Research · Sep 3, 2026
[PAC] Grupo Aeroportuario del Pacifico Thesis 2026: Mexico Pacific Airport Cycle Drives Tariff Rate Reset
Grupo Aeroportuario del Pacifico SAB de CV (NYSE: PAC) FY2025 revenue ~MXN 35-38B (~$1.85-2.00B; +5-12%) with diluted EPS ~MXN 24-28 (~$1.25-1.50 per ADR) reflecting continued post-2024 ~50-55M aggregate aggregate annual passenger traffic across selected 12 Mexico Pacific airport concessions + selected post-2024 selected various Master Development Program (MDP) tariff rate reset cycle + selected continued post-2024 ~$3.0-3.5B aggregate FY2025-2030 capex committed under continued President + CEO Raul Revuelta since 2018 (~7-year tenure as GAP CEO). One of the largest Mexico Pacific airport concession operators. Founded 1998 as Grupo Aeroportuario del Pacifico SAB de CV via Mexican government privatization (~27-year heritage); selected post-February 2006 NYSE ADR listing IPO; selected post-2018 Raul Revuelta CEO appointment; selected post-2024 selected various MDP tariff rate reset cycle. Headquartered in Guadalajara Mexico; ~1,400+ employees globally with ~MXN 35-38B revenue. Two primary business segments: Aeronautical (~70%+ ~MXN 24-26B), Non-Aeronautical (~30% ~MXN 11-12B). Geographic mix: Mexico ~95%+ + Jamaica + Montego Bay + Kingston + selected various ~5%. Mexico Pacific airport concession cycle: ~50-55M aggregate aggregate annual passenger traffic; 12 Mexico Pacific airport concessions; US-Mexico cross-border + Mexico domestic passenger traffic recovery. Tariff rate reset + MDP: ~+8-12% aggregate tariff rate increase potential; ~$3.0-3.5B aggregate FY2025-2030 capex committed. President + CEO Raul Revuelta since 2018 (~7-year tenure); CFO Saul Villarreal. Capital return + dividend track: ~MXN 17-21 aggregate annual dividend per common share FY2025 (~+10-15% growth; ~13-year continuous dividend track post-2012); modest opportunistic buybacks; aggregate capital return ~MXN 6-8B; net leverage ratio ~1.5-2.0x; investment-grade Baa1/BBB+ credit rating. FY2026 thesis: Mexico Pacific airport concession cycle + Master Development Program tariff rate reset + ~MXN 17-21 annual dividend + ~13-year continuous dividend track + ~MXN 6-9B aggregate annual capital return + selected continued post-2024 ~$3.0-3.5B aggregate FY2025-2030 capex commitment + selected potential post-2024 dividend acceleration. Risks: Mexico macro + GDP cycle, US-Mexico cross-border passenger traffic, ASUR + OMAB competition, MXN/USD volatility, AFAC regulatory.