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: Third Quarter 2025 (ended September 30, 2025)
Release Date: October 23, 2025
OMA operates 13 international airports in central and northern Mexico. Since December 2022, it has been part of VINCI Airports. The company reported unaudited consolidated financial and operating results for 3Q25.
Key Financial Metrics
| Metric | 3Q25 Value | Change vs 3Q24 |
|---|---|---|
| Passenger Traffic | 7.6 million | +7.7% |
| Total Revenues (Aeronautical + Non-Aeronautical) | Not explicitly stated in total | +9.8% |
| Aeronautical Revenues | Not explicitly stated | +10.6% |
| Non-Aeronautical Revenues | Not explicitly stated | +7.3% |
| Adjusted EBITDA | Ps. 2,654 million | +9.0% |
| Adjusted EBITDA Margin | 74.8% | - |
| Operating Income | Ps. 2,403 million | +10.8% |
| Operating Margin | 61.2% | - |
| Net Income | Ps. 1,510 million | +9.1% |
| Earnings Per Share (Controlling Interest) | Ps. 3.90 | - |
| Earnings Per ADS | US$ 1.70 | - |
| Cash Flow from Operations | Ps. 1,940 million | - |
| Cash and Cash Equivalents (End of Period) | Ps. 4,445 million | - |
| Capital Investments (MDP + Strategic) | Ps. 472 million | - |
Material Changes vs. Prior Period
- Traffic Growth: Total passenger traffic rose 7.7% to 7.6 million. International traffic grew faster (11.2%) than domestic traffic (7.2%). Seats offered increased 10.8%.
- Revenue Drivers: Aeronautical revenues grew 10.6%. Non-aeronautical revenues grew 7.3%, driven by increases in parking (+9.4%), restaurants (+9.8%), VIP lounges (+9.9%), and retail (+8.2%). Commercial revenue per passenger decreased slightly by 0.6% to Ps. 60.3.
- Cost Structure: Total operating costs and expenses decreased 0.6%. However, the sum of cost of airport services and G&A increased 14.4% due to higher payroll and contracted services. The airport concession tax increased 10.4% to Ps. 289.6 million.
- Profitability: Adjusted EBITDA increased 9.0% to Ps. 2,654 million. Operating income rose 10.8% to Ps. 2,403 million.
- Specific Airport Performance:
- Growth: Monterrey (+14.1%), San Luis Potosí (+21.7%), Chihuahua (+8.2%).
- Decline: Mazatlán (-10.2%), Culiacán (-7.7%), Reynosa (-21.7%).
Outlook, Risks, and Unusual Items
- Concession Tax Impact: A 4% excess concession tax on aeronautical revenues (due to a rate increase from 5.0% to 9.0% effective Jan 1, 2024) amounted to Ps. 112.5 million in 3Q25. This reduced Adjusted EBITDA by approximately Ps. 109 million. These excess payments will be recoverable through maximum tariffs starting January 2026.
- Corporate Governance: On October 23, 2025, the Board approved the resignation of Pierre-Hugues Schmit and Guillaume Dubois. Jérôme Havard and Alvaro Leite were appointed as Provisional Directors pending shareholder approval.
- Investments: Capital investments totaled Ps. 472 million, including Ps. 382 million for improvements to concessioned assets and Ps. 89 million for major maintenance.
- Liquidity: The company generated a net cash increase of Ps. 1,095 million in the quarter. There is no financial derivatives exposure.
Investor Verification Checklist
- Verify the recovery mechanism and timeline for the Ps. 112.5 million excess concession tax payments starting in January 2026.
- Monitor the performance of airports with significant traffic declines (Reynosa, Mazatlán, Culiacán) to assess if trends are temporary or structural.
- Confirm the final appointment of the new Board members at the next Annual General Shareholders' Meeting.
- Review the full quarterly financial statements filed with the Mexican Stock Exchange for detailed breakdowns of construction revenues and costs under IFRIC 12.
- Assess the impact of the 10.8% increase in seats offered on future capacity utilization and yield management.