GAP Launches MX$10.1 Billion Fibra E Infrastructure Plan

Grupo Aeroportuario del Pacífico’s proposed MX$10.1 billion Fibra E issuance on the Institutional Stock Exchange introduces a key capital recycling mechanism for Mexico’s aviation infrastructure sector. The structure allows the operator to finance multi-year investments across its 12 concessioned airports without increasing corporate debt or diluting operational control.

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Grupo Aeroportuario del Pacífico (GAP) is preparing the issuance of an energy and infrastructure investment trust, known as a Fibra E, on the Institutional Stock Exchange (BIVA), aiming to raise up to MX$10.1 billion (US$586.177 million). According to the placement prospectus submitted on May 8 to the exchange led by María Ariza, the vehicle will serve as a strategic funding mechanism for the company’s multi-year infrastructure commitments.

“GAP has important infrastructure commitments over the next four years under the direction of our chief executive officer, and we seek to finance them with a balanced capital structure,” company directors said during a conference call with financial analysts. “Fibra GAP is one more tool in that strategy, a long-term structure that matches the profile of the assets with the appropriate type of capital.”

During the call, which included CEO Raúl Revuelta, CFO Saúl Villarreal, and Investor Relations Head Alejandra Soto, executives detailed that the initial issuance would represent an approximate 4.2% equity stake in the group’s Mexican airport assets. Management emphasized that the vehicle retains significant room for expansion. “We have a limit of 30% of the concessions to grow the Fibra,” said Saúl García, GAP’s finance director.

The debut of Fibra GAP represents the first stage of a broader capital recycling strategy designed to fund future capital expenditures without relying exclusively on debt markets. Revuelta clarified to investors that the transaction does not imply a corporate restructuring or a loss of operational control over the terminals. “Fibra GAP should be understood as a capital recycling platform, not as a divestment,” Revuelta said. “GAP will continue to be the controlling shareholder and administrator.”

Company officials confirmed that all proceeds from the issuance will be allocated strictly to airport infrastructure capital expenditures. While the initial asset pool is limited to GAP’s 12 concessioned Mexican airports, executives noted that other compatible federal infrastructure concessions could be incorporated into the trust in the future. However, the transaction remains subject to market conditions. Revuelta added that the group would cancel the issuance if pricing proved unfavorable.

The company expects to conclude the placement by late June following investor meetings in Mexico. Grupo Financiero Actinver will act as trustee, while BBVA and Santander will serve as joint lead underwriters. The planned issuance follows a separate financing move on the Mexican Stock Exchange (BMV), where GAP recently raised MX$12.3 billion to finance the acquisition of an additional stake in Cross Border Xpress (CBX), the cross-border terminal linking Tijuana with the United States.

Aeronautical Revenue Drives 2025 Financial Results

The Fibra E announcement follows a period of strong financial performance across the group’s airport network during the 2025 fiscal year. GAP reported a 23.2% increase in total revenue, reaching US$2.44 billion in 2025, up from US$1.98 billion in 2024.

Management attributed this growth primarily to higher aeronautical income in its Mexican operations, driven by newly approved tariffs for the 2025–2029 regulatory period. The expansion of domestic and international routes also supported higher passenger traffic across its airport network. In its 4Q25 report, GAP confirmed that aeronautical revenue gains under the updated tariff framework offset temporary weather-related disruptions in the Caribbean, affecting its airports in Montego Bay and Kingston, Jamaica.

Capital Expenditures Plan Outlines 2026 Goals

GAP’s strong 2025 performance has enabled an aggressive investment program for 2026. In February 2026, GAP announced it will deploy more than US$752.7 million to modernize its 12 Mexican airports. This forms part of a five-year capital program totaling US$3.01 billion for the 2025–2029 period.

The investment strategy aims to expand total terminal capacity by 58%, supporting projected annual passenger traffic of 80 million to 85 million by 2029. “The infrastructure we are building today is meant to support Mexico’s growth for decades to come,” Revuelta said.

The largest capital allocations are concentrated in Jalisco and Baja California. Guadalajara and Puerto Vallarta will receive a combined US$1.151 billion over the five-year period, while Tijuana and Mexicali are allocated US$660.1 million. Specifically, Guadalajara International Airport will use US$1.3 billion for a second terminal and automated passenger processing systems. Tijuana International Airport will expand its terminal and the CBX facility, including a US$14.48 million Category II Instrument Landing System scheduled to become operational by June 2026 to reduce weather-related delays.