Grupo Aeroportuario del Centro Norte Q1 2026 Earnings Report

Grupo Aeroportuario del Centro Norte EPS Results

• Actual EPS: $1.41
• Consensus EPS: $1.49
• Beat/Miss: Missed by -$0.08
• One Year Ago EPS: N/A

Grupo Aeroportuario del Centro Norte Revenue Results

• Actual Revenue: $213.33 million
• Expected Revenue: $199.73 million
• Beat/Miss: Beat by +$13.59 million
• YoY Revenue Growth: N/A

Grupo Aeroportuario del Centro Norte Announcement Details

• Quarter: Q1 2026
• Date: 4/28/2026
• Time: After Market Closes
• Conference Call Date: Tuesday, April 28, 2026
• Conference Call Time: 12:00PM ET

Grupo Aeroportuario del Centro Norte (NASDAQ:OMAB), S.A.B. de C.V. (OMAB) is a Mexican airport operator that develops, manages and operates airports under long‐term concessions granted by the Federal Government of Mexico. The company’s core business covers all aspects of airport operations, including passenger processing, airfield services, security, ground handling, cargo handling and commercial activities such as retail, food and beverage, and parking.

OMA currently holds concession contracts for 13 airports in central and northern Mexico, serving key markets such as Monterrey, Ciudad Juárez, Culiacán, Hermosillo and Torreón. These airports facilitate both domestic and international passenger traffic as well as cargo operations, connecting regional economies with major hubs in North America, Central America and Europe.

Established in 1998 during Mexico’s airport privatization program, OMA began operations in 2000 and is headquartered in Monterrey, Nuevo León. Over the years, the company has expanded its network through new concession awards and strategic infrastructure investments, modernizing terminals, runways and digital platforms to enhance operational efficiency and the traveler experience.

OMA is led by an experienced board of directors and executive management team with backgrounds in aviation, infrastructure development and public‐private partnerships. The company focuses on sustainable growth through capacity expansions, technology upgrades and service diversification across its airport portfolio.

Grupo Aeroportuario del Centro Norte Q1 2026 Earnings Call Transcript

Key Takeaways

• Positive Sentiment: OMA reported 6.7 million passengers in 1Q26 (up 4.7% YoY), driven by domestic growth (+5.7%) concentrated in Monterrey and new routes, and management confirmed 19 additional routes for the year including a recent Paris launch and a Madrid route.
• Positive Sentiment: Management implemented a 6.9% across‑the‑board tariff increase effective April 10, with pass‑through at ~91–92% in 1Q and guidance to reach ~95% by year‑end, supporting aeronautical revenue growth.
• Negative Sentiment: International performance was pressured by the stronger Mexican peso, with international passenger charges down about 11% YoY and international traffic down 0.5%, limiting dollar‑linked revenue recovery.
• Negative Sentiment: Operating costs rose ~20% (minor maintenance +54%, contracted services +20.8%), major maintenance provision increased to MXN 109m, and consolidated net income fell 4.1% to MXN 1.2bn despite adjusted EBITDA climbing 2.1% to MXN 2.4bn, indicating margin pressure.
• Positive Sentiment: Balance sheet and shareholder actions remain supportive — cash MXN 3.7bn, net debt/adjusted EBITDA ~1.0x, and shareholders approved a MXN 4.9bn cash dividend — signaling conservative leverage and direct returns to investors.

Presentation

[Operator]

As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Emmanuel Camacho, Investor Relations Officer. Thank you. You may begin.

[Emmanuel Camacho, Investor Relations Officer at OMA]

Thank you, Christine. Good morning, everyone. Thank you for standing by, and welcome to OMA's First Quarter 2026 Earnings Conference Call. We appreciate you joining us today as we discuss the company's performance and financial results for the past quarter. Joining us today are our CEO, Ricardo Dueñas, and CFO, Ruffo Pérez Pliego. Please be reminded that certain statements made during the course of our discussion today may constitute forward-looking statements which are based on current management expectations and are subject to a number of risks and uncertainties that could cause actual results to differ materially, including factors that may be beyond our control. Now I'll turn the call over to Ricardo Dueñas for his opening remarks.

[Ricardo Dueñas, CEO at OMA]

Thank you, Emmanuel. Good morning, everyone, and thank you for joining us today. This morning, Ruffo and I will review our quarterly operation and our financial results, and then we will be pleased to answer your questions. In the first quarter of 2026, OMA passenger traffic totaled 6.7 million, a 4.7% increase versus last year. Seat capacity increased by 3.9% during the quarter. Domestic passenger traffic grew by 5.7%, driven primarily by the Monterrey Airport, with increases on routes to the metropolitan area of Mexico City, mainly to Toluca and Mexico City airports, Bajío, Puerto Vallarta, Mérida, and Cancún. These routes collectively added over 265,000 passengers during the quarter, representing 87% of the total domestic passenger growth. International passenger traffic decreased by 0.5%.

[Ricardo Dueñas, CEO at OMA]

The decrease was mainly driven by Monterrey, with lower traffic on the routes to San Francisco, Chicago, and Los Angeles, and Mazatlán on the route to Minneapolis, Dallas, and Los Angeles. These decrease were partially offset by a positive performance in San Luis Potosí, which saw higher passenger activity on the routes to Dallas, San Antonio, and Houston. In terms of growth by airline, Volaris, which accounted for 25% of our total passenger traffic in the quarter, recorded a 15% increase in passenger traffic compared to the first quarter of 2025. Viva, which accounted for 48% of our total passenger traffic, recorded a 3% passenger increase during the quarter. Turning around to our financial performance, aeronautical revenues increased 4.3%. Domestic passenger charges revenue increased by 9%, driven by passenger growth of 55.7%.

[Ricardo Dueñas, CEO at OMA]

Our international passenger charges revenue declined by 11% year-over-year, mostly due to the appreciation of the Mexican peso against the dollar. Commercial revenues grew by 4.9% compared to the first quarter of 2025, and commercial revenue per passenger stood at MXN 66.4. Commercial revenue growth was mainly driven by retail, parking, OMA Premium Lounges, and restaurants as we continued to benefit from higher penetration levels and increased passenger traffic. Occupancy rate for commercial space stood at 93% at the end of the quarter. On the diversification front, revenues decreased 1.1% year-over-year, reflecting a mixed performance across our portfolios. Hotel services declined 7.8%, mainly driven by our Hilton Garden Inn hotel, where results were impacted by the appreciation of the Mexican peso against the dollar and lower occupancy.

[Ricardo Dueñas, CEO at OMA]

Other services decreased by MXN 13 million, mainly due to a one-time effect in the first quarter of 2025 related to industrial park activities, which did not repeat this quarter. These effects were partially offset by strong performance in OMA Cargo, which grew by 8%, supported by a more than threefold increase in operations at our Chihuahua warehouses as the business continued to scale. While industrial services grew 19%, driven by a higher number of leased sq m. OMA's first quarter adjusted EBITDA increased by 2.1% to MXN 2.4 billion with a margin of 73.4%. On the capital expenditure front, total investments in the quarter, including MDP investment, major maintenance, and strategic investments, were MXN 605 million.

[Ricardo Dueñas, CEO at OMA]

Before concluding, I would like to highlight that during the quarter, we agreed with the Mexico City International Airport to extend the lease term of the NH Collection Hotel at Terminal 2 by another five years from its original maturity of 2029 to April 2034, under the same terms and conditions as the existing lease agreement. This extension allow us to secure revenues over a longer period from a business that has proven to be highly successful within our diversification strategy while providing greater visibility on the long-term contributions of this asset to our non-aeronautical revenues. On April 24th, we held our 2026 annual shareholders meeting, where shareholders approved, among other matters, the declaration and payments of a MXN 4.9 billion cash dividend.

[Ricardo Dueñas, CEO at OMA]

I would now like to turn the call over to Ruffo Pérez Pliego, who will discuss the financial highlights for the quarter.

[Ruffo Pérez Pliego, CFO at OMA]

Thank you, Ricardo, and good morning, everyone. I will briefly go over our financial results for the quarter before opening the call for questions.

[Ruffo Pérez Pliego, CFO at OMA]

Aeronautical revenues increased 4.3% relative to 1Q 2025, mainly due to the increase in domestic passenger traffic despite a 10.5% decrease in international passenger revenues as a result of appreciation of the Mexican peso. Non-aero revenues increased by 3.8%. Commercial revenues increased 4.9%, the line items with the highest growth were car parking, retail, restaurants, and OMA Premium Lounges. Parking increased 8.5%, driven by higher passenger traffic as well as higher tariffs. Retail and restaurants grew by 8.9% and 5.0% respectively, both mainly as a result of higher passenger traffic, higher penetration rates, and the opening or replacement of outlets from previous quarters. OMA Premium Lounges increased by 8.1%, driven by a higher capture rate.

[Ruffo Pérez Pliego, CFO at OMA]

In March, we opened a new VIP lounge at our Torreón Airport, and we currently operate OMA Premium Lounges in 11 of our 13 airports. Diversification activities decreased 1.1% in the quarter. Total aeronautical and non-aeronautical revenues grew 4.1% to MXN 3.3 billion in the quarter. Construction revenues amounted to MXN 519 million in 1Q 2026. Cost of airport services and G&A expense increased 20.0% versus 1Q 2025, primarily due to the following line items. Minor maintenance increased 54.2%, driven by timing effect of works performed. Contracted services expenses rose 20.8%, mainly due to higher cost of security and cleaning services following contract renewals in prior quarters, reflecting inflationary pressures and tight labor market conditions.

[Ruffo Pérez Pliego, CFO at OMA]

Other costs and expenses, which increased by MXN 24 million as a result primarily of higher transportation costs, retirement provision, and budget expense, among others. Concession tax increased 2.2% to MXN 265 million. Major maintenance provision was MXN 109 million compared to MXN 53.4 million in 1Q 2025. The increase reflects the reassessment of our maintenance requirements in line with the investments included in our 2026, 2030 MDP, consistent with guidance provided in the previous quarter. OMA's first quarter adjusted EBITDA grew 2.1% to MXN 2.4 billion and adjusted EBITDA margins stood at 73.4%. Our financing expense decreased by 0.6% to MXN 310 million.

[Ruffo Pérez Pliego, CFO at OMA]

Consolidated net income was MXN 1.2 billion in the quarter, a decrease of 4.1% versus 1Q 2025. Turning to our cash position. Cash generated from operating activities in the first quarter amounted to MXN 1.7 billion. Investing and financing activities used MXN 791 million and MXN 376 million respectively. As a result, our cash position at the end of the quarter was MXN 3.7 billion. At the end of March, total debt amounted to MXN 13.6 billion, and leverage, measured as net debt to adjusted EBITDA, stood at 1.0x. This concludes our prepared remarks. Christine, please open the call for questions.

[Operator]

Our first question comes from the line of Rodolfo Ramos with Bradesco. Please proceed with your question.

[Rodolfo Ramos, Analyst at Bradesco]

Good afternoon, well, good morning to you guys, Ricardo, Ruffo, Emmanuel. Thanks for taking my question. Just a couple from my side. The first one is to see if you can help us get a sense of the potential for route development and the timeline. It was interesting to hear during your remarks that 87% of domestic traffic during the quarter came from new routes. When you look at these recently opened routes, if you can remind us what kind of maturation curves, do you expect in these routes? Maybe if you can quantify, as a % of your total traffic, what do you see in terms of, route development?

[Rodolfo Ramos, Analyst at Bradesco]

Not sure how these discussions are going with airlines in the current context of, more constrained seat supply. The second, if you can remind us where you stand on your maximum tariff execution, what should we expect at the end of this year? Thank you.

[Ruffo Pérez Pliego, CFO at OMA]

Sure. Hi, Rodolfo, this is Ruffo. As you know, we have a very good dialogue with all of our airline partners. We have right now 19 confirmed routes for the rest of the year. Most of them opening in June. Primarily with Viva Aerobus and Volaris. Also we have one confirmed route to Madrid with Iberia. As we announced recently, we continue to position Monterrey as a long-haul connecting point. We have now a direct flight to Paris as of last week. Also we see some recovery in the Canadian market for the winter season, so especially in Mazatlan as well.

[Ruffo Pérez Pliego, CFO at OMA]

I think that will also help our results towards 4Q. With respect to maximum tariff compliance, we currently are around 91%-92%. We started our pass-through of the tariff increase starting this month. We would expect to end of the year close to 95%.

[Rodolfo Ramos, Analyst at Bradesco]

Thank you.

[Operator]

Our next question comes from the line of Alberto Valerio with UBS. Please proceed with your question.

[Alberto Valerio, Analyst at UBS]

Thank you for the opportunity to make the question. It's a follow-up on the first question as well. We have a guidance that MDP tariff would be start pointing in April. I would like to know how it's proceeding this increasing price for tariffs. Another question is about the international operations due to strength of Mexican peso. How have been the pass-through, or you think that Mexican peso may weaken further in the year, you might be holding to pass through tariffs on these routes? Just a follow-on tariffs as well. Thank you very much.

[Ruffo Pérez Pliego, CFO at OMA]

Yes. So, during the first three months, we made little adjustments to our regulated tariffs. Most of the tariffs increased in April 10th of this month. We have already implemented that as of April 10th. I think that we are not right now holding any tariff increase in considering the FX potential variation. So we'll have to assess that in the future, depending on the peso exchange rate. Right now, we did implement the contemplate tariff increase this earlier this month.

[Alberto Valerio, Analyst at UBS]

Thank you.

[Operator]

Our next question comes from the line of Jens Spiess with Morgan Stanley. Please proceed with your question.

[Jens Spiess, Analyst at Morgan Stanley]

Yes, hello. Thank you for taking my questions. Just on the April tariff increase, if you could give just some additional color on how much you increased it for domestic versus international. I mean, in peso terms. Just to get a better understanding of how much room there is to increase it further. My sense is that with the appreciation of the Mexican peso, you could probably do a bit more pronounced increases on the international side. Just to confirm, a follow-up on your response earlier. The 92%, that's based on first quarter numbers, right? Or how should we understand that 92%? Thank you.

[Ricardo Dueñas, CEO at OMA]

Okay. Jens, thank you for your question. In terms of the increase, it was, as of April 10th, it was a 6.9% across the board for domestic and for international, TUA and airport services, as well. That was a nominal increase of 6.9%.

[Ruffo Pérez Pliego, CFO at OMA]

Regarding the maximum tariff, yes, the 91%-92% is in the 1Q. We would expect to go higher, around 95%, towards the end of the year.

[Jens Spiess, Analyst at Morgan Stanley]

Okay. When is the next step up planned for this year?

[Ruffo Pérez Pliego, CFO at OMA]

We don't have any other step up contemplated for the rest of the year. Any increase would be until the next year. It's still TBD.

[Jens Spiess, Analyst at Morgan Stanley]

Okay.

[Ruffo Pérez Pliego, CFO at OMA]

The timing of that.

[Jens Spiess, Analyst at Morgan Stanley]

Okay. Even if the Mexican peso appreciates further, any adjustment would be implemented next year?

[Ruffo Pérez Pliego, CFO at OMA]

Correct. Yes.

[Jens Spiess, Analyst at Morgan Stanley]

All right. Perfect. Thank you.

[Operator]

Our next question comes from the line of Anton Mortenkotter with GBM. Please proceed with your question.

[Anton Mortenkotter, Analyst at GBM]

Hi, guys. Thank you for taking my question. On the commercial side, commercial revenue per pax was quite stable year-on-year. I was just wondering, as you look ahead, how are you thinking about the next phase of monetizing the commercial side across the portfolio? Where do you see the biggest opportunities structurally to increase the spend per passenger? Thank you.

[Ruffo Pérez Pliego, CFO at OMA]

We did have flat, flattish per pax income this quarter versus last year. Most of that is explained because of reconfiguration of Commercial spaces in our Monterrey airport as a result of the terminal expansion works that we're doing in that airport. As we open new areas and works in certain areas are completed, we should see the benefit of those works probably starting mid 2027 and kicking in in full in 2028. In addition, we have a couple of line items that are also quite peso linked, sorry, the US dollar linked. Primarily the VIP lounge operation is basically fully dollarized, as well as the duty-free.

[Ruffo Pérez Pliego, CFO at OMA]

Appreciation of the peso also affected those two particular line items.

[Anton Mortenkotter, Analyst at GBM]

Thank you.

[Operator]

Our next question comes from the line of Enrique Cantú with GBM. Please proceed with your question.

[Enrique Cantú, Analyst at GBM]

Hi, thank you for the call and congratulations on the results. My question is on profitability. We saw a meaningful increase in operating costs, particularly in service costs, which pressure margins. How much of this cost increase will you consider as a one-off, and how should we think about the margin trends in the coming quarters?

[Ruffo Pérez Pliego, CFO at OMA]

Hi, hi, Enrique. We had some advanced minor maintenance expenses that were advanced in the first quarter due to timing execution of the works. We should expect that line item to normalize going forward. Also in the other costs and expenses, we did have some non-recurring items related to patent provisioning, certain litigation provisions and IT expenses that should level off in coming quarters. Now, regarding the Major Maintenance Provision, I will just highlight it's a non-cash item, so even though it does affect the margin, it is not affecting the cash position of the company.

[Enrique Cantú, Analyst at GBM]

Perfect. Thank you.

[Operator]

Our next question comes from the line of Pablo Monsivais with GBM. Please proceed with your question. Pablo Monsivais, your line is live. Our next question comes from the line of Alan Macías with Bank of America. Please proceed with your question.

[Alan Macias, Analyst at Bank of America]

Hi, good morning, thank you for the call. Just a question on jet fuel. Any risks there of availability in Mexico? Any scarcity have you seen? What have jet fuel prices been doing in Mexico? Any risk of airlines such as Delta that suspended some flights from the U.S. to Mexico? Anything you've seen from U.S. airlines or in that case, Mexican? Thank you.

[Ruffo Pérez Pliego, CFO at OMA]

Thank you, Alan. Yes, as we are fortunately, we're not having the issue that you're seeing in Europe, where you've seen shortages of jet fuel. Fortunately, in Mexico, we don't see a problem of shortage. We also have spoken directly with the FAA authorities, and there's no sign that there is a problem of shortage. We do have the price of oil where it is, that it's probably having an impact across the board.

[Alan Macias, Analyst at Bank of America]

Thank you.

[Operator]

As a reminder, if you would like to ask a question, press star one on your telephone keypad. One moment, please, while we repoll for any additional questions. Thank you. Our next question comes from the line of Vanessa Quiroga with Eternal Capital. Please proceed with your question.

[Vanessa Quiroga, Analyst at Eternal Capital]

Hi. Thank you. A follow-up regarding the increase in tariffs that are due in April that you are going to implement. What exchange rate for the Mexican peso did you assume to decide to increase by 6.9% the tariffs? Thank you.

[Ruffo Pérez Pliego, CFO at OMA]

That increase was based or planned earlier in the year. It does reflect both inflationary expectations for this year, as well as some catch-up of the MDP tariff increase that we obtained in December of last year. It's consistent with our expectation of passing through the MDP increase in two-three years.

[Vanessa Quiroga, Analyst at Eternal Capital]

Okay. A question about the sorry, the commercial revenues and what we saw for the hotels. Are you expecting that the hotel performance will remain as we saw in the first quarter with declines?

[Ricardo Dueñas, CEO at OMA]

Part of the decline that you saw in the first quarter was mostly due to FX. Especially the Hilton Garden Inn in Monterrey, mostly our 2/3 are Hilton Honors, which are American-based. The currency would have played an impact there. We expect it to normalize going forward. And we're also exploring two additional new hotels.

[Vanessa Quiroga, Analyst at Eternal Capital]

Okay. Thank you.

[Operator]

Our next question comes from the line of Julia Orsi with JPMorgan. Please proceed with your question.

[Julia Orsi, Analyst at JPMorgan]

Yes, hello, everyone. Thanks for taking my question. Just a question on your outlook for traffic for this year. Any changes on your previous estimates of a low to mid-single-digit growth rate due to, airlines reducing capacity and some sort of demand hit due to higher jet fuel costs, and how you're seeing the breakdown across domestic and international demand as well? Thank you.

[Ruffo Pérez Pliego, CFO at OMA]

Hi, Julia. Even though there is a lot of uncertainty on the number of seats after the summer season, we think that the low to mid-single digit estimate is still valid. We do see better performance on the domestic side than in international. Yes, in the 1Q of this year, U.S. demand has been soft, but it has been compensated by higher dynamism of the Monterrey industrial market.

[Julia Orsi, Analyst at JPMorgan]

Perfect. Thank you.

[Operator]

Our next question comes from the line of Federico Galassi with The Rohatyn Group. Please proceed with your question.

[Federico Galassi, Analyst at The Rohatyn Group]

Hi. Thank you, Ruffo, for taking my question. Maybe this is a follow on, when I checked the growth in cost, we see two or three lines as minor maintenance, other costs, and in particular, contracted service. Was something in particular for this quarter? This is a number that you can continue to grow, and in particular for the project that you are running today? Just to understand how is the increase in cost? Only that.

[Ruffo Pérez Pliego, CFO at OMA]

Sure. Hi, Federico. Maintenance cost was impacted by timing effects, it should trend down in the following quarters. The same with other costs. On the contracted services line item, it does reflect primarily security and cleaning contracts that we have, and those levels are expected to of that particular line item to be maintained for the remainder of the year.

[Federico Galassi, Analyst at The Rohatyn Group]

Okay. Clear. Other costs are unexpected?

[Ruffo Pérez Pliego, CFO at OMA]

Yeah. Other costs also we did have some timing effects as well as some extraordinary events in the 1Q. That number should also be slightly lower in future quarters.

[Federico Galassi, Analyst at The Rohatyn Group]

Okay. It's fair to say that today, no? In the next quarters, the cost over revenues should be decreased for all these one-off effects.

[Ruffo Pérez Pliego, CFO at OMA]

Yes. That is correct.

[Federico Galassi, Analyst at The Rohatyn Group]

Okay.

[Ruffo Pérez Pliego, CFO at OMA]

Yes. That is correct.

[Federico Galassi, Analyst at The Rohatyn Group]

Okay. Thanks.

[Ruffo Pérez Pliego, CFO at OMA]

We're, we're.

[Federico Galassi, Analyst at The Rohatyn Group]

Perfect. Very clear. The second one, Ruffo, if I can, is we saw in the last quarter OMA Cargo growing again almost double digits if you see the two quarters. How do you see the activity in cargo, thinking in the rest of the year?

[Ruffo Pérez Pliego, CFO at OMA]

It continues to be strong. What is driving right now the first Q numbers is primarily our Chihuahua warehouse results, which is picking up in terms of client penetration and operations. We still see a lot of potential in the Monterrey airport, and we see dynamism to continue for the coming quarters on that line item.

[Federico Galassi, Analyst at The Rohatyn Group]

Okay. Ruffo, thank you so much.

[Operator]

Our next question comes from the line of Gabriel Himelfarb with Scotiabank. Please proceed with your question.

[Gabriel Himelfarb, Analyst at Scotiabank]

Hi. Good morning. Thanks for the call. Just a quick reminder or a quick follow-up on the MDP CapEx. I believe it's the core of the MDP, it's based on expanding the Monterrey commercial areas. I think you mentioned last quarter that you expect a ramp up between 10% and 15% on revenue per passengers by 2028. It's this number still in line, or there's an update, or perhaps can you give us in terms of EBITDA, how much can this be incremental for OMA? Thank you.

[Ruffo Pérez Pliego, CFO at OMA]

Yes, that number is based on in real terms. We expect that spend per pax in the Monterrey Airport to go up by 15% by 2028 as compared to baseline of 2024 in real terms.

[Gabriel Himelfarb, Analyst at Scotiabank]

Okay. How much in terms of EBITDA will be the step up?

[Ruffo Pérez Pliego, CFO at OMA]

Let me, let me confirm, I'll get back to you because I'll have to check what the expected passengers are for that airport. I will get back to you. I don't have the numbers in front of me.

[Gabriel Himelfarb, Analyst at Scotiabank]

Sure. Thank you very much.

[Operator]

We have no further questions at this time. I'd now like to turn the floor back over to management for closing comments.

[Ricardo Dueñas, CEO at OMA]

We would like to thank everyone for participating in today's call. We appreciate your insightful questions, engagement, and continued support. Ruffo, Emmanuel, and I are available to answer your questions. Thank you. Thank you once again, and have a great day.

[Operator]

Ladies and gentlemen, this does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation, and have a wonderful day.

Participants

Analysts

• Alan Macias, Analyst at Bank of America
• Alberto Valerio, Analyst at UBS
• Anton Mortenkotter, Analyst at GBM
• Emmanuel Camacho, Investor Relations Officer at OMA
• Enrique Cantú, Analyst at GBM
• Federico Galassi, Analyst at The Rohatyn Group
• Gabriel Himelfarb, Analyst at Scotiabank
• Jens Spiess, Analyst at Morgan Stanley
• Julia Orsi, Analyst at JPMorgan
• Ricardo Dueñas, CEO at OMA
• Rodolfo Ramos, Analyst at Bradesco
• Ruffo Pérez Pliego, CFO at OMA
• Vanessa Quiroga, Analyst at Eternal Capital