Grupo Aeroportuario del Centro Norte (OMAB) Q1 2025 earnings summary

Executive summary

• Passenger traffic reached 6.4 million in 1Q25, up 9.1% year over year, with Monterrey, Acapulco, and Culiacán leading growth and 16 new routes launched, including five international.

• Served 27.4 million passengers LTM April 2025, operating 13 airports, 2 hotels, 1 industrial park, and 4 bonded warehouses.

• Commercial and diversification revenues posted robust double-digit growth, supported by VIP lounges, restaurants, retail, air cargo, and industrial park activities.

• Listed on BMV & Nasdaq, with a market cap of Ps. 79.4 billion (USD 3.9 billion) as of March 31, 2025.

• Recognized for strong ESG commitments, gender equality, and robust corporate governance.

Financial highlights

• Aeronautical revenues increased 13.8% year over year in 1Q25, reaching Ps. 9,420 million LTM Mar25, with aeronautical revenue per passenger at Ps. 348.

• Non-aeronautical revenues grew 20.9% year over year in 1Q25, totaling Ps. 3,219 million LTM Mar25, with commercial revenues per passenger up 12.5% to Ps.66.3.

• Adjusted EBITDA increased 16.1% to Ps.2,372 million in 1Q25, with a margin of 74.9% and LTM margin of 74.4%.

• Net income reached Ps.1,292 million in 1Q25, up 19.7% year over year, with EPS up 19.3% to Ps.3.33.

• Cash and equivalents at quarter-end were Ps.2,267 million.

Outlook and guidance

• Passenger traffic is expected to grow in the mid-single digits for the year, with management remaining cautious due to macroeconomic uncertainties.

• Commercial revenue per passenger is expected to remain stable for the rest of 2025, with higher yields anticipated in 2026 as new spaces open in Monterrey.

• Committed to net zero Scope 1 & 2 emissions by 2050, already below 2025 and 2030 reduction targets.

• Ongoing terminal expansions in Monterrey and Culiacán to increase capacity and commercial space.

• No major changes expected in dividend strategy; higher free cash flow will likely translate into higher dividends.