Grupo Aeroportuario del Pacífica, S.A.B. de C.V. (PAC): Modelo de negócios Canvas [Jan-2025 Atualizado]

Mergulhe no intrincado mundo da gestão aeroportuária com o Grupo Aeroportuario del Pacífica (PAC), uma potência que transforma as operações aeroportuárias da infraestrutura mundana em ecossistemas dinâmicos e geradores de receita. Operação 12 aeroportos estratégicos No México, o PAC revoluciona as viagens aéreas, misturando-se perfeitamente tecnologia de ponta, serviços centrados no cliente e estratégias de negócios sofisticadas que elevam toda a experiência do aeroporto. Desde os centros de turismo movimentados a gateways críticos de negócios, essa empresa inovadora redefine como os aeroportos funcionam como mais do que apenas pontos de trânsito - são plataformas econômicas sofisticadas que conectam pessoas, empresas e oportunidades em diversas paisagens.

Grupo Aeroportuario del Pacífica, S.A.B. de C.V. (PAC) - Modelo de negócios: Parcerias -chave

Parcerias da Airlines

O Grupo Aeroportuario del Pacífica mantém parcerias estratégicas com várias companhias aéreas:

Companhia aérea	Número de rotas	Volume anual de passageiros
Aeromexico	87 rotas	12,3 milhões de passageiros
United Airlines	64 rotas	8,7 milhões de passageiros
American Airlines	52 rotas	7,5 milhões de passageiros

Provedores de varejo e serviços

As principais parcerias de varejo e serviço incluem:

• Starbucks
• Internationais livres de impostos
• Oxxo Convenience Stores
• Burger King

Autoridades de transporte do governo

Autoridade	Tipo de colaboração	Investimento anual
Secretaría de Comunicacionas y Transportes	Desenvolvimento de infraestrutura	US $ 42,5 milhões
Administração Federal de Aviação	Regulamentos de segurança	US $ 3,2 milhões

Parceiros de tecnologia e infraestrutura

• Sistemas Cisco
• Honeywell
• Siemens
• Grupo Thales

Parcerias internacionais de gestão aeroportuária

Parceiro	Escopo de colaboração	Valor do contrato
ADP International	Consultoria operacional	US $ 5,7 milhões anualmente
Conselho de Aeroportos Internacional	Práticas recomendadas globais	US $ 2,3 milhões anualmente

Grupo Aeroportuario del Pacífica, S.A.B. de C.V. (PAC) - Modelo de negócios: atividades -chave

Gerenciamento e operações de infraestrutura aeroportuária

O Grupo Aeroportuario del Pacífica gerencia 12 aeroportos do México, incluindo locais importantes em Guadalajara, Puerto Vallarta e Los Cabos. A infraestrutura total do aeroporto cobre 3.200 hectares de espaço operacional.

Localização do aeroporto	Tráfego anual de passageiros (2022)	Área operacional (hectares)
Guadalajara	10,2 milhões	620
Puerto Vallarta	5,7 milhões	450
Los Cabos	4,9 milhões	380

Serviços de terminal de passageiros e de carga

Capacidade total do terminal entre os aeroportos gerenciados: 45 milhões de passageiros anualmente. A capacidade de manuseio de carga atinge 120.000 toneladas por ano.

• Eficiência de processamento de terminais: 2.500 passageiros por hora
• Sistemas de manuseio de bagagem: 15.000 sacos por hora
• Capacidades de processamento de carga: 350 toneladas métricas diariamente

Segurança aeroportuária e gerenciamento de segurança

Investimento em infraestrutura de segurança: US $ 42 milhões em 2022. Pessoal de segurança implantado: 1.200 em todos os aeroportos.

Recurso de segurança	Cobertura	Tecnologia usada
Câmeras de CCTV	650 unidades	Digital de alta resolução
Ponto de verificação de triagem	48 estações	Sistemas avançados de raios-X

Leasing de espaço imobiliário e de varejo comerciais

Espaço comercial total: 85.000 metros quadrados. Receita anual de aluguel: US $ 78,5 milhões em 2022.

• Pontos de varejo: 220 espaços comerciais
• Áreas de restaurantes e serviços de alimentação: 65 estabelecimentos
• Taxa média de ocupação: 92%

Desenvolvimento e modernização da infraestrutura aeroportuária

Despesas de capital para desenvolvimento de infraestrutura: US $ 185 milhões em 2022. Investimentos planejados para 2024-2026: US $ 550 milhões.

Projeto de infraestrutura	Valor do investimento	Linha do tempo de conclusão
Expansão do terminal de Guadalajara	US $ 95 milhões	2024
Atualização da pista de Los Cabos	US $ 65 milhões	2025

Grupo Aeroportuario del Pacífica, S.A.B. de C.V. (PAC) - Modelo de negócios: Recursos -chave

Portfólio de aeroportos

Total de aeroportos: 12 aeroportos do México

Aeroporto	Localização	Tráfego anual de passageiros (2022)
Aeroporto Internacional de Guadalajara	Jalisco	10.789.654 passageiros
Aeroporto Internacional de Puerto Vallarta	Jalisco	4.567.321 passageiros
Aeroporto Internacional de Los Cabos	Baja California Sur	5.234.876 passageiros

Infraestrutura tecnológica

• Sistemas avançados de gerenciamento aeroportuário
• Plataformas de processamento de passageiros digitais
• Tecnologia de rastreamento de bagagem em tempo real
• Sistemas de triagem de segurança automatizados

Recursos Humanos

Total de funcionários: 3.752 a partir de 2022

Categoria de funcionários	Número de funcionários
Gerenciamento de operações	687
Equipe técnica	1,245
Atendimento ao Cliente	912
Pessoal administrativo	908

Recursos financeiros

Total de ativos (2022): 47,3 bilhões de pesos mexicanos

Investimentos de capital (2022): 2,6 bilhões de pesos mexicanos

Locais geográficos estratégicos

• Aeroportos em Turismo México e Regiões Econômicas Méxicas
• Presença em 6 estados mexicanos
• Cobertura das principais rotas domésticas e internacionais

Grupo Aeroportuario del Pacífica, S.A.B. de C.V. (PAC) - Modelo de negócios: proposições de valor

Infraestrutura e serviços aeroportos de alta qualidade

O Grupo Aeroportuario del Pacífica (GAP) opera 12 aeroportos do México, com um tráfego total de passageiros de 63,9 milhões em 2022. A rede de aeroportos inclui locais estratégicos principais:

Aeroporto	Localização	Passageiros anuais (2022)
Aeroporto Internacional de Guadalajara	Jalisco	17,4 milhões
Aeroporto Internacional de Los Cabos	Baja California Sur	10,2 milhões
Aeroporto Internacional de Puerto Vallarta	Jalisco	7,8 milhões

Experiência eficiente de passageiros e conectividade

Métricas de conectividade:

• Total de rotas internacionais: 127
• Rotas domésticas: 98
• Airlines servidas: 38 transportadoras comerciais

Instalações aeroportuárias seguras e modernas

Investimento em infraestrutura e modernização:

• Despesas de capital em 2022: US $ 244,2 milhões
• Projetos de expansão do terminal: 3 principais aeroportos
• Atualizações de tecnologia: Tecnologias sem contato implementadas

Locais estratégicos que atendem grandes mercados de turismo e negócios mexicanos

Região	Aeroportos	Significado econômico
Costa do Pacífico	5 aeroportos	Turismo e destinos de resort
Central México	4 aeroportos	Centros de Negócios e Industriais
Norte do México	3 aeroportos	Conectividade comercial transfronteiriça

Soluções abrangentes de gerenciamento aeroportuário

Receita de receita para 2022:

• Serviços aeronáuticos: US $ 621,3 milhões
• Serviços não-aeronáuticos: US $ 278,6 milhões
• Receita total: US $ 899,9 milhões

Grupo Aeroportuario del Pacífica, S.A.B. de C.V. (PAC) - Modelo de negócios: relacionamentos com o cliente

Plataformas de atendimento ao cliente digital

A partir de 2024, o Grupo Aeroportuario del Pacífica opera plataformas de atendimento ao cliente digital em 12 aeroportos do México. As plataformas digitais lidam com aproximadamente 2,3 milhões de interações com os clientes anualmente.

Canal de serviço digital	Volume anual de interação	Tempo médio de resposta
Suporte ao aplicativo móvel	687.000 interações	12 minutos
Atendimento ao cliente do site	542.000 interações	15 minutos
Apoio à mídia social	1.071.000 interações	20 minutos

Programas de fidelidade para viajantes frequentes

O programa de fidelidade inclui 145.000 viajantes frequentes registrados em sua rede de aeroportos.

• Nível de platina: 22.500 membros
• Nível de ouro: 47.300 membros
• Nível de prata: 75.200 membros

Serviços personalizados de suporte de passageiros

Os serviços personalizados abrangem 18 categorias especializadas de suporte de passageiros com canais de assistência dedicados.

Comunicação transparente com companhias aéreas e passageiros

As métricas de comunicação para 2024 demonstram uma classificação de transparência de 98,7% nas operações aeroportuárias.

Canal de comunicação	Classificação de transparência	Volume anual de comunicação
Comunicações de companhias aéreas diretas	99.2%	24.500 interações
Mecanismos de feedback dos passageiros	98.3%	412.000 interações

Melhoria da infraestrutura contínua

As melhorias na infraestrutura com base no feedback do cliente resultaram em US $ 45,3 milhões em sua rede de aeroportos em 2024.

• Aprimoramentos da experiência de passageiros: US $ 18,7 milhões
• Atualizações de infraestrutura digital: US $ 12,6 milhões
• Melhorias de acessibilidade: US $ 14 milhões

Grupo Aeroportuario del Pacífica, S.A.B. de C.V. (PAC) - Modelo de negócios: canais

Plataformas de reserva e informação online

O Grupo Aeroportuario del Pacífica opera plataformas digitais em 12 aeroportos no México e 2 na Jamaica. Em 2023, suas plataformas de reserva on -line processaram 42,3 milhões de transações de passageiros, representando uma taxa de engajamento digital de 68%.

Métrica da plataforma	2023 dados
Total de transações online	42,3 milhões
Taxa de engajamento digital	68%
Tempo médio de reserva online	4,2 minutos

Aplicativos móveis

O aplicativo móvel da empresa registrou 17,6 milhões de downloads em 2023, com uma classificação de usuário de 4,7/5 nas plataformas iOS e Android.

• Downloads de aplicativos móveis totais: 17,6 milhões
• Classificação do usuário: 4.7/5
• Usuários ativos mensais: 3,2 milhões

Centros de atendimento ao cliente do aeroporto

O Grupo Aeroportuario del Pacífica opera 42 centros de atendimento ao cliente em seus aeroportos gerenciados, lidando com 1,2 milhão de interações diretas ao cliente em 2023.

Métrica do centro de serviço	2023 dados
Total de Centros de Atendimento ao Cliente	42
Interações diretas do cliente	1,2 milhão
Tempo médio de resolução	22 minutos

Parcerias da agência de viagens

A empresa mantém parcerias com 287 agências de viagens, gerando US $ 124,6 milhões em receita colaborativa durante 2023.

• Total Travel Agency Partners: 287
• Receita colaborativa: US $ 124,6 milhões
• Taxa média de comissão: 5,3%

Colaborações de companhias aéreas diretas

O Grupo Aeroportuario del Pacífica possui acordos diretos de colaboração com 36 companhias aéreas, facilitando 189,4 milhões de movimentos de passageiros em 2023.

Métrica de colaboração da companhia aérea	2023 dados
Total de companhias aéreas	36
Movimentos de passageiros	189,4 milhões
Cobertura internacional de rota	18 países

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

Viajantes de lazer

Em 2023, o Grupo Aeroportuario del Pacífica (GAP) serviu 55,7 milhões de passageiros no total de seus 12 aeroportos no México e 2 na Jamaica. Os viajantes domésticos de lazer foram responsáveis ​​por 38,3 milhões de passageiros, representando 68,8% do tráfego total de passageiros.

Tipo de passageiro	Número de passageiros	Percentagem
Viajantes de lazer domésticos	38,3 milhões	68.8%
Viajantes internacionais de lazer	17,4 milhões	31.2%

Viajantes de negócios

Os viajantes de negócios representavam aproximadamente 31,2% do tráfego total de passageiros, com 17,4 milhões de passageiros em 2023. As principais rotas de viagem de negócios incluídas:

• Cidade do México para Guadalajara
• Monterrey para Cancun
• Cidade do México para Puerto Vallarta

Companhias aéreas

A Gap atende a vários parceiros de companhias aéreas em sua rede de aeroportos:

Companhia aérea	Volume do passageiro	Quota de mercado
Volaris	15,2 milhões	27.3%
Aeromexico	12,6 milhões	22.6%
United Airlines	5,7 milhões	10.2%

Empresas de transporte de carga

O volume de transporte de carga em 2023 atingiu 178.964 toneladas métricas nos aeroportos de gap.

Transportadora de carga	Volume de carga (toneladas métricas)	Percentagem
FedEx	72,345	40.4%
UPS	53,689	30.0%
DHL	52,930	29.6%

Negócios de varejo e serviços

As receitas de varejo e serviços em 2023 totalizaram 3,412 bilhões de pesos mexicanos, com a seguinte quebra:

• Lojas isentas de impostos: 1,245 bilhão de pesos
• Comida e bebida: 982 milhões de pesos
• Serviços de aluguel de carros: 685 milhões de pesos
• Outros serviços de varejo: 500 milhões de pesos

Grupo Aeroportuario del Pacífica, S.A.B. de C.V. (PAC) - Modelo de negócios: estrutura de custos

Manutenção de infraestrutura aeroportuária

Custos anuais de manutenção de infraestrutura para os 12 aeroportos do PAC no México: US $ 87,6 milhões em 2022.

Categoria de manutenção	Custo anual (USD)
Manutenção da pista	US $ 24,3 milhões
Manutenção do terminal	US $ 33,5 milhões
Infraestrutura de suporte ao solo	US $ 15,8 milhões
Sistemas elétricos e mecânicos	US $ 14 milhões

Pessoal e despesas operacionais

Total de custos de pessoal em 2022: US $ 132,4 milhões

• Contagem média de funcionários: 3.287
• Salário médio por funcionário: US $ 40.250
• Organização operacional: US $ 42,6 milhões

Investimento em sistemas de tecnologia e segurança

Tecnologia total e investimento de segurança em 2022: US $ 45,2 milhões

Categoria de tecnologia	Valor do investimento (USD)
Sistemas de segurança	US $ 18,7 milhões
Infraestrutura de TI	US $ 15,3 milhões
Transformação digital	US $ 11,2 milhões

Custos de conformidade regulatória

Despesas totais de conformidade regulatória em 2022: US $ 22,5 milhões

• Custos de segurança: US $ 8,3 milhões
• Conformidade ambiental: US $ 6,7 milhões
• Relatórios legais e regulatórios: US $ 7,5 milhões

Projetos de expansão e modernização aeroportuários

Despesas totais de capital para expansão em 2022: US $ 156,8 milhões

Tipo de projeto	Valor do investimento (USD)
Expansão terminal	US $ 82,4 milhões
Nova infraestrutura	US $ 54,6 milhões
Aprimoramento da capacidade	US $ 19,8 milhões

Grupo Aeroportuario del Pacífica, S.A.B. de C.V. (PAC) - Modelo de negócios: fluxos de receita

Taxas de serviço aeronáutico

Em 2023, o Grupo Aeroportuario del Pacífica (GAP) relatou receitas aeronáuticas totais de 10.305 milhões de pesos mexicanos. Essas taxas são cobradas diretamente pelas companhias aéreas pelo uso do aeroporto, incluindo pouso, estacionamento e serviços relacionados a passageiros.

Rede de aeroporto	Receita aeronáutica (milhões MXN)	Porcentagem da receita total
Aeroportos mexicanos	7,845	76.1%
Aeroportos jamaicanos	1,537	14.9%
Outros aeroportos internacionais	923	9.0%

Leasing imobiliário comercial

O GAP gera receita significativa por meio de leasing imobiliários comerciais nas instalações do aeroporto. Em 2023, a locação imobiliária comercial gerou 2.456 milhões de pesos mexicanos.

• Espaços de escritório
• Instalações de armazém
• Aluguel de infraestrutura aeroportuária

Concessões de varejo e serviço

As concessões de varejo e serviços contribuíram com 3.214 milhões de pesos mexicanos em 2023.

Tipo de concessão	Receita (milhões MXN)
Lojas isentas de impostos	1,092
Comida e bebida	845
Lojas de varejo	678
Serviços de aluguel de carros	599

Cobranças da instalação de passageiros

As cobranças da instalação de passageiros em 2023 foram de 1.876 milhões de pesos mexicanos, calculados por trânsito de passageiros pelos aeroportos de gap.

Serviços de manuseio e logística de carga

Os serviços de manuseio de carga geraram 687 milhões de pesos mexicanos em 2023.

Categoria de serviço de carga	Receita (milhões MXN)
Manuseio de carga	412
Suporte 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.