Summary of OMAB Q4 2025 Earnings Call

1Key Financial Results and Metrics

Full Year 2025 Performance:

Total passenger traffic: 28.8 million (up 8.5% YoY)

Adjusted EBITDA: MXN 10.2 billion, EBITDA margin: 74.5%

Aeronautical and non-aeronautical revenues each grew approximately 12% YoY.

Q4 2025 Performance:

Passenger traffic: 7.5 million (up 6% YoY)

Adjusted EBITDA: MXN 2.6 billion (up 6% YoY), EBITDA margin: 73.6%

Aeronautical revenues: increased 5.6% YoY; non-aeronautical revenues: increased 7.5% YoY.

Commercial revenue per passenger: MXN 62.

Capital Expenditures: Total investments in Q4 were MXN 755 million, with ongoing investments related to the approved master development program (MDP).

2Strategic Updates and Business Highlights

Master Development Program (MDP):

Approved investment of MXN 16 billion for 2026-2030, focusing on capacity expansion and quality enhancements.

Emphasizes sustainability, operational efficiency, and technology integration.

Route Expansion:

35 new routes added in 2025 (24 domestic, 11 international).

Continued growth in Monterrey's international connectivity, including new routes to Madrid and Paris planned for 2026.

Commercial Growth:

Significant increases in restaurant revenues (22%), VIP lounges (30%), and parking (13%).

Industrial park revenues surged by 44%.

3Forward Guidance and Outlook

Traffic Growth: Expect low to mid-single-digit growth in passenger traffic for 2026.

Tariff Increase: A 6.9% real increase in tariffs effective April 10, 2026, anticipated to take 2-3 years to reach maximum tariff levels.

Major Maintenance Provision: Expected around MXN 400 million for 2026, reflecting increased maintenance intensity and timing shifts.

4Bad News, Challenges, or Points of Concern

Cost Increases: Notable increases in contracted services and maintenance costs due to inflationary pressures and labor market conditions.

Impact of Currency Fluctuations: Peso appreciation against the dollar led to a decline in international passenger charges, affecting revenue.

Potential Risks: Concerns regarding regional violence affecting air travel were addressed; however, management indicated that operations remained normal without significant impact on traffic.

5Notable Q&A Insights

Major Maintenance Provision: Clarified that the MXN 260 million provision reflects expected expenditures over the next five years.

Demand Elasticity: Management believes the upcoming tariff increases will not significantly impact demand elasticity.

Route Additions: 20 new routes confirmed for 2026, with a focus on expanding both domestic and international offerings.

Acquisitions and Expansion: Management is open to future acquisitions but currently has no specific deals in sight; they are looking to expand hotel presence and industrial parks. This summary encapsulates the key points from OMAB's Q4 2025 earnings call, providing a balanced view of their financial performance, strategic initiatives, and outlook while addressing potential challenges.