Business Context and Reporting Period
Company: Central North Airport Group (Grupo Aeroportuario del Centro Norte, S.A.B. de C.V.), trading as OMA (NASDAQ: OMAB).
Reporting Period: Second Quarter 2025 (2Q25), ended June 30, 2025.
Overview: OMA operates 13 international airports in central and northern Mexico. The company reported unaudited consolidated financial and operating results for 2Q25, highlighting growth in passenger traffic and revenues across its portfolio.
Key Financial Metrics
| Metric (Million Pesos) | 2Q25 | 2Q24 | YoY Change |
|---|---|---|---|
| Total Revenues | 4,353 | 3,500 | +24.4% |
| Aeronautical + Non-Aeronautical Revenues | 3,438 | 2,944 | +16.8% |
| Adjusted EBITDA | 2,564 | 2,157 | +18.8% |
| Adjusted EBITDA Margin | 74.6% | 73.3% | +130 bps |
| Operating Income | 2,296 | 1,928 | +19.1% |
| Consolidated Net Income | 1,341 | 1,292 | +3.8% |
| EPS (Ps.) | 3.46 | 3.33 | +3.7% |
| EPADS (US$) | 1.47 | 1.45 | +1.1% |
| Passenger Traffic (Millions) | 7.20 | 6.47 | +11.3% |
| Capital Investments (MDP + Strategic) | 975 | 816 | +19.5% |
Liquidity and Debt
- Cash and Cash Equivalents: Ps. 3,354 million as of June 30, 2025 (up from Ps. 1,610 million in 2Q24).
- Net Debt: Ps. 10,231 million (Net Debt/Last Twelve Months Adjusted EBITDA ratio of 1.04x).
- Debt Structure: 69.1% fixed-rate issued debt; 30.9% variable-rate issued debt.
- Recent Financing: Issued Ps. 2.75 billion in long-term notes in June 2025 to prepay short-term loans and fund investments.
Material Changes vs. Prior Period
- Revenue Growth: Total revenues rose 24.4% YoY, driven by a 17.0% increase in aeronautical revenues and a 16.0% increase in non-aeronautical revenues. Construction revenues surged 64.7% due to project execution rates.
- Traffic Dynamics: International passenger traffic grew 19.0% YoY, outpacing domestic growth of 10.1%. Monterrey (+23.8%) and Zihuatanejo (+18.0%) were the top growth drivers, while Reynosa (-21.7%) and Mazatlán (-9.2%) saw declines.
- Cost Structure: Total operating costs increased 30.9%, primarily due to higher construction costs (64.7%) and concession taxes (18.1%). However, cost per passenger decreased 4.1%.
- Financing Expenses: Financing expenses increased 205.3% YoY to Ps. 408 million, largely due to a non-cash interest expense of Ps. 130 million related to changes in the present value of the major maintenance provision.
Outlook, Risks, and Management Commentary
- Management Changes: Raful Zacarias Ezzat will assume the role of Chief Operations Officer in August 2025, succeeding Enrique Navarro. Pierre Grosmaire will become Chief Commercial Officer in September 2025.
- Investment Pipeline: Significant ongoing projects include the expansion of Terminal A in Monterrey, terminal reconfiguration in Mazatlán, and runway rehabilitation in Zihuatanejo and Culiacán.
- Taxation Impact: A 4% excess concession tax on aeronautical revenues (Ps. 109.3 million in 2Q25) is recoverable through maximum tariffs starting January 2026. Excluding this tax, Adjusted EBITDA margin would have been 77.7%.
- Commercial Performance: Commercial space occupancy reached 96.0%. Non-aeronautical revenue per passenger increased 4.3% to Ps. 119.2, driven by growth in restaurants (+41.1%) and VIP lounges (+34.6%).
Key Facts for Investor Verification
- Construction Revenue Volatility: Verify the sustainability of the 64.7% increase in construction revenues, as these are non-cash items tied to project execution rates under Master Development Plans (MDPs).
- Financing Expense Spike: Confirm the non-cash nature of the Ps. 130 million increase in financing expenses related to the major maintenance provision discount rate changes.
- Tax Recovery Timeline: Monitor the implementation of the tariff revision in January 2026 to ensure the recovery of excess concession taxes paid in 2024 and 2025.
- Regional Traffic Divergence: Assess the reasons behind the significant traffic decline at Reynosa (-21.7%) and Mazatlán (-9.2%) versus the strong growth at Monterrey.
- Debt Maturity Profile: Review the upcoming maturities of the Ps. 1,000 million bond due in April 2026 and the Ps. 640 million bond due in July 2026.