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

Specific route developments noted around the end of 2025 include:

• Guadalajara - Toronto via Air Canada.
• Puerto Vallarta - Toronto via Porter.
• A new route connecting Los Cabos directly to Panama, expanding Central American reach.

The tariff structure is also part of this development, as the maximum tariff per workload unit for Guadalajara in 2025 was set at 349.44 pesos.

Ensuring regulatory compliance and security across all operations

Operating 14 airports means constant interaction with Mexican and international regulatory bodies, which is a non-negotiable activity. The MDP itself is a product of this compliance process.

The tariff adjustments are a direct result of the regulatory framework. For instance, Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC) implemented a 15% tariff increase in March 2025, followed by a second adjustment of an average of 7.5% starting in September 2025.

Security and operational continuity are also paramount, as seen by the impact of external events. The November 2025 traffic figures show the direct operational impact of Hurricane Melissa in Jamaica, where Montego Bay traffic fell by 73.4%. Finance had to manage this, as cash and cash equivalents stood at Ps. 11,699.5 million as of September 30, 2025.

Finance: draft 13-week cash view by Friday.

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

When we look at the core assets Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC) controls, it's all about the long-term government agreements and the physical assets they manage. These concessions are the bedrock of the entire operation.

You're looking at a portfolio of 14 airports, split between Mexico and Jamaica, which gives them significant geographic diversification across the Pacific region. This network is what generates the consistent flow of aeronautical and non-aeronautical revenue.

• Operates 12 airports across the Pacific region of Mexico.
• Controls 2 airports in Jamaica: Kingston and Montego Bay.
• Total of 14 airports under concession agreements as of late 2025.

The commitment to future capacity is substantial, locked in by the approved Master Development Program (MDP) for the 2025-2029 period. This isn't just maintenance; it's a strategic push to handle expected traffic growth and capture more non-aeronautical spend.

The total committed investment under the MDP is MXP 43,185 million for the five-year period. That's a massive capital deployment, and it's heavily weighted toward the major hubs where capacity constraints are most pressing.

Physically, the resource base includes all the terminals, runways, taxiways, and commercial spaces across these 14 locations. The focus on expanding terminal space-aiming for a 37% increase in security checkpoints-is a direct response to managing higher passenger volumes efficiently.

Financially, Grupo Aeroportuario del Pacífico, S.A.B. de C.V. maintains a strong balance sheet, which is a critical resource for funding these large-scale projects. As of the close of the third quarter of 2025 (3Q25), the company reported a solid liquidity position.

Here's the quick math on the cash on hand at that time:

• Cash and cash equivalents as of September 30, 2025: Ps. 11,699.5 million.
• This figure is roughly Ps. 11.7 billion.
• Proceeds from new bond issuances in 3Q25 totaled Ps. 8,500.0 million.

Finally, the Cross Border Xpress (CBX) facility at Tijuana International Airport is a unique physical asset. It's a dedicated pedestrian bridge connecting the terminal directly to the United States, effectively linking the airport to the world's fourth largest economy on its own. That connectivity is a non-replicable resource for that specific market segment.

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:

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:

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):

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.

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.

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:

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:

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:

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.