PAC on NYSE

PACIFIC CURRENT GROUP LIMITED

Australian public company1

In its 2026 annual report (Form 20-F) the company says: “We hold concessions to operate, maintain, and develop twelve international airports in Mexico’s Pacific and Central regions and two international airports in Jamaica. It was established in 1998 as part of the Mexican federal government’s initiative to open the national airport system to private investment.”5

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Last updated Oct 20, 2026.

Overview

33.6BRevenue, fiscal 20243
8.9BNet income, fiscal 20243

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  • TickerPAC on NYSE1
  • IndustryAirports, Flying Fields & Airport Terminal Services1
  • HeadquartersO51
  • Incorporated inMexico4
  • Business addressAvenida Mariano Otero No. 1249, Piso 6, Col. Rinconada Del Bosque, Guadalajara, Jalisco4
  • Filer categoryLarge accelerated filer4

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We hold concessions to operate, maintain, and develop twelve international airports in Mexico’s Pacific and Central regions and two international airports in Jamaica. As airport operators, we charge airlines, passengers, and other users fees for the use of airport facilities. We also generate rental and other income from commercial activities at our airports, including leasing space to restaurants and retailers, parking operations, and advertising services.5 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from. Figures are in MXN, the currency the company reports in.

Key numbers, fiscal 2024

44.8%Operating margin3
26.4%Net margin3
1.2%Revenue growth, 20243
36.0%Return on equity3
0.17×Debt to equity3

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Business segments

Puerto Vallarta brought in 19% of the revenue PACIFIC CURRENT GROUP LIMITED broke down this way in fiscal 2025.

  1. Puerto Vallarta5.6B MXN619%up 23% from 2024
  2. San Jose Del Cabo5.1B MXN617%up 11% from 2024
  3. Tijuana5.0B MXN617%up 36% from 2024
  4. Other Airport4.6B MXN615%up 27% from 2024
  5. Other Companies4.1B MXN614%up 70% from 2024
  6. Montego Bay2.9B MXN610%down 0% from 2024
  7. Guanajuato1.7B MXN66%up 18% from 2024
  8. Hermosillo798.2M MXN63%up 10% from 2024
Business segments by year
Business segments202320242025
Puerto Vallarta4.8B MXN4.5B MXN5.6B MXN
San Jose Del Cabo4.5B MXN4.6B MXN5.1B MXN
Tijuana4.0B MXN3.7B MXN5.0B MXN
Other Airport3.4B MXN3.6B MXN4.6B MXN
Other Companies1.3B MXN2.4B MXN4.1B MXN
Montego Bay2.8B MXN2.9B MXN2.9B MXN
Guanajuato1.3B MXN1.4B MXN1.7B MXN
Hermosillo661.0M MXN724.3M MXN798.2M MXN

Regions

Country of domicile [member] brought in 88% of the revenue PACIFIC CURRENT GROUP LIMITED broke down this way in fiscal 2025.

  1. Country of domicile [member]36.5B MXN688%up 26% from 2024
  2. JM4.9B MXN612%up 5% from 2024
Regions by year
Regions202320242025
Country of domicile [member]29.2B MXN29.0B MXN36.5B MXN
JM4.0B MXN4.7B MXN4.9B MXN

Where the money goes

Where each dollar of revenue went, fiscal 2024

  • Other costs64¢21.5B MXN
  • Interest0¢15.0M MXN
  • Income tax10¢3.2B MXN
  • Profit26¢8.9B MXN

Out of 33.6B MXN in revenue.3

Where each dollar of operating cash went, fiscal 2024

  • Kept or used elsewhere100¢16.7B MXN

Out of 16.7B MXN of cash from operations.3

Financial statements

Revenue7891011333.6B MXN in 2024+172% since 2017
010.0B MXN20.0B MXN30.0B MXN40.0B MXN2017: 12.4B MXN12.4B MXN20172018: 14.1B MXN14.1B MXN2018+14%2019: 16.2B MXN16.2B MXN2019+15%2020: 11.9B MXN11.9B MXN2020−27%2021: 19.0B MXN19.0B MXN2021+60%2022: 27.4B MXN27.4B MXN2022+44%2023: 33.2B MXN33.2B MXN2023+21%2024: 33.6B MXN33.6B MXN2024+1%
Operating income7891011315.1B MXN in 2024+140% since 2017
05.0B MXN10.0B MXN15.0B MXN20.0B MXN2017: 6.3B MXN6.3B MXN20172018: 7.2B MXN7.2B MXN2018+15%2019: 8.0B MXN8.0B MXN2019+11%2020: 3.8B MXN3.8B MXN2020−52%2021: 8.9B MXN8.9B MXN2021+132%2022: 13.8B MXN13.8B MXN2022+56%2023: 15.1B MXN15.1B MXN2023+10%2024: 15.1B MXN15.1B MXN2024−1%
Net income789101138.9B MXN in 2024+88% since 2017
02.5B MXN5.0B MXN7.5B MXN10.0B MXN2017: 4.7B MXN4.7B MXN20172018: 5.1B MXN5.1B MXN2018+9%2019: 5.5B MXN5.5B MXN2019+6%2020: 1.9B MXN1.9B MXN2020−65%2021: 6.0B MXN6.0B MXN2021+215%2022: 9.2B MXN9.2B MXN2022+52%2023: 9.7B MXN9.7B MXN2023+5%2024: 8.9B MXN8.9B MXN2024−8%

Every line of the income statement as filed: the last 3 fiscal years, latest first.6

Period ending2025-12-312024-12-312023-12-31
Aeronautical services22.8B MXN19.1B MXN19.3B MXN
Non-aeronautical services9.7B MXN7.7B MXN6.2B MXN
Improvements to concession assets8.9B MXN6.8B MXN7.8B MXN
Revenues41.4B MXN33.6B MXN33.2B MXN
Employee cost (Note 22)2.6B MXN2.1B MXN1.7B MXN
Maintenance1.3B MXN848.6M MXN728.6M MXN
Safety, security and insurance927.0M MXN831.4M MXN691.2M MXN
Utilities606.0M MXN542.5M MXN485.3M MXN
Expected credit loss of the year12.2M MXN24.8M MXN29.4M MXN
Others operation expenses1.1B MXN890.0M MXN721.2M MXN
Technical assistance fees (Note 30)971.8M MXN845.2M MXN851.3M MXN
Concession taxes (Note 9)3.8B MXN2.7B MXN2.5B MXN
Depreciation and amortization (Note 21)3.8B MXN3.1B MXN2.5B MXN
Cost of improvements to concession assets (Note 23)8.9B MXN6.8B MXN7.8B MXN
Other (income) expense - net (Note 24)-86.4M MXN-105.1M MXN-15.9M MXN
Operating costs23.8B MXN18.6B MXN18.1B MXN
Income from operations17.6B MXN15.1B MXN15.1B MXN
Finance income1.0B MXN1.3B MXN1.4B MXN
Finance cost-4.5B MXN-4.1B MXN-3.4B MXN
Exchange gain (loss) net-33.3M MXN-119.8M MXN-340.7M MXN
Finance cost - Net-3.5B MXN-2.9B MXN-2.4B MXN
Income before income taxes14.1B MXN12.1B MXN12.8B MXN
Current4.8B MXN4.0B MXN3.6B MXN
Deferred-699.5M MXN-749.3M MXN-544.7M MXN
Income tax4.1B MXN3.2B MXN3.1B MXN
Net profit for the year10.0B MXN8.9B MXN9.7B MXN
Exchange differences on translating foreign operations-1.0B MXN1.1B MXN-893.7M MXN
Cash flow hedges, effective portion of changes in fair value, net of income tax4.6M MXN-65.3M MXN-69.9M MXN
Remeasurements of employee benefit - net of income tax (Note 17)9.6M MXN10.2M MXN-15.9M MXN
Total comprehensive income for the year9.0B MXN10.0B MXN8.7B MXN
Controlling interest9.6B MXN8.6B MXN9.5B MXN
Non-controlling interest435.4M MXN263.3M MXN146.7M MXN
Profit for the year10.0B MXN8.9B MXN9.7B MXN
Controlling interest8.6B MXN9.6B MXN8.6B MXN
Non-controlling interest366.8M MXN385.8M MXN68.8M MXN
Weighted average number of common shares outstanding505.3B shares505.3B shares505.3B shares
Basic earnings per share (in Mexican Pesos, Note 3.r)18.93 MXN17.04 MXN18.89 MXN
Diluted earnings per share (in Mexican Pesos, Note 3.r)18.93 MXN17.04 MXN18.89 MXN

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Corporate structure

PACIFIC CURRENT GROUP LIMITED sits at the top of its group. 1 entity on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of PACIFIC CURRENT GROUP LIMITED

  • BlackRock Filed SCHEDULE 13G/A on PACIFIC CURRENT GROUP LIMITED, latest Jul 28, 2026 (2 filings since Jan 8, 2026)
  • Azcarraga Laura Diez-Barroso Filed SCHEDULE 13D on PACIFIC CURRENT GROUP LIMITED, latest May 13, 2026
  • Navarro Eduardo Sanchez Filed SCHEDULE 13D on PACIFIC CURRENT GROUP LIMITED, latest May 13, 2026
  • Thurlow Juan Ignacio Gallardo Filed SCHEDULE 13D on PACIFIC CURRENT GROUP LIMITED, latest May 13, 2026
  • Desarrollo Internacional S.m.e. S.a. Sociedad Unipersonal Aena Filed SCHEDULE 13D on PACIFIC CURRENT GROUP LIMITED, latest May 7, 2026
  • Capital International Investors Filed SC 13G/A on PACIFIC CURRENT GROUP LIMITED, latest Feb 9, 2024 (2 filings since Feb 13, 2023)
  • PACIFIC CURRENT GROUP LIMITED O5

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What PACIFIC CURRENT GROUP LIMITED reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Construction in progress11.9B MXN3 Dec 31, 202412.4B MXN3 Dec 31, 2023−3.9%
Property and equipment, net4.8B MXN3 Dec 31, 20244.6B MXN3 Dec 31, 2023+5.9%
Operating-lease assets (leased space)31.8M MXN3 Dec 31, 202447.3M MXN3 Dec 31, 2023−32.7%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents13.5B MXN3 Dec 31, 202410.1B MXN3 Dec 31, 2023+33.9%

Leadership

Who has led PACIFIC CURRENT GROUP LIMITED, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Musalem Raul Revuelta Mr.2026–now

Chief financial officer

  1. Garcia Saul Villarreal2026–now
Board members and other officers (20)

Timeline

  1. Mar 10, 2026New chief executive Musalem Raul Revuelta Mr. becomes CEO12
  2. Sep 25, 1987Went public Listed on Australian Securities Exchange1

Filings

214 filings to the SEC since October 2021: 5 annual reports, 27 insider forms, 8 large holders, 174 other. The latest 20:

  1. Oct 7, 20266-K EDGAR
  2. Sep 14, 20266-K EDGAR
  3. Sep 8, 20266-K EDGAR
  4. Aug 7, 20266-K EDGAR
  5. Aug 6, 20266-K EDGAR
  6. Jul 28, 2026SCHEDULE 13G/A EDGAR
  7. Jul 14, 20266-K EDGAR
  8. Jul 7, 20266-K EDGAR
  9. Jun 9, 20266-K EDGAR
  10. Jun 8, 20266-K EDGAR
  11. May 28, 20263 EDGAR
  12. May 28, 20263 EDGAR
  13. May 13, 2026SCHEDULE 13D EDGAR
  14. May 13, 2026SCHEDULE 13D EDGAR
  15. May 13, 2026SCHEDULE 13D EDGAR
  16. May 12, 20264 EDGAR
  17. May 12, 20264 EDGAR
  18. May 11, 20266-K EDGAR
  19. May 7, 20266-K EDGAR
  20. May 7, 2026SCHEDULE 13D EDGAR

The 214 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.2,174,974$550.6M0.0%+73,559
Lazard Asset Management LLC1,174,118$297.2M0.5%+1,484
Ashoka WhiteOak Capital Pte Ltd575,040$145.6M34.2%+568,340
State Street Corp504,626$127.8M0.0%+33,903
Deutsche Bank Ag\468,323$118.6M0.0%+107,308
Renaissance Technologies LLC391,300$99.1M0.1%−24,500
Morgan Stanley273,371$69.2M0.0%+10,308
Nuveen, LLC213,719$54.1M0.0%+25,674
Northcape Capital Pty Ltd173,611$44.0M5.9%−17,438
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC165,997$42.0M0.0%+165,818
Dimensional Fund Advisors LP155,618$39.4M0.0%−1,272
1832 Asset Management L.P.104,740$26.5M0.0%+2,467
American Century Companies Inc92,873$23.5M0.0%+4,243
Aqr Capital Management LLC89,301$22.6M0.0%+88,350
Russell Investments Group, Ltd.86,944$22.0M0.0%−1,826
Fisher Funds Management LTD84,412$21.4M0.6%−15,034
Carnegie Investment Counsel81,091$20.5M0.4%−1
Northern Trust Corp73,269$18.5M0.0%+339
Empowered Funds, LLC57,363$14.5M0.1%−17,244
Empirical Finance, LLC55,844$14.1M0.6%−18,763
Vanguard Capital Management LLC53,447$13.5M0.0%No change
Principal Financial Group Inc50,387$12.8M0.0%−5,715
Maryland State Retirement & Pension System49,768$12.6M0.2%+13,069
Mackenzie Financial Corp49,651$12.6M0.0%+9,684
Metis Global Partners, LLC48,538$12.3M0.3%+3,574

13F reports cover disclosed long positions in U.S. stocks only.

Members of Congress who traded it

2 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

DateMemberTradeAmountVs S&P sinceFiling
Apr 29, 2024Tommy TubervilleRepublican, SenateSale$1,001 - $15,000+42.0%Report
Apr 5, 2024Tommy TubervilleRepublican, SenateBuy$1,001 - $15,000−31.2%Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

SEC filer profile

How PACIFIC CURRENT GROUP LIMITED is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARPacific Airport Group2
  • CIK0001347557
  • Filer statusLarge accelerated filer not an emerging growth company; not a shell company5
  • Incorporated inUnited Mexican States5
  • Fiscal year endsDecember 312
  • Industry code (SIC)4581 Airports, Flying Fields & Airport Terminal Services2
  • SEC reviewing officeOffice of Energy & Transportation, Division of Corporation Finance2
  • Business addressAvenida Mariano Otero No. 1249, Piso 6, Col. Rinconada Del Bosque, Guadalajara, Jalisco, Mexico2
  • Phone(52)(33) 3880-11002
  • Shares outstanding429,485,845 Series B Shares shares; 75,791,619 Business Contact, Series Bb Shares shares as of Dec 31, 20255
  • AuditorKPMG CÁRDENAS DOSAL S.C, Guadalajara, Jalisco, México PCAOB ID 1141; it also attests to the company’s internal control over financial reporting5
  • On EDGAR sinceJan 23, 20062
  • Filings902 in all: 6-K (723), SC 13D/A (49), 3 (25), 20-F (21), SC 13G/A (13), SC 13G (12), CORRESP (11), UPLOAD (10)2
    All 24 form types

    SC TO-C (8), F-1/A (5), 6-K/A (4), SCHEDULE 13D (4), SC 13D (3), 20-F/A (2), 4 (2), FWP (2), 424B1 (1), 424B3 (1), 8-A12B (1), CERTNYS (1), F-1 (1), F-6 (1), SCHEDULE 13G (1), SCHEDULE 13G/A (1)

  • Latest filingsAnnual report (20-F) Apr 17, 2026

Securities registered for trading

ClassSymbolExchange
Series B SharesGAP BNew York Stock Exchange
American Depositary Shares (ADSs),PACNew York Stock Exchange

From the cover page of the 20-F filed Apr 17, 2026 (Section 12(b) of the Exchange Act).5

Sources

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