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: First Quarter 2025 (1Q25), ended March 31, 2025.
Context: OMA operates 13 international airports in central and northern Mexico. Since December 2022, it has been part of VINCI Airports. The filing reports unaudited consolidated financial and operating results.
Key Financial Metrics
| Metric | 1Q25 Value | Unit |
|---|---|---|
| Passenger Traffic | 6.4 million | Passengers |
| Operating Income | 2,111 | Million MXN |
| Adjusted EBITDA | 2,372 | Million MXN |
| Net Income | 1,292 | Million MXN |
| Earnings Per Share (EPS) | 3.33 | MXN |
| Earnings Per ADS | 1.30 | USD |
| Operating Margin | 59.2% | % |
| Adjusted EBITDA Margin | 74.9% | % |
| Cash and Cash Equivalents | 2,267 | Million MXN |
| Capital Investments (MDP + Strategic) | 502 | Million MXN |
Material Changes vs. Prior Period (1Q24)
- Revenue Growth: Combined aeronautical and non-aeronautical revenues grew 15.6%. Aeronautical revenues increased 13.8%, while non-aeronautical revenues rose 20.9%.
- Traffic Expansion: Passenger traffic increased 9.1% to 6.4 million. International traffic grew 15.1%, outpacing domestic growth of 8.0%. Seats offered increased 13.4%.
- Profitability: Operating income rose 17.7% and Adjusted EBITDA increased 16.1%. Net income grew 19.7%.
- Cost Structure: Total operating costs and expenses decreased 25.7%. However, the airport concession tax increased 16% to Ps.259.2 million due to higher revenues and a rate change.
- Commercial Performance: Commercial revenues per passenger reached Ps.66.3, a 12.5% increase. Key drivers included Retail (+50.9%), VIP Lounges (+80.2%), and Restaurants (+32.8%).
- Non-Aeronautical Segments: OMA Carga revenues surged 29.7%, and Industrial Services revenues increased 56.4%.
Outlook, Risks, and Unusual Items
- Dividend Declaration: Shareholders approved a cash dividend of Ps.4,500 million, payable in two installments of Ps.2,250 million by May 31, 2025, and November 30, 2025.
- Taxation Impact: A 4% excess concession tax on aeronautical revenues (due to a rate increase from 5% to 9% effective Jan 1, 2024) amounted to Ps.99.2 million in 1Q25. These excess payments will be recoverable through maximum tariffs starting January 2026.
- Cash Flow: Operating activities generated Ps.1,918 million. Investing activities used Ps.781 million, and financing activities resulted in a net outflow of Ps.519 million (primarily loan repayments and interest). Net cash increased by Ps.617 million.
- Derivatives: OMA reported no financial derivatives exposure as of the report date.
- Management Commentary: Growth was driven by new routes (16 started in the quarter) and strong commercial penetration. The filing does not provide specific forward-looking guidance beyond the dividend schedule and tax recovery timeline.
Investor Verification Checklist
- Verify the impact of the 4% excess concession tax on future cash flows and the timeline for tariff recovery starting January 2026.
- Confirm the sustainability of the 15.1% international traffic growth rate given global economic conditions.
- Review the cash balance of Ps.2,267 million against the upcoming dividend payment of Ps.2,250 million due in May 2025.
- Assess the performance of specific airports with traffic declines (Reynosa -10.8%, Zihuatanejo -4.9%) versus high-growth hubs (Acapulco +46.6%).
- Monitor the execution of Master Development Plans (MDPs) given the Ps.502 million invested in 1Q25.