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; BMV: OMA).
Reporting Period: Second Quarter 2026 (ended June 30, 2026).
Business Overview: OMA operates 13 international airports in central and northern Mexico, including major hubs in Monterrey and tourist destinations like Acapulco and Mazatlán. The company is a subsidiary of VINCI Airports.
Key Financial Metrics
| Metric | 2Q26 Value | Currency |
|---|---|---|
| Passenger Traffic | 7.2 million | Units |
| Adjusted EBITDA | 2,722 million | MXN |
| Adjusted EBITDA Margin | 75.2% | % |
| Operating Income | 2,389 million | MXN |
| Operating Margin | 53.5% | % |
| Net Income | 1,478 million | MXN |
| Earnings Per Share (EPS) | 3.80 | MXN |
| Earnings Per ADS | 1.74 | USD |
| Cash and Cash Equivalents (End of Period) | 2,577 million | MXN |
| Capital Investments (MDP + Strategic) | 949 million | MXN |
Material Changes vs. Prior Period (2Q25)
- Revenue Growth: Total aeronautical and non-aeronautical revenues increased 5.4%. Non-aeronautical revenues grew 9.8%, driven by commercial revenues (+6.7%) and diversification revenues (+17.4%).
- Traffic Trends: Total passenger traffic rose 0.4%. Domestic traffic grew 0.6%, while international traffic declined 1.2% due to peso appreciation and lower volume.
- Profitability: Adjusted EBITDA increased 6.2% to Ps.2,722 million. Net income rose 10.2% to Ps.1,478 million.
- Costs: Total operating costs and expenses increased 1.0%. Financing expenses decreased significantly from Ps.408.0 million to Ps.336.8 million.
- Segment Performance:
- OMA Carga: Revenues surged 29.1% due to new client operations and high-value cargo handling.
- Hotels: NH Collection Terminal 2 occupancy rose to 87.1% (from 83.6%); Hilton Garden Inn occupancy dipped to 73.1% (from 75.9%), though average room rates increased for both.
- Industrial Services: OMA VYNMSA Aero Industrial Park revenues grew 9.1%.
Outlook, Risks, and Unusual Items
- Debt Management: On July 16, 2026, OMA issued Ps.3.0 billion in long-term notes. Proceeds were used to prepay Ps.1.7 billion of short-term bank debt and repay Ps.640 million of maturing long-term notes. Remaining funds will support Master Development Program (MDP) investments and working capital.
- Sustainability Achievement: OMA achieved its Sustainability Performance Target (SPT), reducing Scope 1 and 2 greenhouse gas emissions per passenger by 88% (vs. a 58% target) by end of 2025. This was verified independently.
- Regulatory Reporting: Published its first IFRS S1/S2 Report regarding sustainability and climate-related risks.
- Derivatives: The company currently has no financial derivatives exposure.
- Cash Flow: Operating activities generated Ps.1,759 million. Investing activities used Ps.776 million, and financing activities used Ps.2,059 million, resulting in a net cash decrease of Ps.1,076 million for the quarter.
Investor Verification Checklist
- International Traffic Decline: Verify the impact of the Mexican peso appreciation against the U.S. dollar on international TUA revenues and future international passenger growth.
- Debt Refinancing: Confirm the terms and interest rates of the new Ps.3.0 billion long-term notes issued in July 2026.
- Construction Revenue Accounting: Review the application of IFRIC 12 regarding construction revenues and costs, noting they generate no profit but affect margin calculations.
- Sustainability Targets: Assess the long-term capital requirements to maintain the achieved 88% emission reduction levels.
- Hotel Performance: Monitor the occupancy rate divergence between the NH Collection (up) and Hilton Garden Inn (down) properties.