise: 1,245 milliard de pesos
• Alimentation et boisson: 982 millions de pesos
• Services de location de voitures: 685 millions de pesos
• Autres services de vente au détail: 500 millions de pesos

Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC) - Modèle d'entreprise: Structure des coûts

Maintenance des infrastructures aéroportuaires

Coûts annuels d'entretien des infrastructures pour les 12 aéroports de PAC au Mexique: 87,6 millions de dollars en 2022.

Catégorie de maintenance	Coût annuel (USD)
Maintenance de la piste	24,3 millions de dollars
Entretien terminal	33,5 millions de dollars
Infrastructure de soutien au sol	15,8 millions de dollars
Systèmes électriques et mécaniques	14 millions de dollars

Personnel et dépenses opérationnelles

Total des coûts du personnel en 2022: 132,4 millions de dollars

• Compte moyen des employés: 3 287
• Salaire moyen par employé: 40 250 $
• Frais généraux opérationnels: 42,6 millions de dollars

Investissement de la technologie et des systèmes de sécurité

Investissement total de technologie et de sécurité en 2022: 45,2 millions de dollars

Catégorie de technologie	Montant d'investissement (USD)
Systèmes de sécurité	18,7 millions de dollars
Infrastructure informatique	15,3 millions de dollars
Transformation numérique	11,2 millions de dollars

Coûts de conformité réglementaire

Total des dépenses de conformité réglementaire en 2022: 22,5 millions de dollars

• Coûts de certification de sécurité: 8,3 millions de dollars
• Conformité environnementale: 6,7 millions de dollars
• Représentation juridique et réglementaire: 7,5 millions de dollars

Projets d'expansion et de modernisation de l'aéroport

Total des dépenses en capital pour l'expansion en 2022: 156,8 millions de dollars

Type de projet	Montant d'investissement (USD)
Extension terminale	82,4 millions de dollars
Nouvelle infrastructure	54,6 millions de dollars
Amélioration des capacités	19,8 millions de dollars

Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC) - Modèle commercial: sources de revenus

Frais de service aéronautique

En 2023, Grupo Aeroportuario del Pacífico (GAP) a rapporté des revenus aéronautiques totaux de 10 305 millions de pesos mexicains. Ces frais sont facturés directement aux compagnies aériennes pour l'utilisation de l'aéroport, y compris l'atterrissage, le stationnement et les services liés aux passagers.

Réseau d'aéroport	Revenus aéronautiques (millions MXN)	Pourcentage du total des revenus
Aéroports mexicains	7,845	76.1%
Aéroports jamaïcains	1,537	14.9%
Autres aéroports internationaux	923	9.0%

Location immobilière commerciale

GAP génère des revenus importants grâce à la location immobilière commerciale dans les locaux de l'aéroport. En 2023, la location immobilière commerciale a généré 2 456 millions de pesos mexicains.

• Espaces de bureau
• Entrepôts
• Location d'infrastructures aéroportuaires

Concessions de vente au détail et de service

Les concessions de vente au détail et de service ont contribué 3 214 millions de pesos mexicains en 2023.

Type de concession	Revenus (millions MXN)
Magasins hors taxes	1,092
Nourriture et boisson	845
Magasins de détail	678
Services de location de voitures	599

Frais de passagers

Les frais de passagers en 2023 s'élevaient à 1 876 millions de pesos mexicains, calculés par transit de passagers à travers les aéroports de GAP.

Services de manutention et de logistique de fret

Les services de manutention des cargaisons ont généré 687 millions de pesos mexicains en 2023.

Catégorie de service de fret	Revenus (millions MXN)
Manutention	412
Support logistique	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.