Business Context and Reporting Period
Company: Central North Airport Group (Grupo Aeroportuario del Centro Norte, S.A.B. de C.V., "OMA")
Filing Type: Form 6-K (Report of Foreign Private Issuer)
Reporting Period: First Quarter 2026 (Ended March 31, 2026)
Business Overview: OMA operates 13 international airports in central and northern Mexico, including major hubs in Monterrey and tourist destinations like Mazatlán and Zihuatanejo. The company also manages hotel and industrial park services.
Key Financial Metrics
| Metric | 1Q26 Value | Currency |
|---|---|---|
| Passenger Traffic | 6.7 million | Units |
| Total Revenues | Not explicitly stated (Aeronautical +4.3%, Non-aeronautical +3.8%) | MXN |
| Operating Income | 2,081 million | MXN |
| Operating Margin | 54.5% | % |
| Adjusted EBITDA | 2,421 million | MXN |
| Adjusted EBITDA Margin | 73.4% | % |
| Net Income | 1,239 million | MXN |
| Earnings Per Share (EPS) | 3.19 | MXN |
| Earnings Per ADS | 1.41 | USD |
| Cash from Operating Activities | 1,729 million | MXN |
| Cash and Cash Equivalents (End of Period) | 3,662 million | MXN |
| Capital Investments (MDP + Strategic) | 605 million | MXN |
Material Changes vs. Prior Period (1Q25)
- Traffic Growth: Total passenger traffic increased 4.7% to 6.7 million. Domestic traffic grew 5.7%, while international traffic declined 0.5%.
- Revenue Mix: Aeronautical revenues rose 4.3% (driven by domestic TUA growth of 9.2%), offset by a 10.5% drop in international TUA due to peso appreciation. Non-aeronautical revenues increased 3.8%.
- Profitability: Adjusted EBITDA increased 2.1% to Ps.2,421 million. However, Operating Income decreased 1.4% to Ps.2,081 million, and Net Income fell 4.1% to Ps.1,239 million.
- Cost Pressures: Total operating costs and expenses increased 19.1%, primarily due to higher minor maintenance, security, cleaning, and bad debt expenses.
- Segment Performance:
- Commercial: Revenues per passenger rose 0.2% to Ps.66.4. Retail (+8.9%) and Parking (+8.5%) were top performers.
- Hotels: Diversification revenues decreased 1.1%. NH Collection occupancy rose to 85.0% but average room rate fell 2.5%. Hilton Garden Inn occupancy dropped to 71.3% with an 11.2% rate decrease.
- Industrial: OMA VYNMSA Aero Industrial Park revenues surged 19.2% to Ps.50.2 million.
Outlook, Risks, and Unusual Items
- Dividend Declaration: Shareholders approved a cash dividend of Ps.4,900 million, payable in two installments (Ps.2,450 million each) by May 31, 2026, and November 30, 2026.
- Financing Activity: OMA secured Ps.1,700 million in short-term bank loans (6-month maturity, TIIEF + 59 bps) to repay the OMA21V bond (Ps.1,000 million) and fund working capital.
- Contract Extension: The lease for the NH Collection Terminal 2 Hotel was extended from 2029 to 2034.
- Currency Risk: The appreciation of the Mexican peso against the U.S. dollar negatively impacted international aeronautical revenues.
- Derivatives: The company currently has no financial derivatives exposure.
Investor Verification Checklist
- Dividend Coverage: Verify the impact of the Ps.4,900 million dividend payout on future liquidity and cash reserves.
- Debt Refinancing: Confirm the terms and renewal risk of the Ps.1,700 million short-term debt used to refinance the OMA21V bond.
- Cost Inflation: Monitor the sustainability of the 19.1% increase in operating costs, particularly regarding security and maintenance.
- International Traffic: Assess the drivers behind the 0.5% decline in international passenger traffic despite domestic growth.
- Hotel Margins: Review the trend in average room rates for hotel assets, which declined significantly in both properties.