Recent developments include refinancing of bank debt, passenger traffic declines in March 2026, and new route additions.

• Grupo Aeroportuario del Pacifico announced refinancing of bank debt for USD 95.5 million in January 2026 [N1].
• PAC reported an 8.9% decrease in total passenger traffic in March 2026 compared to March 2025, with notable declines in Puerto Vallarta (-24.4%) and Montego Bay (-25.7%) due to disruptions such as Hurricane Melissa [S2].
• New routes added in early 2026 include Guadalajara-Mazatlan (Volaris), Morelia-Santa Lucia (Aerus), and Puerto Vallarta-San Diego (Southwest) [S2].
• PAC's stock crossed above key moving average levels in March and April 2026, indicating technical market interest [N1][N3].

PAC benefits from operating major airports in high-traffic tourist and business regions in Mexico and Jamaica, with established concession agreements providing revenue visibility. The company has demonstrated profitability with net income of MXN 8.9 billion in 2024 and has taken steps to refinance debt, supporting financial stability. New route additions and recovery efforts following passenger traffic declines indicate operational responsiveness. The regulatory framework allows for periodic tariff adjustments linked to inflation and efficiency improvements, supporting revenue potential.

PAC faces regulatory risks including potential adverse amendments to tariff regulations, sanctions for exceeding maximum rates, and the possibility of concession revocations by Mexican and Jamaican governments. Passenger traffic has declined notably in key airports, impacted by external disruptions such as hurricanes. Liquidity ratios below 1.0 as of 2024 suggest short-term financial constraints. Competition from new or expanded airports, including those operated by the Mexican military, could pressure market share and profitability. The company's dependence on international aviation regulations and bilateral agreements adds operational uncertainty.

PAC's moat is based on its ownership and operation of key airport concessions in Mexico and Jamaica, which are regulated and limited in number. The concession agreements provide a barrier to entry for competitors, and the regulatory framework sets maximum tariffs and development obligations. However, the company faces risks from regulatory changes, potential competition from new or expanded airports, and government authority to revoke concessions. The geographic concentration in the Pacific region of Mexico and select Jamaican airports provides a focused market presence but also exposes PAC to regional economic and political risks.

• Regulatory Risk: The company operates under concession agreements subject to regulatory oversight in Mexico and Jamaica. Changes in tariff regulations, efficiency adjustment requirements, or sanctions for exceeding maximum rates could materially affect operations and profitability.
• Concession Revocation Risk: Mexican and Jamaican governments have the authority to revoke or terminate concessions under certain conditions, which could disrupt operations and materially impact financial results.
• Passenger Traffic Volatility: Passenger traffic declined 8.9% in March 2026 compared to the prior year, with significant decreases in key airports due to factors such as weather disruptions, which may affect revenue.
• Liquidity Risk: As of December 31, 2024, liquidity ratios (current ratio 0.85, cash ratio 0.66) indicate moderate short-term liquidity constraints that could impact operational flexibility.
• Competition Risk: Potential competition from new or expanded airports, including those operated by the Mexican military, could adversely affect market share and profitability.

• Pacific Airport Group (PAC) operates 12 airports in Mexico's Pacific region including Guadalajara, Tijuana, Puerto Vallarta, Los Cabos, La Paz, Manzanillo, Hermosillo, Guanajuato, Morelia, Aguascalientes, Mexicali, and Los Mochis.
• PAC also operates two airports in Jamaica: Sangster International Airport in Montego Bay and Norman Manley International Airport in Kingston.
• The company is subject to regulatory frameworks in Mexico and Jamaica, including tariff base regulations and concession agreements that limit pricing and require compliance with development programs.
• Mexican airport tariffs are regulated with maximum rates adjusted periodically, subject to efficiency adjustments and inflation based on the Mexican Producer Price Index excluding petroleum.
• The company faces regulatory risks including potential amendments to tariff regulations, sanctions for exceeding maximum rates, and possible concession revocations by Mexican and Jamaican governments.
• PAC reported a decrease in total passenger traffic of 8.9% in March 2026 compared to March 2025, with notable declines in key airports such as Puerto Vallarta (-24.4%) and Montego Bay (-25.7%) due to disruptions like Hurricane Melissa.
• New routes were added in early 2026 including Guadalajara-Mazatlan (Volaris), Morelia-Santa Lucia (Aerus), and Puerto Vallarta-San Diego (Southwest).
• PAC refinanced bank debt for USD 95.5 million as announced in January 2026.
• Financial snapshot as of December 31, 2024, shows revenue of MXN 33.6 billion, net income of MXN 8.9 billion, cash and equivalents of MXN 13.5 billion, current assets of MXN 17.5 billion, current liabilities of MXN 20.5 billion, current ratio of 0.85, and cash ratio of 0.66.
• Basic and diluted earnings per share were MXN 17.04 for fiscal year 2024.
• Passenger traffic data for March 2026 shows declines in both domestic and international passengers across most airports, with some exceptions like La Paz and Morelia showing increases.
• The company is listed on the NYSE under ticker PAC and on the Mexican Stock Exchange under GAP.
• PAC's operations are influenced by international aviation regulations, including the U.S. FAA safety rating of Mexico, which was restored to Category 1 in September 2023 after a downgrade in 2021.
• The company has a whistleblower program for reporting suspected criminal conduct or violations.