PAC · Grupo Aeroportuario del Pacífico, S.A.B. de C.V.

The March 2026 traffic results represent a material deterioration in GAP’s core operational metric, with total passenger volume falling 8.9% year-over-year—the steepest decline since at least the prior disclosed period—and significantly worse than the 7.6% aggregate decrease previously highlighted in the press release headline. The decline was not uniform: international traffic contracted sharply (−14.6% YoY), dragging down overall performance despite modest domestic resilience (−3.8% YoY). Puerto Vallarta’s −32.1% international passenger drop and −24.4% total traffic decline—alongside Montego Bay’s −25.7% international fall attributed explicitly to Hurricane Melissa—signal acute external pressures on key tourism corridors. Load factor erosion (81.5% → 75.5%) combined with a 4.5% reduction in available seats suggests both demand softness and proactive capacity management, though the latter did not offset volume loss. While new route launches—including Southwest’s U.S. expansions from Puerto Vallarta and Volaris’ Guadalajara–Mazatlán service—indicate continued commercial investment, they have not yet translated into traffic growth. Given GAP’s revenue model’s direct linkage to passenger volumes (including landing fees, concessions, and parking), this magnitude of decline raises near-term concerns about revenue and EBITDA trends, especially absent any forward guidance or qualitative mitigation commentary in the filing. No financial results (revenue, income, or margins) were disclosed—only traffic and load metrics—so investors must infer earnings impact from these leading indicators.