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Grupo Aeroportuario del Pacífico (NYSE: PAC) reported preliminary November 2025 terminal passenger figures versus November 2024. Total terminal passengers fell 2.0 % in November 2025 while year‑to‑date (Jan–Nov) total passengers rose 2.7 %. Domestic traffic increased 4.8 % in November; international traffic dropped 10.8 % after a 73.4 % plunge at Montego Bay following Hurricane Melissa. Seats available grew 6.8 % in November and the load factor slipped from 85.2 % to 78.1 %. The strongest airport moves were Guadalajara (+6.7 %) and Puerto Vallarta (+4.5 %); Tijuana and Los Cabos showed marginal dips.
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Positive
- Domestic passengers +4.8 % in November 2025
- Seats available +6.8 % in November 2025
- Jan–Nov total passengers +2.7 % year‑to‑date
Negative
- Total terminal passengers –2.0 % in November 2025
- International passengers –10.8 % in November 2025
- Montego Bay –73.4 % in November 2025 due to Hurricane Melissa
- Load factor fell 7.1 percentage points to 78.1 % in November 2025
Key Figures
Total November passengers
5,130.7k
Total terminal passengers Nov‑25, down 2.0 % vs Nov‑24
Domestic November passengers
3,096.6k
Domestic total Nov‑25, up 4.8 % vs Nov‑24
International November passengers
2,034.2k
International total Nov‑25, down 10.8 % vs Nov‑24
Montego Bay November traffic
99.1k
Montego Bay total Nov‑25, 73.4 % below Nov‑24
Seats available
6.8 %
Increase in seats available Nov‑25 vs Nov‑24
Load factor Nov‑25
78.1 %
Down from 85.2 % in Nov‑24
YTD total passengers
57,811.4k
Jan–Nov 2025 total, up 2.7 % vs Jan–Nov 2024
CBX users November
353.1k
Tijuana CBX users Nov‑25, up 0.4 % vs Nov‑24
Market Reality Check
$228.54
Last Close
Volume
Volume 39,365 vs 20‑day average 88,985 (relative volume 0.44) shows trading below typical activity ahead of this release.
low
Technical
Price $228.54 trades above the 200‑day moving average $220.62, keeping the longer‑term trend constructive despite short‑term traffic softness.
Peers on Argus
PAC fell 1.26 % pre‑release while peers were mixed: ASR up 0.66 %, CAAP down 2.0 %, and JOBY and BAH up strongly. The mixed moves and scanner flag indicate this traffic‑driven weakness looks more company‑specific than a broad airports sell‑off.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 07 | Traffic update | Negative | ‑0.8 % | October 2025 total passengers fell 0.8 % with weaker international traffic. |
| Oct 31 | Operations update | Positive | +2.4 % | Montego Bay operations resumed for evacuations and limited commercial flights. |
| Oct 29 | Hurricane impact | Negative | ‑3.3 % | Jamaican airports faced ongoing suspension and assessments after Hurricane Melissa. |
| Oct 20 | Earnings results | Positive | ‑4.3 % | 3Q25 revenues and EBITDA grew strongly despite lower comprehensive income. |
Recent news with operational disruptions or traffic declines often coincided with modest negative price moves, while positive operational updates saw gains; earnings strength did not prevent a pullback.
Over the last few months, news for PAC has centered on traffic trends and Hurricane Melissa’s impact in Jamaica. October 2025 traffic showed a 0.8 % decline, and multiple late‑October releases detailed airport closures, staged reopenings, and ongoing assessments in Kingston and Montego Bay. Despite strong 3Q25 revenue and EBITDA growth, the stock fell after earnings. Today’s November data, with a 2.0 % total passenger decline driven by Jamaica, extends that pattern of hurricane‑related traffic pressure.
Market Pulse Summary
The November update underscores a mixed performance picture for GAP. Domestic traffic remains resilient, buoyed by strong demand in key Mexican gateway cities, while international traffic suffered a pronounced dip tied to the severe disruption at Montego Bay. The 6.8 % rise in available seats reflects the company’s aggressive capacity‑expansion strategy, but the resulting 7.1‑point drop in load factor points to a short‑term mismatch between supply and demand. From a revenue‑management perspective, lower load factor compresses per‑seat yield and can erode ancillary revenue streams such as retail and parking. Investors should watch how GAP leverages its technology platform—particularly its CBX (Cross‑Border e‑Xpress) program—to boost passenger throughput and monetize excess capacity. In the longer run, the company’s ongoing concession agreements in Jamaica position it to capture upside once hotel inventory rebounds, but the path to full recovery may be protracted.
Key Terms
terminal passenger traffic
technical
Terminal passenger traffic is the count of people who pass through an airport terminal during a set period, including arrivals, departures and connections. Higher passenger counts typically translate into greater airline ticket sales, airport fees and retail income, while trend shifts signal changes in travel demand, capacity pressure or recovery from disruptions.
load factors
technical
Load factor measures the percentage of available seat capacity that is actually filled. Higher load factors improve operational efficiency and profit margins, whereas lower values indicate excess capacity or weaker demand, prompting airlines and airports to adjust pricing, schedules or marketing strategies.
Hurricane Melissa
other
Hurricane Melissa was a strong tropical system that struck Jamaica in late October 2025, causing airport closures, infrastructure damage and a sharp decline in tourism‑related traffic. For investors, such natural‑event risk can quickly depress revenue, raise repair costs and affect stock performance.
forward‑looking statements
regulatory
These are predictions or plans about future performance, based on current assumptions. Because they involve uncertainty, they may not materialize, and investors should assess the underlying risks.
concession agreement
regulatory
A concession agreement grants a private operator the right to run a public airport for a set period in exchange for fees, revenue sharing or capital investments. Such contracts shape long‑term cash flow and risk exposure for airport operators.
AI-generated analysis. Not financial advice.
GUADALAJARA, Mexico, Dec. 04, 2025 – Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (NYSE: PAC; BMV: GAP) released preliminary November 2025 terminal passenger traffic, comparing it with the same month a year earlier.
During the month, total terminal passengers across GAP’s 12 Mexican airports rose 3.5 % year‑over‑year, driven primarily by domestic growth. Guadalajara and Puerto Vallarta saw the biggest gains (+6.7 % and +4.5 % respectively), while Tijuana and Los Cabos posted slight declines (‑0.6 % and ‑0.1 %). In Jamaica, Kingston increased 2.5 % but Montego Bay collapsed 73.4 % after Hurricane Melissa.
| Domestic Terminal Passengers (in thousands): | ||||||
| Airport | Nov‑24 | Nov‑25 | % Change | Jan‑Nov 24 | Jan‑Nov 25 | % Change |
|---|---|---|---|---|---|---|
| Guadalajara | 1,021.8 | 1,127.8 | 10.4 % | 10,855.8 | 11,513.6 | 6.1 % |
| Tijuana | 716.9 | 709.4 | ‑1.0 % | 7,717.0 | 7,839.4 | 1.6 % |
| Los Cabos | 225.9 | 216.5 | ‑4.1 % | 2,579.0 | 2,603.5 | 0.9 % |
| Puerto Vallarta | 240.2 | 257.0 | 7.0 % | 2,593.4 | 2,855.4 | 10.1 % |
| Montego Bay | 0.0 | 0.0 | N/A | 0.0 | 0.0 | N/A |
| Total | 5,236.2 | 5,130.7 | ‑2.0 % | 56,289.3 | 57,811.4 | 2.7 % |
Highlights for the month:
- Seats and load factors – Seats available rose 6.8 % versus November 2024, while load factor slipped from 85.2 % to 78.1 %.
- New routes
- Guadalajara – Toronto (Air Canada)
- Guadalajara – Bogotá (Volaris)
- Guadalajara – Zihuatanejo (Volaris)
- Guadalajara – Puebla (Volaris)
- Guadalajara – Villahermosa (Volaris)
- Guadalajara – Durango (Volaris)
- Puerto Vallarta – Toronto (Porter)
The company continues to monitor the recovery in Jamaica after Hurricane Melissa, which struck on October 28 2025, causing extensive airport and tourism‑infrastructure damage. Kingston Airport returned to normal commercial operations on October 30, but Montego Bay’s hotel capacity remains roughly 70 % affected, limiting demand rebound. The speed at which hotel inventory is restored will be pivotal for traffic normalization.
GAP will provide ongoing updates on passenger trends and the recovery of hotel capacity in its Jamaican concessions.
Company Overview
Grupo Aeroportuario del Pacífico (GAP) operates 12 airports across Mexico’s Pacific corridor, including major hubs such as Guadalajara and Tijuana, and key tourist gateways like Puerto Vallarta, Los Cabos, La Paz and Manzanillo. The company listed on the NYSE under “PAC” in February 2006 and on the Mexican Stock Exchange under “GAP”. In February 2015 GAP acquired full ownership of Desarrollo de Concessioner Aeroportuarias, S.L., which holds a majority stake in MBJ Airports Limited, the operator of Sangster International Airport in Montego Bay, Jamaica. In October 2018 GAP entered a concession agreement for Norman Manley International Airport in Kingston, assuming operational control in October 2019.
This release contains forward‑looking statements concerning future financial performance, capital allocation, and operational strategy. Actual results may differ materially due to a variety of risk factors, including macroeconomic conditions, airline demand fluctuations, and the ongoing recovery from natural‑disaster impacts.
FAQ
What did PAC report for total terminal passengers in November 2025 versus November 2024?
PAC reported total terminal passengers of 5,130.7 thousand in November 2025, a 2.0 % decrease from November 2024.
How did international traffic affect PAC’s November 2025 results?
International terminal passengers fell 10.8 % in November 2025, driven mainly by a 73.4 % decline at Montego Bay after Hurricane Melissa.
What happened to PAC’s seats and load factor in November 2025?
Seats available increased 6.8 % while load factor dropped from 85.2 % to 78.1 % in November 2025.
Which PAC airports had the largest November 2025 passenger changes?
Guadalajara (+6.7 %) and Puerto Vallarta (+4.5 %) posted the biggest gains; Montego Bay fell 73.4 % and Tijuana slipped 0.6 %.
How did Hurricane Melissa impact PAC’s operations in November 2025?
Hurricane Melissa disrupted Montego Bay demand, leaving hotel capacity about 70 % impaired, which limited passenger recovery despite the resumption of air operations.
Original article, Author: Jam. If you wish to reprint this article, please indicate the source:https://aicnbc.com/14068.html
