Grupo Aeroportuario del Centro Norte (OMAB) Q4 2024 earnings summary

Executive summary

• Served 26.5 million passengers in 2024, with a diversified asset portfolio of 13 airports, 2 hotels, and 1 industrial park.

• 2024 began with challenges from aircraft capacity constraints and operational restrictions at Mexico City Airport, impacting traffic dynamics, especially for key airline partners accounting for 71% of total passenger traffic.

• Listed on BMV & Nasdaq, with a market cap of Ps. 70.8 billion (USD 3.4 billion) as of December 31, 2024.

• Strong corporate governance with independent committees and a diverse board.

• Commercial and diversification initiatives drove record commercial revenues per passenger and strong results in cargo, hotel, and industrial park businesses.

Financial highlights

• Q4 2024 total passenger traffic grew 4.6% year-over-year, with domestic up 1.5% and international up 26.4%.

• Full-year domestic traffic declined 3.5%, while international traffic rose 15% compared to 2023.

• Adjusted EBITDA for 2024 was Ps.9,069 million (margin 74.3%), flat year-over-year; Q4 Adjusted EBITDA was Ps.2,433 million (margin 73.8%).

• Q4 aeronautical and non-aeronautical revenues reached Ps.4,115 million, up 13.6% year-over-year.

• Consolidated net income for Q4 was Ps.1,181 million, down 5.9% year-over-year; full-year net income was Ps.4,936 million, down 1.7%.

Outlook and guidance

• Expecting mid-single-digit passenger traffic growth for 2025, with Monterrey as the main growth driver.

• Commercial revenue per passenger expected to remain around Ps.60 until new Monterrey areas open in 2026, when a significant increase is anticipated.

• EBITDA margin expected to remain in the mid-70s, with a slight increase possible in 2025.

• Committed to a 58% reduction in Scope 1 & 2 emissions per passenger by 2025 and net zero by 2050.

• Master Development Program 2021-2025 with Ps.15,458 million in committed investments, focusing on terminal expansions and infrastructure.