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

Executive summary

• Passenger traffic rose 8.5% year-over-year to 28.8 million in 2025, with Monterrey Airport leading growth and operations spanning 13 airports, 2 hotels, 1 industrial park, and 3 bonded warehouses.

• 2025 saw 35–37 new routes launched, including 24 domestic and 11 international, adding 1.6 million passengers.

• Strong focus on sustainability, safety, and gender equality, with multiple ESG initiatives and Airport Carbon Accreditation Level 3 for all airports.

• Listed on BMV & Nasdaq, with a market cap of Ps. 82.9 billion ($4.6 billion) as of December 31, 2025.

• Commercial and diversification businesses delivered robust growth, with notable gains in restaurants, VIP lounges, parking, and industrial park revenues.

Financial highlights

• Aeronautical and non-aeronautical revenues each grew ~12% year-over-year in 2025, with aeronautical revenue at Ps. 10,191 million and non-aeronautical at Ps. 3,460 million.

• Adjusted EBITDA for 2025 was Ps. 10,167 million (MXN 10.2 billion), up 12.1%, with a margin of 74.5%.

• Net income for 2025 was Ps. 5,365 million, up 8.7% year-over-year; EPS was Ps. 13.83, up 8.4%.

• Q4 2025 passenger traffic was 7.5 million (+6% YoY); seat capacity up 8%.

• Dividend payout ratio remained high, with Ps. 4,500 million paid in 2024 and Ps. 4,454 million in 2025.

Outlook and guidance

• Master Development Program 2026–2030 commits Ps. 16,635 million (MXN 16 billion) in investments, focusing on capacity, quality, and environmental projects.

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

• Net Zero Scope 1 & 2 emissions targeted by 2050, with 2024 emissions already 91% below 2018 baseline.

• Major maintenance provision for 2026 projected at MXN 400 million, with 17% of MDP allocated to maintenance.

• Tariff increase of 6.9% (real terms) effective April 2026; expect to reach 93% of maximum tariff by year-end.