Total PAX in December gained 0.1%

Consolidated passenger traffic reached 5.9 million users in December 2025, a 0.1% YoY gain compared to December 2024 (and better than our -1.5% YoY estimate). Domestic passenger traffic (PAX) posted a 6% year-over-year increase. In contrast, international passengers reported a 6% YoY contraction, mainly due to the impact of Hurricane Melissa in Jamaica. On a cumulative basis, in 4Q25, GAP’s total PAX had decreased 1% YoY (+2.5% in 2025). 

Although we have a positive outlook for the sector, current valuations have already incorporated these expectations in our view. GAP’s 2026E EV/EBITDA multiple of 13.0x is in line with its historical reference. We reiterate our Market Perform rating.

Main highlights: The Mexican airport network reported a 4% YoY gain. Guadalajara’s airport (31% of GAP´s total traffic) posted a 9% gain vs. December 2024, while Puerto Vallarta gained +4% and represented c. 12% of total. On the other hand, in Jamaica, specifically in Montego Bay, the total number of passengers dropped by 44% to 262,600. In addition, PAX in Kingston’s airport decreased 3% to 172,300 PAX. In December, seat availability increased by 10% YoY, with an implicit load factor of 77.4%.