Grupo Aeroportuario del Pacífico (GAP) is a private airport operator that holds long-term government concessions to operate 12 international airports in Mexico and two in Jamaica (Montego Bay and Kingston). GAP's Mexican portfolio includes major metropolitan hubs like Guadalajara and Tijuana, leisure destinations like Los Cabos and Puerto Vallarta, and mid-sized industrial and agricultural cities. GAP collectively handled about 63 million passengers across its network in 2025. GAP earns revenue through two streams: aeronautical revenues (~70% of the total), which are regulated per-passenger and per-aircraft fees charged to airlines, and non-aeronautical revenues (~30%), which are largely unregulated commercial revenues from retailers, food and beverage operators, car rental companies, duty-free stores, parking, and directly operated businesses. In Mexico, aeronautical tariffs are capped by a government regulator and reset every five years through a Master Development Program (MDP) negotiation, in which GAP commits to infrastructure investment in exchange for tariff-setting rights. GAP's growth strategy centers on converging toward its regulatory tariff ceiling, expanding terminal capacity to grow commercial revenue per passenger, and pursuing acquisitions. GAP is also acquiring CBX, a cross-border terminal in San Diego connected to Tijuana's airport, which would add U.S.-side passenger and commercial revenues. GAP funds its capex program — roughly Ps.43B committed under the 2025–2029 MDP — through operating cash flows and debt issuances in Mexican capital markets.