Grupo Aeroportuario del Centro Norte (OMAB) Q3 2024 earnings summary

Executive summary

• Passenger traffic reached 26.2 million LTM Sep 2024, with 7.0 million in 3Q24, down 5.3% year-over-year, mainly due to engine recalls and Hurricane Otis; international traffic grew 11% while domestic traffic declined 7.4%.

• Operations span 13 airports, 2 hotels, and 1 industrial park, with Monterrey Airport leading international growth and new routes.

• Listed on BMV and Nasdaq, with a market cap of Ps. 66.0 billion (USD 3.3 billion) as of September 30, 2024.

• Recognized for strong corporate governance, ESG initiatives, and consistent value generation.

Financial highlights

• Combined aeronautical and non-aeronautical revenues reached a record Ps. 3.2 billion in 3Q24, up 1.4% year-over-year; non-aeronautical revenues rose 18.9%.

• Adjusted EBITDA margin was 75.4% in 3Q24, would be 78.4% excluding concession tax surplus; LTM margin expanded to 78.4%.

• Net income was Ps. 1,385 million in 3Q24, down 2.1% year-over-year; EPS was Ps. 3.57.

• Commercial and diversification revenues grew strongly, with OMA Carga up 31.6% and hotel services up over 20%.

• Dividend payout ratio and yield remained attractive, with Ps. 6,370 million in dividends paid in 2023.

Outlook and guidance

• Seat capacity is expected to increase in Q4 2024 and Q1 2025, especially at Monterrey, with new routes confirmed by Volaris and Aeroméxico.

• Master Development Program 2021-2025 commits Ps. 15,666 million in investments, focusing on terminal expansions and infrastructure upgrades.

• Traffic growth for 2024 is targeted below 3%, with low to mid-single digit growth expected in 2025; nearshoring and infrastructure projects to drive future growth.