Business Context and Reporting Period
Company: Central North Airport Group (OMA)
Filing Type: Form 6-K (Report of Foreign Private Issuer)
Reporting Period: Fourth Quarter 2025 (4Q25) and Full Year 2025
Date of Report: February 23, 2026
OMA operates 13 international airports in central and northern Mexico. The company is a subsidiary of VINCI Airports since December 2022. This filing presents unaudited consolidated financial and operating results.
Key Financial Metrics
| Metric | 4Q25 Value | Full Year 2025 Value |
|---|---|---|
| Passenger Traffic | 7.5 million (+6.0% vs 4Q24) | 28.8 million (+8.5% vs 2024) |
| Adjusted EBITDA | Ps. 2,577 million (+5.9% vs 4Q24) | Ps. 10,167 million (+12.1% vs 2024) |
| Adjusted EBITDA Margin | 73.6% | 77.5% (excluding concession tax effect) |
| Operating Income | Ps. 2,131 million (-2.9% vs 4Q24) | Filing text does not provide a clear value |
| Net Income | Ps. 1,223 million (+3.6% vs 4Q24) | Filing text does not provide a clear value |
| Earnings Per Share (EPS) | Ps. 3.15 | Filing text does not provide a clear value |
| Capital Investments (MDP + Strategic) | Ps. 755 million | Ps. 2,709 million |
| Dividends Distributed | Filing text does not provide a clear value | Ps. 11.54 per share |
| Net Debt/Adjusted EBITDA | 1.03x (as of Dec 31, 2025) | 1.03x (as of Dec 31, 2025) |
| Cash and Cash Equivalents | Ps. 3,098 million (as of Dec 31, 2025) | Filing text does not provide a clear value |
Material Changes vs. Prior Period
- Revenue Growth: Total aeronautical and non-aeronautical revenues grew 6.1% in 4Q25. Aeronautical revenues increased 5.6%, while non-aeronautical revenues rose 7.5%. Commercial revenues per passenger increased 2.2% to Ps. 61.7.
- Cost Pressures: Operating costs and expenses increased 3.2% overall. However, the sum of cost of airport services and G&A expenses rose 11.6%, driven by higher minor maintenance, security, cleaning, and energy costs.
- Tax Impact: The airport concession tax increased 8.0% to Ps. 286.3 million. A specific 4% excess tax on aeronautical revenues (due to a rate change from 5.0% to 9.0%) amounted to Ps. 110 million in 4Q25. This amount is recoverable through maximum tariffs starting January 2026.
- Operational Variance: While most airports saw growth, Reynosa (-12.2%), Mazatlán (-6.7%), and Culiacán (-6.9%) experienced significant traffic declines. Conversely, San Luis Potosí grew 19.9%.
Outlook, Risks, and Management Commentary
- Master Development Program (MDP): OMA received approval for the 2026–2030 MDP in December 2025, committing to Ps. 16,005 million in investments. This approval triggered an update to major maintenance requirements, increasing the provision liability to Ps. 2,673 million as of year-end.
- Tariff Recovery: Excess concession taxes paid in 2025 will be recovered via tariff adjustments effective January 2026, mitigating future margin pressure from the tax rate increase.
- Commercial Performance: Commercial space occupancy reached 93.4%. Hotel occupancy rates improved (NH Collection: 86.6%; Hilton Garden Inn: 75.0%), though average room rates declined slightly.
- Currency Risk: The appreciation of the Mexican peso against the U.S. dollar negatively impacted OMA VYNMSA Aero Industrial Park revenues (-0.7%).
- Liquidity: Financing activities resulted in a net cash outflow of Ps. 2,535 million, primarily due to dividend payments. Operating cash flow remained strong at Ps. 1,851 million.
Investor Verification Checklist
- Verify the timeline and magnitude of tariff adjustments expected in 2026 to recover the Ps. 110 million excess concession tax.
- Monitor the execution of the newly approved Ps. 16,005 million MDP investment plan for 2026–2030.
- Assess the sustainability of traffic growth in key airports (Monterrey, Chihuahua, San Luis Potosí) versus the decline in border and tourist airports (Reynosa, Mazatlán).
- Review the impact of energy cost inflation on future operating margins, given the 11.6% increase in service and G&A costs.
- Confirm the stability of the Net Debt/Adjusted EBITDA leverage ratio (1.03x) amidst continued capital expenditure and dividend distributions.