Grupo Aeroportuario del Centro Norte (OMAB) Q4 2025 earnings summary

Executive summary

• Approved a new 5-year Master Development Program (MDP) for 2026–2030, committing MXN 16 billion (Ps.16,005 million) in investments focused on capacity, quality, and sustainability at major airports.

• Passenger traffic rose 8.5% year-over-year to 28.8 million in 2025, with seat capacity up 11% and 35 new routes launched, supporting robust passenger growth.

• Monterrey Airport expanded its international reach, consolidating long-haul routes to Europe and Asia, and led passenger growth alongside Chihuahua and San Luis Potosí.

• Adjusted EBITDA for 2025 increased 12.1% to MXN 10.2 billion (Ps.10,167 million) with a 74.5% margin; net income for 2025 was Ps.5,365 million, up 8.7%.

• Dividend distribution in 2025 was Ps.11.54 per share.

Financial highlights

• Total passenger traffic in 2025 reached 28.8 million, up 8.5% year-over-year; domestic traffic grew 8% (7.9%), international 12% (11.9%).

• Aeronautical and non-aeronautical revenues each grew ~12% year-over-year; full-year revenues up 11.8%.

• Adjusted EBITDA margin for 2025 was 74.5%; 4Q25 margin was 73.6%.

• Q4 2025 passenger traffic was 7.5 million (+6% YoY); aeronautical revenues up 6%, commercial revenues up 8%, and Adjusted EBITDA up 6% to MXN 2.6 billion (margin 73.6%).

• Cash and equivalents at year-end 2025 totaled MXN 3.1 billion (Ps.3,098 million), up 87%.

Outlook and guidance

• Expect low to mid-single digit passenger traffic growth for 2026.

• Major maintenance provision for 2026 anticipated at MXN 400 million; updated MDP increased liability to Ps.2,673 million.

• Commercial revenue per passenger expected to remain stable in 2026; diversification revenues to be driven by double-digit growth in cargo.

• Tariff increases of 6.9% in real terms to be implemented from April 2026, aiming to reach 93% of maximum tariff by year-end.

• Excess concession taxes paid in 2024–2025 to be recovered through maximum tariff starting January 2026.