Grupo Aeroportuario del Centro Norte (OMAB) Q2 2025 earnings summary

Executive summary

• Leadership changes included new COO and CCO appointments to support operational continuity and commercial growth.

• Served 27.8 million passengers LTM June 2025, with diversified assets such as hotels, industrial park, and bonded warehouses.

• Successfully completed a Ps.2.75 billion long-term note issuance in June 2025 to refinance debt and fund investments.

• Submitted the 2026-2030 Master Development Program (MDP) with investment levels similar to the previous cycle, focusing on efficiency and passenger experience.

• Listed on BMV & Nasdaq, with a market cap of Ps.97.3 billion as of June 30, 2025.

Financial highlights

• Q2 2025 passenger traffic reached 7.2 million, up 11–11.3% year-over-year, with Monterrey leading growth.

• Aeronautical revenues rose 17% year-over-year; non-aeronautical revenues up 16%.

• Adjusted EBITDA increased 18.8–19% to Ps.2,564 million, with a margin of 74.6%.

• Consolidated net income was Ps.1,341 million, up 3.8% year-over-year.

• Total revenues (aeronautical and non-aeronautical) grew 16.8–24.4% to Ps.3.4 billion.

Outlook and guidance

• Expect mid to high single-digit passenger traffic growth for the remainder of 2025, with some moderation due to airline capacity cuts and tougher comps.

• Ongoing terminal expansions in Monterrey and Culiacán to increase capacity and commercial space by 2026.

• Value creation strategy targets passenger growth, commercial revenue maximization, and operational efficiencies.

• Dividend policy to remain at 85–95% of net income, with potential for higher distributions as earnings grow.

• Favorable demographics and low air travel penetration in Mexico support long-term growth.