OMAB — Grupo Aeroportuario del Centro Norte, S.A.B. de C.V.

Summary of OMAB Q4 2025 Earnings Call

1. Key Financial Results and Metrics:

• Full Year 2025:

  • Total passenger traffic: 28.8 million, up 8.5% YoY.
  • Adjusted EBITDA: MXN 10.2 billion, with a margin of 74.5%.
  • Aeronautical and non-aeronautical revenues each grew approximately 12% YoY.

• Q4 2025:

  • Passenger traffic: 7.5 million, a 6% increase YoY.
  • Adjusted EBITDA: MXN 2.6 billion, up 6% YoY, with a margin of 73.6%.
  • Aeronautical revenues increased 5.6%, while non-aeronautical revenues grew 7.5%.
  • Consolidated net income: MXN 1.2 billion, a 3.6% increase YoY.
  • Cash position at the end of the quarter: MXN 3.1 billion; total debt: MXN 13.6 billion.

2. Strategic Updates and Business Highlights:

• Approval of a master development program (MDP) for 2026-2030 with an investment commitment of MXN 16 billion aimed at capacity expansion and quality enhancements.
• Significant growth in commercial revenues:
  • Restaurant revenues increased by 22%.
  • VIP lounges revenues rose by 30%.
  • Parking revenues grew by 13%.
• Expansion of routes with 35 new routes opened in 2025, including long-haul connections to Europe and Asia.
• Continued focus on sustainability and decarbonization in investment strategies.

3. Forward Guidance and Outlook:

• Anticipated low to mid-single-digit growth in passenger traffic for 2026.
• Expected full-year major maintenance provision cost for 2026 is approximately MXN 400 million.
• A 6.9% real increase in tariffs is set to take effect on April 10, 2026, with expectations to reach close to 100% of the maximum tariff within 2-3 years.

4. Bad News, Challenges, or Points of Concern:

• The impact of the Pratt & Whitney engine inspection program on fleet capacity has been noted, although constraints eased in 2025.
• Increased costs in airport services and general administrative expenses due to inflationary pressures and contract renewals.
• The peso appreciation against the dollar negatively affected international passenger charges, leading to a 1.3% decline despite increased passenger numbers.

5. Notable Q&A Insights:

• The major maintenance provision recognized in Q4 reflects both expected expenditures for the next five years and timing shifts.
• The company is assessing demand elasticity concerning tariff increases, with expectations that the new tariffs will not significantly impact traffic.
• Discussions on potential asset acquisitions are ongoing, with a focus on expanding hotel presence and industrial parks, although no specific transactions are currently in view.
• The company confirmed that operational disruptions due to regional violence have been minimal, with all airports operating normally.

This summary encapsulates the key points from OMAB's Q4 2025 earnings call, highlighting financial performance, strategic initiatives, and outlook while addressing potential challenges and insights from the Q&A session.