Grupo Aeroportuario del Pacífico

What Grupo Aeroportuario del Pacífico does

Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (GAP) is a publicly traded Mexican airport operator founded in 1998 as part of the federal government's airport privatization program. The company holds 50-year government concessions for 12 airports across Mexico's Pacific region (Guadalajara, Tijuana, Puerto Vallarta, Los Cabos, La Paz, Manzanillo, Hermosillo, Guanajuato, Morelia, Aguascalientes, Mexicali, Los Mochis) and 2 airports in Jamaica (Kingston and Montego Bay). It is dual-listed on the NYSE (PAC) and Mexican Stock Exchange (GAP B) with a strategic 15% shareholder, Aeropuertos Mexicanos del Pacífico (AMP), providing technical and commercial support since 1999.

The company provides core airport operations (runway management, terminal services, passenger processing, air navigation support) and a layered non-aeronautical portfolio including Aeroshop duty-free retail, parking, VIP lounges, FBO general aviation services (Los Cabos), advertising, and commercial-space rentals. Its proprietary technological footprint consists of a Safety Management System (SMS) certified across all airports, a real-time flight information portal covering all 12 Mexican airports, and an electronic billing platform for parking and commercial services. The Cross Border Xpress (CBX) pedestrian bridge, currently being consolidated via a 2025 business combination, is a structurally unique binational asset connecting Tijuana International Airport directly to San Diego.

Revenue is generated primarily through regulated aeronautical tariffs (set under a 2025-2029 maximum-tariff framework permitting average increases of approximately 38% over the period) and diversified non-aeronautical streams covering commercial rents, retail, F&B, parking, advertising, and cargo/logistics (post the 2024 GWTC acquisition). FY2025 revenue reached MX$41.41 billion (US$2.44 billion), up 23.2% YoY, serving 63.69 million passengers. The go-to-market is sales-led, combining direct B2B sales to airlines (slot allocation, route expansion) with competitive tenders for commercial tenants and advertising partners across the network. The current strategic agenda centers on the MX$52 billion Master Development Plan through 2029 (targeting 85 million passengers and 58-60% terminal capacity expansion), funded in part through the newly launched FIBRA GAP capital-recycling trust on the BIVA exchange.

Name

Grupo Aeroportuario del Pacífico

Legal name

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

Website

https://www.aeropuertosgap.com.mx/en/

Company type

Public

Founded year

1998

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Grupo Aeroportuario del Pacífico (GAP) operates 12 airports across Mexico's Pacific region and 2 in Jamaica under 50-year government concessions, generating revenue from regulated aeronautical tariffs and commercial activities serving airlines, passengers, and retail tenants.

Ownership category

akta.pro rank

Product category

Airport Operations and Infrastructure Services

NAICS

Airport Operations (48811), Other Airport Operations (488119)

SIC

Airports, Flying Fields & Airport Terminal Services (4581)

akta.pro primary industry

Aviation Infrastructure Agencies (Public Airports, Airfield Ops, Ground Access) (BPAIALAE)

akta.pro secondary industry

Airport Food & Beverage Concessions (THABALAD)

Keywords

• Airport operations
• Airport infrastructure
• Concession management
• Commercial aviation
• Passenger terminal services

Headquarters

HQ city

Jalisco

HQ country

Mexico

HQ region

Latin America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales, Supply Chain

Revenue model

1. Aeronautical Revenue: Regulated fees charged to airlines and passengers for use of airport infrastructure. Tariffs are set under the 2025-2029 regulatory framework with government-approved maximum tariffs. Represents core airport operator revenue.
2. Commercial Revenue: Non-aeronautical revenue from retail spaces, restaurants, duty-free shops (Aeroshop), advertising, FBO services, and commercial space rentals. This includes rent from concession holders, advertising spaces, and food & beverage operations.
3. Parking and Ground Transportation: Revenue from airport parking facilities and ground transportation services including taxi and rental car operations at GAP airports.
4. Cargo and Logistics Services: Revenue from cargo operations and logistics services at airports, with strategic focus on nearshoring opportunities through acquisitions like Guadalajara World Trade Center.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

Grupo Aeroportuario del Pacífico operates 12 international airports in Mexico's Pacific region and 2 airports in Jamaica (Kingston and Montego Bay) under 50-year government concessions. The company provides aeronautical infrastructure (runways, terminals, air navigation), passenger services (parking, VIP lounges, duty-free shopping via Aeroshop), commercial real estate (retail, F&B, advertising), and cross-border infrastructure through the Cross Border Xpress (CBX) binational pedestrian bridge connecting Tijuana International Airport to San Diego.

Product overview

Grupo Aeroportuario del Pacífico (GAP) operates as a diversified airport operator managing 14 international airports across Mexico's Pacific region (12 airports) and Jamaica (2 airports). The company offers a comprehensive portfolio of airport-related services including core airport operations and management, passenger services (parking, VIP lounges, duty-free shopping via Aeroshop), commercial real estate (retail spaces, restaurants, advertising), and specialized infrastructure like the Cross Border Xpress bridge connecting Tijuana to San Diego. GAP has recently launched FIBRA GAP, a capital-recycling investment trust to fund its MX$52 billion Master Development Plan (2025-2029). The company also operates Fundación GAP, a corporate foundation focused on education and community development.

Differentiator

Problem solved

Functional benefit

Brands

• FIBRA GAP: Fibra E investment trust launched in 2026 to raise funds for the Master Development Program 2026-2029, acquiring a minority equity stake in GAP's 12 Mexican airport concessionaires.
• Aeroshop
• GAP Foundation (Fundación GAP)
• GAP SMS

Products and services

• Airport Operations and Management
• Aeroshop Duty-Free Shopping

Quantifiable outcome

• Revenue growth of 23.2% to US$2.44 billion in FY2025
• +2 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Four partnerships are on record, tiered core and minor.

• Cross Border Xpress (CBX)coreStrategic or Co-development Partner · 11 December 2025GAP shareholders approved business combination involving CBX and technical assistance services, resulting in approximately 90 million new shares issued. GAP acquired 25% stake in CBX expected to close Q2 2026 with full synergy realization by mid-2027.
• Motiva Airports (Brazil)minorStrategic or Co-development Partner · 1 November 2025GAP was evaluating potential acquisition of Motiva Airports' portfolio in Brazil worth US$1.9 billion, with a final decision expected by mid-November.
• Guadalajara World Trade Center (GWTC)minorStrategic or Co-development Partner · 11 June 2024GAP acquired 51.5% of GWTC shares for approximately Ps. 875.5 million to expand knowledge in the cargo industry and capitalize on nearshoring opportunities.
• Aeropuertos Mexicanos del Pacífico (AMP)coreStrategic or Co-development Partner · 1 January 1999Strategic partner since 1999 providing technological support and business expertise. AMP holds 15% of total circulating shares of GAP while 85% trades on stock exchanges. AMP has been instrumental in supporting GAP's operations and development since inception.

Scale indicators8 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Grupo Aeroportuario del Sureste (ASUR): ASUR is a Mexican airport operator and one of GAP's two principal domestic peers. Like GAP, it operates a portfolio of Mexican airports under government concessions with dual-listed shares (NASDAQ: ASR). Both companies share the same privatized-airport business model, regulated aeronautical tariffs, and non-aeronautical commercial revenue streams (duty-free, F&B, advertising).
• TAV Airports: TAV operates Istanbul Atatürk and a portfolio of airports across the Middle East, North Africa, and the Balkans under long-term BOT/concession structures. Comparable to GAP's regulated concession model, emerging-market focus, and growth via cross-border airport concessions rather than purely owning hubs.
• Grupo Aeroportuario del Centro Norte (OMA): OMA operates a portfolio of 13 airports in Mexico's central/northern region under the same privatization-era concession structure as GAP. Listed on NASDAQ as OMAB, OMA offers the closest functional comparison in scale, business mix (regulated aeronautical + commercial revenue) and Mexican regulatory framework.

Broad incumbents

• AENA: AENA operates the world's largest airport network by passenger volume, managing 48+ airports in Spain and Latin America (including a stake in London's Luton Airport). AENA shares GAP's concession-based, regulated-tariff model and provides a benchmark for global airport operator economics, valuation multiples, and ESG/operational best practices.
• Aéroports de Paris (Groupe ADP): Groupe ADP operates Paris-Charles de Gaulle, Paris-Orly, and other global airport interests. Comparable to GAP in business model (regulated aeronautical fees + diversified commercial revenue) and as a major emerging-market-adjacent listed airport operator with international expansion ambitions.
• MAG (Manchester Airports Group): MAG operates Manchester, London Stansted and East Midlands airports in the UK, plus international consulting. Comparable to GAP as a multi-airport operator generating significant commercial/aeronautical revenue and pursuing international growth opportunities similar to GAP's CBX/Jamaica/Motiva strategy.
• Fraport: Fraport operates Frankfurt Airport and a global portfolio (e.g., stakes in Lima, St. Petersburg formerly, and other airports). Comparable to GAP as a publicly-listed, multi-region airport operator deriving revenue from regulated aeronautical charges and non-aeronautical commercial activities.
• Singapore Changi Airport Group: Changi Airport Group operates Singapore Changi and has stakes in global airport projects. Comparable to GAP in operational excellence, non-aeronautical commercial revenue engineering, and operating an integrated multi-concession airport business as a publicly-linked state-linked entity.
• Flughafen Zürich: Flughafen Zürich AG operates the Zurich Airport hub and holds stakes in international airport concessions (e.g., Brazil, India). Comparable to GAP as a publicly-listed airport operator with regulated fee structures and significant non-aeronautical revenue mix from retail, parking, and advertising.

Emerging players

• GAP Motiva / CCR Aeroportos (potential target context): Motiva Airports (Brazil, part of Motiva Infraestrutura previously) operates a portfolio of Brazilian regional airports. Comparable to GAP as an emerging-market regional airport operator; relevant as a potential cross-border M&A target under GAP's US$1.9B evaluation, representing a southern emerging-market extension of the concession-based model.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/aeropuertosGAP
• Facebookfacebook.com/AeropuertosGAP
• LinkedInlinkedin.com/company/827427
• Instagraminstagram.com/aeropuertosgap

Compliance11 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries20 records

Funding overview

Funding rounds9 records

Investors7 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Grupo Aeroportuario del Pacífico