OMAB — Grupo Aeroportuario del Centro Norte, S.A.B. de C.V.

OMA Q3 2025 Earnings Call Summary

1. Key Financial Results and Metrics

• Passenger Traffic: Increased by 8% year-over-year, totaling 7.6 million passengers.
• Aeronautical Revenues: Grew by 11%, with aeronautical revenue per passenger increasing by 3%.
• Commercial Revenues: Rose by 7%, with commercial revenue per passenger at MXN 60.
• Adjusted EBITDA: Increased by 9% to MXN 2.7 billion, with an EBITDA margin of 74.8%.
• Net Income: Reached MXN 1.5 billion, up 9.1% year-over-year.
• Total Debt: Stood at MXN 13.6 billion, with a net debt to adjusted EBITDA ratio of 0.9x.
• Cash Position: Ended the quarter with MXN 4.4 billion in cash.

2. Strategic Updates and Business Highlights

• Traffic Growth Drivers: Domestic traffic growth was primarily driven by Monterrey Airport, with significant increases on routes to Mexico City and other destinations. International traffic was boosted by routes to San Francisco, Atlanta, and Dallas.
• Diversification: Revenues from Industrial Services increased by 53%, contributing significantly to overall revenue growth.
• Capital Expenditures: Total investments in the quarter were MXN 472 million, focused on maintenance and strategic initiatives.
• Master Development Program (MDP): Ongoing negotiations with AFAC for the next MDP (2026-2030) are on track, with expected final resolution in December.

3. Forward Guidance and Outlook

• Traffic Expectations: Anticipated overall traffic growth of 7% to 8% for the remainder of the year, with a forecast of low to mid-single digit growth for 2026, influenced by the upcoming World Cup.
• Commercial Revenue Outlook: Gradual increase in commercial revenues per passenger expected in line with inflation.

4. Bad News, Challenges, or Points of Concern

• Commercial Revenue Per Passenger: Experienced its first decline since early 2023, attributed to one-time revenues recorded in the previous year.
• Cost Pressures: SG&A and utility costs rose, impacting margins despite strong revenue growth. Specific line items, such as cleaning and security services, are under inflationary pressure, raising concerns about a potentially higher cost base heading into 2026.
• Financing Expenses: Increased by 9.8% due to higher interest expenses from elevated debt levels.

5. Notable Q&A Insights

• Traffic Growth: Management confirmed expectations for traffic growth in the fourth quarter and early 2026, with a focus on maintaining growth rates.
• Cost Management: Management acknowledged current cost pressures but expressed confidence in their ability to manage expenses effectively moving forward.
• International Expansion: While exploring international opportunities, no concrete plans were disclosed at this time.
• MDP Allocation: Approximately half of the upcoming MDP will be allocated to Monterrey, focusing on capacity expansion and commercial opportunities.

Overall, OMA reported solid financial performance in Q3 2025, with growth in passenger traffic and revenues, while facing challenges related to cost pressures and declining commercial revenue per passenger. The company remains focused on strategic investments and managing operational costs effectively.