Mexico's Airports See 1Q25 Revenue Rise Despite Traffic Shifts

Mexico’s three major airport operators—Grupo Aeroportuario del Sureste (ASUR), Grupo Aeroportuario del Pacífico (GAP), and Grupo Aeroportuario del Centro Norte (OMA)—reported revenue growth in 1Q25, despite varying passenger traffic trends and business performance indicators.

GAP recorded the highest revenue growth, up 30.1% year-over-year (y-o-y) to MX$11.05 billion (US$650.3 million). ASUR followed with an 18.2% increase to MX$8.79 billion (US$517.0 million), while OMA posted a more modest rise of 15.6%, reaching MX$3.57 billion (US$209.9 million). In terms of profitability, ASUR led with a 14.2% increase in net income to MX$3.64 billion. GAP’s net profit rose 26.6% to MX$2.70 billion, and OMA saw a 19.3% increase to MX$1.29 billion.

GAP attributed its strong performance to higher Airport Use Fees (TUA), peso depreciation, and passenger growth. Aeronautical revenue from its 12 Mexican airports rose 20.9% to MX$6.0 billion, while non-aeronautical revenue surged 41.3% to MX$2.39 billion.

ASUR reported MX$6.47 billion in domestic revenue, with commercial income per passenger at MX$169.4. Aeronautical revenue increased 12.1% to MX$5.20 billion, while non-aeronautical revenue rose 17.2% to MX$2.97 billion. CEO Adolfo Castro Rivas noted, “We anticipate traffic in Mexico will stabilize next year as the engine issue cycle concludes,” referencing capacity limits and engine shortages at Mexico City’s airport.

Despite this, ASUR saw a 4.8% decline in domestic passenger traffic, totaling 10.9 million passengers, with international traffic dropping 7.5% and domestic traffic falling 0.7%. Consolidated traffic across ASUR’s operations, however, rose 0.2% y-o-y to 18.6 million passengers.

OMA saw total revenue decline 5% compared to 1Q24, aeronautical and non-aeronautical revenue combined rose 15.6%. Net income increased to MX$1.29 billion. “The revenue structure changed slightly, with a larger share coming from non-aeronautical services,” the company noted. OMA's EBITDA rose 16.1% to MX$2.37 billion, and total passenger traffic increased 9.1% to 6.4 million.

OMA reported a 15.6% combined increase in aeronautical and non-aeronautical revenue. EBITDA grew 16.1% to MX$2.37 billion, and passenger traffic increased 9.1% to 6.4 million. Domestic traffic grew 8%, while international traffic surged 15.1%. Monterrey Airport (+15.4%) and Acapulco Airport (+46.6%) were among the top performers.

Passenger Traffic Highlights

• High-Growth Airports:
   

  • Guadalajara International: +8.8% (4.53 million passengers)
     

  • Los Mochis International: +30.2% (166,900 passengers)
     

  • Morelia International: +18.8% (360,300 passengers)
     

  • Hermosillo International: +10.2% (529,600 passengers)
     

  • Merida International: +2.1% (919,117 passengers)
     

  • Acapulco International: +46.6%
     

• Declining Traffic:
   

  • Mazatlan International: -2.7%
     

  • Reynosa International: -10.8%
     

  • Zihuatanejo International: -4.9%
     

  • Cozumel International: 203,226 passengers