Grupo Aeroportuario del Pacífico (GAP) has moved beyond the 2019 profile of a high-growth Mexican concessionaire. It is now a mature listed infrastructure operator with 14 airports, strong operating margins, dual-market access through BMV shares and NYSE American Depositary Shares, and meaningful exposure to Jamaica. The updated investment story is not simply post-COVID passenger recovery; it is the combination of scale, commercial monetization, disciplined capital allocation, regulated concession visibility and selective international bidding. The company remains highly cash generative, but its next phase depends on execution of a large MDP cycle, the CBX internalization process and continued resilience amid regulatory and traffic volatility.

Since 2019, GAP ownership has remained structurally stable, but its market composition has become more global. Aeropuertos Mexicanos del Pacífico (AMP) remains the strategic shareholder with approximately 15% ownership, while roughly 85% remains public float. AMP itself continues to be controlled by Controladora Mexicana de Aeropuertos (CMA) with approximately 66.7% of AMP and Aena with approximately 33.3% of AMP. The effective Aena economic interest in GAP therefore remains approximately 5% before any other indirect considerations. The major change is not the control architecture but the investor base: the public float now behaves as a fully liquid, globally traded infrastructure equity, with greater participation by international institutional investors and stronger public-market discipline.

Traffic remains the core operating driver. GAP handled 63.686 million terminal passengers in 2025, compared with 62.156 million in 2024 and 63.465 million in 2023. Mexico represented 57.375 million passengers in 2025, while Jamaica contributed 6.310 million. This confirms that the platform remains substantially above the 2018 baseline of approximately 45 million passengers. However, 2026 began with temporary pressure: during 1Q26, the 14 airports operated by GAP recorded a decrease of 902,100 passengers, or 5.5%, versus 1Q25. March 2026 was particularly weak, with total traffic down 8.9% year on year. The airport-by-airport March figures are verifiable from GAP’s official traffic release, not merely from secondary summaries.