What Grupo Aeroportuario del Centro Norte (OMAB) Said on Its Q3 Earnings Call

Key Points

• OMA reported solid Q3 growth: Passenger traffic rose 1.3% to 7.7 million, while total aeronautical and non-aeronautical revenue increased 8.3% to MXN 3.8 billion. Adjusted EBITDA grew 8.7% to MXN 2.9 billion, with a 75% margin.
• Commercial and cargo operations strengthened diversification: Non-aeronautical revenue rose 13.3%, driven by lounges, restaurants, parking and retail, while diversification revenue increased 20.4% largely on growth at OMA Carga.
• OMA is continuing to invest while maintaining manageable leverage: Quarterly investment totaled MXN 1.138 billion, and the company ended September with MXN 4 billion in cash and net debt-to-adjusted EBITDA leverage of 1.0 times. Management expects low-single-digit passenger growth in 2027 and plans a second Monterrey Airport hotel, targeted to open in late 2028.

Grupo Aeroportuario del Centro Norte NASDAQ: OMAB reported higher passenger traffic, revenue and adjusted EBITDA in the third quarter of 2026, supported by tariff adjustments, commercial activity and cargo operations.

OMA served 7.7 million passengers during the quarter, up 1.3% from a year earlier, matching a 1.3% increase in available seat capacity. Domestic passenger traffic increased 0.6%, while international traffic rose 6%.

Chief Executive Officer Ricardo Dueñas said the domestic increase was principally driven by San Luis Potosí, where routes to Felipe Ángeles and Monterrey added more than 35,000 passengers. Those routes accounted for 91% of the company’s total domestic passenger growth during the quarter.

International traffic growth was led by Monterrey, with increased traffic on routes to New York, Madrid and Paris. By airline, Volaris represented 27% of total passengers and recorded 14% growth from the prior-year quarter, while Viva accounted for 49% of traffic and posted a 2% decline.

Revenue and earnings growth

Aeronautical revenue increased 6.7% year over year, primarily reflecting tariff adjustments that took effect in April 2026. CFO Ruffo Pérez Pliego said the benefit was partly offset by appreciation of the Mexican peso against the U.S. dollar. Aeronautical revenue per passenger increased 5.3%.

Non-aeronautical revenue rose 13.3%, including an 11% increase in commercial revenue. Commercial revenue per passenger reached MXN 66, with growth driven by VIP lounges, restaurants, parking and retail operations. Commercial-space occupancy stood at 96% at the end of the quarter.

• VIP lounge revenue increased 28%, supported by higher capture rates and the opening of a lounge at Torreón Airport.
• Restaurant revenue rose 13.5%, aided by passenger traffic and new units at Durango and Torreón airports.
• Parking revenue increased 6.7%, driven by higher average tariffs.
• Retail revenue grew 18.5% as new units opened and passenger traffic increased.

Diversification activities increased 20.4%, largely because of growth at OMA Carga. Dueñas said cargo revenue increased through new customer operations in Monterrey, additional high-value cargo handling and a higher average length of stay for merchandise in warehouses. He said the company expects OMA Carga growth in the high teens for the rest of 2026 and at a similar rate in 2027.

Industrial service revenue reached MXN 53 million, up 13%, which management attributed mainly to a greater number of square meters.

Total aeronautical and non-aeronautical revenue increased 8.3% to MXN 3.8 billion. Construction revenue was MXN 1.02 billion during the quarter.

Costs of services and general and administrative expenses rose 8.6%, reflecting higher payroll and contracted services expenses. Payroll increased 8.7% because of annual salary increases and higher headcount, while contracted services rose 19% due to higher security and cleaning costs associated with contract renewals and minimum-wage increases.

Adjusted EBITDA increased 8.7% to MXN 2.9 billion, with an adjusted EBITDA margin of 75%. Consolidated net income rose 2.9% to MXN 1.6 billion, while financing expense increased 16.5% to MXN 348 million, primarily due to higher average debt levels.

Investment plans and liquidity

Total quarterly investment, including master development program investment, major maintenance and strategic investments, was MXN 1.138 billion. Cash generated from operations totaled MXN 2.3 billion, while investing activities used MXN 1.2 billion and financing activities generated MXN 318 million.

OMA ended September with MXN 4 billion in cash and total debt of MXN 14.9 billion. Its net-debt-to-adjusted-EBITDA leverage ratio was 1.0 times.

The company said it expects to open an OMA Premium Lounge at Acapulco Airport in the following month. It also plans to begin construction on a second Monterrey Airport hotel, to be operated under the Hyatt Place brand. The 120-room hotel is expected to require approximately $17 million of investment and begin operations in the fourth quarter of 2028.

The Monterrey hotel will be developed through OMA’s existing joint venture with Grupo Hotelero Santa Fe, which has a 15% ownership stake. OMA will operate the hotel.

Management also cited potential investment in VIP lounges, parking and another hotel, while saying it did not currently see a tangible opportunity for international expansion.

Tariffs, traffic outlook and commercial expansion

Dueñas said OMA expects average compliance with its maximum tariff to reach about 93% in 2026 and approximately 95% in 2027, with the company targeting 100% by the third year of its five-year plan. He said the company has communicated a planned nominal tariff increase of slightly more than 4% beginning Jan. 1 to airlines, subject to the required process.

For 2027, management expects passenger traffic growth in the low single digits and anticipates a recovery beginning around midyear. Dueñas said OMA could not yet assess the potential effects of a proposed Viva and Volaris merger because the company was awaiting the final outcome from the National Antitrust Commission and had not received details from the airlines on how operations would work if approved.

Regarding Monterrey’s commercial expansion, Dueñas said a partial opening centered on the baggage-claim area is expected by the end of the year, while the full commercial area is expected in the fourth quarter of the following year. Pérez Pliego said the new area could raise Monterrey Airport commercial income per passenger by about 15% in real terms once open, with the impact expected to be reflected in 2028 results.

OMA said it does not plan to internalize its technical assistance fee at this time, with Dueñas stating that strategic partner VINCI Airports provides value through the assistance arrangement.

About Grupo Aeroportuario del Centro Norte (NASDAQ:OMAB)

Grupo Aeroportuario del Centro Norte, SAB. de C.V., operating under the OMA brand, is a Mexican airport infrastructure company. It develops, operates and maintains a portfolio of airports serving the central and northern regions of Mexico, including Monterrey International Airport and airports in destinations such as Acapulco, Chihuahua, Ciudad Juárez, Culiacán, Durango, Mazatlán, Reynosa, San Luis Potosí, Tampico, Torreón and Zacatecas.

OMA provides core airport services including passenger processing, aircraft landing and parking facilities, security-related infrastructure, baggage handling areas and cargo facilities.

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