Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC): BCG Matrix [Dec-2025 Updated]

You're looking to map out the real strategic value within Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC)'s airport portfolio as we head into late 2025. We've run the numbers using the four-quadrant Boston Consulting Group Matrix to see where the cash is really flowing and where the next big bets lie. Honestly, the picture shows high-flyers like Tijuana International Airport (TIJ) pushing growth above 10% annually, sitting right alongside the reliable Cash Cows like Guadalajara (GDL) that keep the lights on with margins often topping 70%. But, it's not all clear sailing; we also pinpoint the Question Marks needing capital and the Dogs that might be draining focus. Dive in to see exactly which of PAC's assets are driving the present and which demand your immediate strategic attention.

Background of Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC)

You're looking at Grupo Aeroportuario del Pacífico, S.A.B. de C.V., which we often just call GAP. Honestly, this company is a major player in Mexican infrastructure, running a portfolio of 14 airports across two countries. They started back in 1998, taking over operations for these facilities from the Mexican government as part of a privatization effort to boost quality and safety. That's a solid foundation for any business.

GAP's network is diverse, which is key to understanding its performance. In Mexico, they manage 12 airports, including big metropolitan hubs like Guadalajara and Tijuana, which serve as major economic gateways. Then you have the prime tourist spots-Los Cabos and Puerto Vallarta-which bring in a different kind of traffic. They also operate in several mid-sized and developing cities like Guanajuato, Hermosillo, and Aguascalientes. To round things out, they have two airports in Jamaica: Montego Bay and Kingston.

Financially, things looked strong heading into late 2025. For instance, in the third quarter of 2025, total revenues were up 17.4% year-over-year, and EBITDA hit 5.1 billion pesos, showing a 12.8% growth. The company's business model relies on a mix of aeronautical services (like landing fees) and non-aeronautical revenue (think retail and property). It's worth noting that about 80% of their revenue comes in Mexican pesos, and their passenger base is split fairly evenly between domestic (55%) and international (45%) travelers as of mid-2025.

The performance across the portfolio isn't uniform, though. While Q3 2025 saw total passenger traffic rise to 15.8 million, October 2025 data showed the impact of specific events; for example, the Jamaican airports saw sharp declines following Hurricane Melissa, even as Guadalajara and Puerto Vallarta posted modest growth. This mix of high-performing city/leisure routes and those facing external headwinds is exactly what we need to map out using the BCG framework.

Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC) - BCG Matrix: Stars

You're looking at the assets within Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC) that dominate growing markets. These are the units that demand heavy investment to maintain their leading position, even though they consume significant cash to fuel that growth.

Tijuana International Airport (TIJ)

Tijuana International Airport (TIJ) is positioned as a Star due to its connection to the Cross-Border Xpress (CBX) and robust domestic demand. While the prompt suggests an annual trend above 10%, recent data shows some fluctuation. In May 2025, TIJ passenger traffic increased by 3.4% compared to May 2024. However, preliminary figures for October 2025 showed a decrease of 4.2% compared to October 2024.

Investment in this asset is strategic, with capital investment plans allocating 18% of the MXP 43,185 million committed for the 2025-2029 period to Tijuana.

Key Traffic Data Points for TIJ:

• May 2025 Passenger Traffic Change: 3.4% increase.
• October 2025 Passenger Traffic Change: 4.2% decrease.
• Capital Investment Allocation (2025-2029): 18%.

Los Cabos International Airport (SJD)

Los Cabos International Airport (SJD) benefits from a high-growth international tourism market. This segment has shown strong performance, contributing to overall revenue growth for Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC). In Q3 2025, total revenues for Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC) grew by 17.4% year-over-year, with aeronautical revenue rising by 18.3%.

Recent traffic performance for SJD has been mixed. In May 2025, passenger traffic saw an increase of 1.1%. Conversely, preliminary October 2025 data indicated a decrease of 2.1% compared to October 2024.

Capital investment plans for the 2025-2029 period allocate 13% of the total MXP 43,185 million to Los Cabos.

Montego Bay's Sangster International Airport (MBJ)

Montego Bay's Sangster International Airport (MBJ) serves as Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC)'s high-growth international diversification asset in the Caribbean tourism market. The company has committed USD 203.3 million for the 2026-2030 period for its Jamaican operations, with 58% allocated specifically to Montego Bay.

The operational environment for MBJ showed significant recent headwinds. Preliminary October 2025 figures reported a substantial decrease in passenger traffic of 17.6% compared to October 2024, attributed to the impacts of Hurricane Melissa. In May 2025, the airport had already seen a decline of 1.6%.

The following table summarizes the investment commitment for the Jamaican assets:

Non-Aeronautical Revenue Streams

The non-aeronautical segments, including retail, Food & Beverage (F&B), and parking, are key drivers of the Star category due to their high growth rate, often outpacing core traffic growth. In Q1 2025, non-aeronautical revenues represented 29% of total revenues for Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC), showing significant growth potential over the previous year's Q1 figure of 30% of non-aeronautical revenues being operated directly by GAP (up from 30% in Q1 2024).

Financially, the overall non-aeronautical revenue stream showed strength in Q3 2025, increasing by 15.6% year-over-year. This segment is crucial for maintaining profitability, as the overall EBITDA margin for Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC) in Q3 2025 was 64.3%.

The growth in these commercial areas is supported by capital expenditure, with terminal buildings receiving the largest allocation at 37% of the MXP 43,185 million committed for 2025-2029.

Financial Performance Snapshot (Illustrative of High Growth):

Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC) - BCG Matrix: Cash Cows

You're looking at the core profit engine of Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC), the business units that generate more cash than they consume, funding the rest of the portfolio. These are the mature, high-market-share assets that allow the company to service debt and pay dividends.

Guadalajara International Airport (GDL) stands out as the primary Cash Cow. It's PAC's largest and most established hub, delivering stable, high-volume cash flow because of its dominant market share in the region, often called 'The Mexican Silicon Valley.' For the 2025-2029 period, Guadalajara is slated to receive the largest share of committed capital investments for the Mexican airports, totaling 44% of the committed MXP 43,185 million. Specifically, GDL is earmarked for 18.88 billion pesos in investment over those five years.

Puerto Vallarta International Airport (PVR) represents another key Cash Cow, benefiting from its status as a mature, high-margin international tourist destination. While specific PVR-only traffic data for 2025 isn't isolated here, the overall portfolio's strength in leisure travel-which makes up 40% of the passenger profile-supports consistent cash generation and, by extension, stable dividend support.

The stability of the aeronautical revenue stream is governed by the Master Development Program (MDP) for the Mexican airports for the 2025-2029 period, approved by the Federal Civil Aviation Agency (AFAC). This regulated income provides a predictable base, even though the approved maximum tariffs show a slight annual decrease, ranging from 0.7% to 1%. Still, the core aeronautical segment showed strength, with aeronautical revenue growing 18.3% in the third quarter of 2025 compared to the prior year.

Overall operating efficiency is what truly defines these Cash Cows. The company consistently posts high profitability metrics, reflecting strong pricing power in a mature market. For instance, the EBITDA margin (excluding the effects of IFRIC-12) was 67.1% in the first quarter of 2025 and 64.3% in the third quarter of 2025. You can see the core financial strength in the latest reported figures:

To maintain this cash flow, the strategy is to invest just enough to keep the infrastructure running efficiently, rather than aggressively pursuing growth in these markets. The focus is on 'milking' the gains passively, with targeted infrastructure support. The planned capital expenditures reflect this focus on core assets:

• Terminal buildings receive the largest allocation of Mexican airport investment at 37%.
• Airfield improvements account for 18% of the committed investment.
• Equipment renovation is budgeted at 13% of the committed investment.

These Cash Cows provide the necessary capital, such as the Ps. 8,500.0 million in long-term bond certificates issued in Q3 2025, which are intended to finance capital investments and repay debt. Finance: draft Q4 2025 cash flow projection focusing on GDL/PVR contribution by next Tuesday.

Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC) - BCG Matrix: Dogs

You're looking at the units within Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC) that are currently tying up capital without delivering significant returns or growth, the classic Dogs. These are the assets that operate in mature, low-expansion markets and have failed to capture a meaningful market share, so the question becomes: how much longer do we keep the lights on?

Dogs, by definition, are units with low relative market share operating in low-growth markets. They typically break even or consume minimal cash, but the real cost is the opportunity cost-the money tied up here could be funding a Star or a Question Mark. For Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC), these are the smaller, regional operations that haven't scaled.

Here's a look at the specific units fitting this profile, based on the latest available 2025 operational data. Remember, the overall portfolio saw total terminal passengers at the 12 Mexican airports increase by 0.7% in October 2025 compared to October 2024, with total year-to-date traffic up 5.9% as of October 2025.

Airport Traffic Metrics for Potential Dogs (October 2025 Snapshot)

We can see the relative scale by comparing the October 2025 passenger volumes (in thousands) against the total for the 12 Mexican airports, which was 3,012.2 thousand passengers for that month.

Manzanillo International Airport (ZLO) stands out with the lowest absolute traffic volume among the named units, handling only 10.2 thousand passengers in October 2025. While its growth rate was high at 14.0% for the month, its year-to-date growth was only 4.3%, suggesting episodic or highly variable demand rather than sustained, high-share market penetration. La Paz International Airport (LAP) has a larger base at 107.4 thousand passengers for October 2025, but its growth is modest relative to the portfolio's high performers.

For context, the company's overall financial health in early 2025 was strong; for the first quarter ended March 31, 2025 (1Q25), total revenues increased by 30.1% year-over-year to Ps. 8.4 billion, and EBITDA grew by 21.1% to Ps. 5.6288 billion. This overall strength makes the underperformance of the Dogs segment more stark.

Specific Low-Traffic Domestic Routes

Identifying specific low-traffic domestic routes or airlines is harder without granular segment reporting, but we can infer the characteristics based on the smaller airports' performance. These units are generally characterized by:

• Limited frequency additions by airlines due to volatile load factors.
• Reliance on seasonal or holiday-driven passenger flows.
• Minimal contribution to the overall non-aeronautical revenue stream.

Morelia International Airport (MLM), mentioned in prior analysis, had October 2025 traffic of 65.6 thousand passengers, showing a 22.8% increase for the month, but its year-to-date traffic growth was 22.3%. While the growth looks good, the absolute volume remains low compared to major hubs, and prior analysis suggested its episodic VFR (Visiting Friends and Relatives) peaks couldn't offset thin weekday troughs.

The general strategy for these Dogs units is to minimize cash consumption. You're definitely not looking at expensive turn-around plans here; that capital is better spent elsewhere.

• Divestiture is the prime candidate for these units.
• Seek operational efficiencies to push them toward break-even.
• Avoid significant capital expenditure unless mandated by concession terms.

Finance: draft a 13-week cash view focusing on the operating cash flow of ZLO and LAP by Friday.

Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC) - BCG Matrix: Question Marks

You're looking at business units within Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC) that operate in growing segments but currently hold a smaller relative market share, thus consuming cash for potential future growth into Stars. These areas require significant capital deployment now to capture that future upside.

New Master Development Plan (MDP) Investments

The need for heavy investment to support future traffic growth positions the core airport infrastructure development as a cash-consuming Question Mark. These are necessary capital expenditures before the full return on capacity expansion is realized. For instance, Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC) reported a strong Q1 2025 with total revenues reaching MXP 8.4 billion and EBITDA at MXP 5.6 billion, showing current profitability, but the future growth hinges on these large, upfront investments.

The strategic capital allocation for the next five years clearly shows this investment profile:

These investments are designed to add over 50% additional square meters across the network by 2029, which is the required investment to support the high-growth market expectation.

Kingston's Norman Manley International Airport (KIN)

The concession for Norman Manley International Airport (KIN) in Kingston, Jamaica, represents a unit in a high-growth tourism market but with a lower initial traffic base compared to established Mexican hubs like Guadalajara or even Montego Bay (MBJ). Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC) took control of the operation in October 2019, and its performance is subject to external volatility. For example, in October 2025, Kingston Airport traffic declined by 13.0% compared to October 2024, following the impact of Hurricane Melissa. This illustrates the risk associated with lower-market-share assets in volatile environments, as they require focused support to maintain trajectory.

The long-term commitment shows the intent to build this into a Star, but it currently requires cash to reach its potential market share. The planned capital expenditure for the Jamaican operations for the 2026-2030 period is USD 203.3 million, with 42% specifically allocated to Kingston.

Here's a look at the recent traffic context for the Jamaican assets:

• Montego Bay Airport traffic decrease (October 2025 vs. Oct 2024): 17.6%.
• Kingston Airport traffic decrease (October 2025 vs. Oct 2024): 13.0%.
• Kingston Airport resumed commercial operations: October 30^th at 7:00 a.m. (local time).

Diversification into Logistics/Cargo

Expansion into dedicated cargo operations is a clear bet on a high-growth market segment, but it currently represents a small portion of Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC)'s overall revenue base, fitting the low market share profile of a Question Mark. The company is actively integrating these services to build out its non-aeronautical revenue stream, which is a priority area. Non-aeronautical revenues represented 29% of total revenues in Q1 2025.

The impact of this diversification is starting to show in the results, indicating the growth potential:

• Revenue from business operated directly by GAP rose by 30.1% in Q3 2025.
• This Q3 2025 increase was mainly due to the consolidation of the cargo and bond and warehouse business.
• In Q4 2024, non-aeronautical revenues increased by 32.7%, driven by the consolidation of the cargo and free trade zone business at Guadalajara Airport starting in July 2024.

The company is definitely investing cash here to gain share in the logistics space, hoping these nascent operations become significant revenue drivers. Finance: draft 13-week cash view by Friday.