Grupo Aeroportuario del Centro Norte SAB de CV Sponsored ADR Class B Stock price
Compare with Peer Group
📊 Peer Group
📈 What is it?
The peer group consists of the companies with the most similar business model. They serve as a benchmark for putting a stock into context.
🧮 How is it selected?
Based on similarity of business model, meaning companies from the same industry with comparable products and a similar customer base. That's the only way to compare apples to apples.
🏛️ Why does it matter?
Whether a stock is cheap or expensive is best judged by comparison. A P/E of 18 or an EV/FCF of 20 can look cheap or expensive depending on the yardstick. The peer group gives you the most accurate one: companies with a similar business model that operate under the same conditions.
🎯 What does it mean for investors?
When a metric sits below the peer average, the stock is valued more cheaply relative to its competitors, and above the average more expensively. A discount to the peer group can be an opportunity, but it can also have a reason (for example lower growth). The comparison is a starting point, not a verdict.
Is Grupo Aeroportuario del Centro Norte SAB de CV Sponsored ADR Class B a Top Scorer Stock based on the Dividend, High-Growth-Investing or Leverman Strategy?
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Key metrics
📘 Market Capitalization
📈 What is it?
Market capitalization shows how much a company is currently worth on the stock market.
🧮 How is it calculated?
🏛️ Why is it important?
It helps classify companies by size (Large, Mid, Small Cap) and indicates their market presence and relative stability.
🧮 Calculation
🎯 What does this mean for investors?
- Large-cap companies tend to be more stable, often pay dividends, but may grow more slowly.
- Smaller firms may offer higher growth potential but come with more volatility.
- Market capitalization is a useful indicator of company size — but not a measure of whether a stock is undervalued or overvalued.
📘 Enterprise Value (EV)
📈 What is it?
Enterprise Value represents the total cost to acquire a company — including its debt and excluding its cash reserves.
🧮 How is it calculated?
(= Market Cap + Net Debt)
🏛️ Why is it important?
EV gives a more complete picture of a company's value than market cap alone and is used in key valuation ratios like EV/FCF or EV/Sales.
🧮 Calculation
🎯 What does this mean for investors?
- Enterprise Value shows the true cost of buying a company, including all financial obligations.
- It is more accurate than just looking at market cap, especially when comparing companies with different levels of debt or cash.
- Professional investors prefer EV-based multiples because they better reflect the company’s full financial footprint.
📘 Net Debt
📈 What is it?
Net Debt shows how much debt remains after subtracting a company’s available cash reserves.
🧮 How is it calculated?
🏛️ Why is it important?
It indicates how dependent a company is on borrowed money and how easily it can service its debt in the short term.
🧮 Calculation
🎯 What does this mean for investors?
- Low or negative net debt signals financial strength and flexibility.
- Companies with strong cash positions are better positioned in crises.
- High net debt increases financial risk — especially in environments with rising interest rates or economic downturns.
📘 Cash
📈 What is it?
Cash represents all liquid assets a company can access immediately — including cash, bank deposits, and short-term investments.
🧮 How is it calculated?
🏛️ Why is it important?
It reflects a company’s financial flexibility and resilience — enabling investments, buybacks, or buffer in downturns.
🧮 Calculation
🎯 What does this mean for investors?
- A strong cash position means greater room for maneuver and crisis resistance.
- Cash-rich companies can invest, pay down debt, or repurchase shares.
- But excess idle cash might indicate a lack of growth opportunities.
📘 Shares Outstanding
📈 What is it?
Shares outstanding represent the total number of a company’s shares currently held by investors — excluding treasury stock.
🧮 How is it calculated?
🏛️ Why is it important?
It’s the basis for key metrics like Earnings Per Share (EPS), Market Capitalization, or the Price/Earnings ratio (P/E).
🧮 Calculation
🎯 What does this mean for investors?
- Fewer shares in circulation typically increase earnings per share — making each share more valuable.
- Share buybacks reduce the number of shares and boost per-share metrics.
- Issuing new shares does the opposite — diluting shareholder value and lowering per-share figures.
📘 Price-to-Earnings Ratio (P/E)
📈 What is it?
The P/E ratio shows how many times a company's earnings per share are reflected in its current share price — in other words, how "expensive" the stock appears relative to its profits.
🧮 How is it calculated?
🏛️ Why is it important?
The P/E ratio is one of the most widely used valuation metrics. It helps investors assess whether a stock appears cheap or expensive compared to its earnings power.
🧮 Calculation
📊 P/E (TTM) = Based on earnings from the last 12 months (Trailing Twelve Months):🎯 What does this mean for investors?
- A low P/E may indicate undervaluation — or signal underlying issues.
- A high P/E may reflect strong growth expectations — or an overvalued stock.
📘 Price-to-Sales Ratio (P/S)
📈 What is it?
The P/S ratio shows how much investors are paying for $1 of the company’s revenue – regardless of profitability.
🧮 How is it calculated?
🏛️ Why is it important?
P/S is especially useful for evaluating growth companies or businesses not yet profitable. It reflects how the market values the company’s sales.
🧮 Calculation
Market Cap = $4.12b | Revenue (TTM) = $946.23m
Market Cap = $4.12b | Estimated Revenue = $996.58m
🎯 What does this mean for investors?
- A low P/S may indicate undervaluation — or low profitability.
- A high P/S can reflect strong growth expectations — or excessive optimism.
- Especially helpful when evaluating companies where profits are low, volatile, or negative.
📘 Enterprise Value to Sales (EV/Sales)
📈 What is it?
EV/Sales shows how much investors are paying for $1 of revenue — considering not just equity, but also debt and cash. It’s the capital structure–adjusted version of the P/S ratio.
🧮 How is it calculated?
🏛️ Why is it important?
It’s ideal for comparing companies with different levels of debt. It reflects a company's true cost relative to its revenue.
🧮 Calculation
Enterprise Value = $4.74b | Revenue (TTM) = $946.23m
Enterprise Value = $4.74b | Forward Revenue = $996.58m
🎯 What does this mean for investors?
- EV/Sales allows for capital structure–neutral company comparisons.
- A lower ratio may indicate undervaluation; a higher one may signal strong growth expectations or overvaluation.
- Especially helpful when evaluating high-growth companies with low or negative earnings.
📘 Enterprise Value to Free Cash Flow (EV/FCF)
📈 What is it?
EV/FCF shows how many years it would take for a company to "pay back" its enterprise value using its free cash flow.
🧮 How is it calculated?
🏛️ Why is it important?
It focuses on real cash generation, ignoring accounting noise — ideal for assessing profitability and value based on liquidity, not earnings.
🧮 Calculation
🎯 What does this mean for investors?
- A low EV/FCF may signal undervaluation and strong cash generation.
- A high EV/FCF might reflect weak recent cash flow or aggressive growth expectations.
- Best suited for stable, mature businesses with predictable free cash flows.
📘 Price-to-Book Ratio (P/B)
📈 What is it?
The P/B ratio compares a company’s market value to its book value — showing how much investors are paying for each dollar of net assets.
🧮 How is it calculated?
🏛️ Why is it important?
P/B is commonly used for asset-heavy industries like banks or industrials. It helps assess whether a stock is trading above or below its net asset value.
🧮 Calculation
🎯 What does this mean for investors?
- A P/B below 1 may signal undervaluation — or weak profitability.
- A P/B above 1 implies the market expects future value creation (e.g., brand, IP, growth).
- Best used for companies with tangible assets and strong balance sheets.
📘 Dividend per Share (DPS)
📈 What is it?
Dividend per Share shows how much cash a company pays out to shareholders for each share they own – usually on an annual or quarterly basis.
🧮 How is it calculated?
🏛️ Why is it important?
DPS is the absolute value of the payout per share – crucial for income-focused investors and dividend strategies.
🧮 Calculation
🎯 What does this mean for investors?
- A stable or growing DPS often signals a strong, shareholder-friendly business.
- DPS alone doesn’t tell you how attractive the payout is – the stock price also matters (→ see Dividend Yield).
- Long-term dividend growth is often a hallmark of high-quality companies – like the dividend aristocrats.
📘 Dividend Yield
📈 What is it?
Dividend yield shows how large a company’s dividend is in relation to its current share price.
🧮 How is it calculated?
🏛️ Why is it important?
It allows investors to compare dividend payouts across stocks, regardless of price or payout size.
🧮 Calculation
🎯 What does this mean for investors?
- A stable yield can reflect reliable distributions.
- Comparing 1Y and 5Y yield shows whether dividend growth keeps pace with stock price appreciation.
- A low yield isn’t always negative – it can signal strong past performance or growth focus.
📘 Dividend Growth
📈 What is it?
Dividend growth shows how much a company has increased its dividend per share over time.
🧮 How is it calculated?
5Y: Compound Annual Growth Rate (CAGR)
🏛️ Why is it important?
Consistently rising dividends are often a sign of financial strength and shareholder orientation – especially relevant for long-term investors.
🧮 Calculation
🎯 What does this mean for investors?
- Stable dividend growth is a sign of sustainable earning power.
- High dividend growth can significantly boost your total return:
- If a company pays $1 in dividends and increases it by 15% annually over 5 years, you’ll receive $2 per share in year 5 – twice as much as at the start!
📘 Payout Ratio
📈 What is it?
The payout ratio shows what percentage of a company’s earnings (per share) is distributed to shareholders as dividends.
🧮 How is it calculated?
🏛️ Why is it important?
It helps assess whether the dividend is sustainable – especially in relation to the company’s profitability.
🧮 Calculation
🎯 What does this mean for investors?
- A low payout ratio means the company retains more earnings for reinvestment – typical for growth companies.
- A moderate payout (e.g. 25–50%) indicates a healthy balance between returns and reinvestment.
- High payout ratios may seem attractive but can carry risk if earnings decline.
📘 Consecutive Dividend Increases
📈 What is it?
This metric shows how many consecutive years a company has raised its dividend per share – without any cuts or pauses.
🧮 How is it calculated?
(Special dividends are not considered.)
🏛️ Why is it important?
A long track record of increases reflects financial strength, consistency, and shareholder commitment.
🎯 What does this mean for investors?
- A long dividend increase streak builds confidence – especially in volatile markets.
- Such companies are seen as reliable and income-friendly investments.
- The longer the streak, the stronger the company’s dividend discipline.
📘 Revenue
📈 What is it?
Revenue shows how much a company earns in total from selling its products and services – the gross income before any costs are deducted.
🧮 How is it calculated?
🏛️ Why is it important?
Revenue is one of the key figures to assess a company’s size, market position, and growth potential.
🧮 Calculation
🎯 What does this mean for investors?
- Growing revenue indicates rising demand and can be an early signal of future earnings growth.
- Comparing actual and expected revenue reveals trends in the market environment and analyst sentiment.
- Note: Strong revenue alone isn’t enough – margins and profitability matter just as much.
📘 EBITDA
📈 What is it?
EBITDA stands for “Earnings Before Interest, Taxes, Depreciation, and Amortization.” It reflects a company’s operating profit before the effects of financing, taxes, and accounting depreciation.
🧮 How is it calculated?
🏛️ Why is it important?
EBITDA is widely used to evaluate a company’s operating performance – especially across capital-intensive sectors or international comparisons.
🧮 Calculation
🎯 What does this mean for investors?
- A high or growing EBITDA indicates strong operational profitability – independent of taxes, interest, or accounting methods.
- It’s especially useful for comparing companies across sectors or geographies.
- Important: EBITDA is not a net income figure – it excludes key costs like depreciation and interest.
📘 EBIT
📈 What is it?
EBIT stands for “Earnings Before Interest and Taxes.” It reflects a company’s operating profit after depreciation, but before interest and tax expenses.
🧮 How is it calculated?
🏛️ Why is it important?
EBIT is a core profitability metric that shows how well the company performs in its main business operations – independent of capital structure and tax environment.
🧮 Calculation
🎯 What does this mean for investors?
- A high EBIT indicates strong profitability from the company’s core business – before financial and tax effects.
- It allows better comparison between companies with different debt levels or tax structures.
- Compared to EBITDA, EBIT already accounts for depreciation and reflects capital intensity more clearly.
📘 Net Income
📈 What is it?
Net income is the company’s total profit – the amount left after all expenses, taxes, interest, and depreciation have been deducted.
🧮 How is it calculated?
🏛️ Why is it important?
Net income is the most comprehensive measure of a company’s profitability – showing how much actual profit remains after all business and financing costs.
🧮 Calculation
🎯 What does this mean for investors?
- Growing net income indicates that the company is managing all of its costs efficiently.
- It directly influences valuation metrics like P/E ratio and the company’s dividend capacity.
- Over time, net income trends reveal how resilient and profitable the business model really is.
📘 Free Cash Flow (FCF)
📈 What is it?
Free Cash Flow shows how much actual cash remains after a company covers its operating expenses and capital expenditures.
🧮 How is it calculated?
🏛️ Why is it important?
FCF reflects a company’s real financial strength – regardless of accounting profits. It shows how much flexibility a company has for dividends, share buybacks, or debt reduction.
🧮 Calculation
🎯 What does this mean for investors?
- High free cash flow means the company generates real, usable cash – independent of reported net income.
- It’s often the most reliable base for sustainable dividends and buybacks.
- Declining FCF can be an early warning sign – even when profits appear stable.
📘 Revenue Growth
📈 What is it?
Revenue growth shows how much a company’s sales have changed compared to the previous year – both on a trailing basis (TTM) and based on forward projections.
🧮 How is it calculated?
Forward = (Expected revenue ÷ Revenue in prior year − 1) × 100
Forward growth is based on analyst estimates for the current fiscal year.
🏛️ Why is it important?
Rising revenue signals growing demand, business expansion, and market share gains – especially important for growth-oriented companies.
🧮 Calculation
🎯 What does this mean for investors?
- Growth is the engine of long-term value creation – especially in tech and growth sectors.
- What matters is not just current growth, but its sustainability.
- Forward projections reflect whether analysts expect continued momentum – or a slowdown.
📘 EBITDA Growth
📈 What is it?
EBITDA growth shows how much a company’s operating profit (before interest, taxes, depreciation, and amortization) has increased or decreased compared to the previous year.
🧮 How is it calculated?
Forward = (Expected EBITDA ÷ EBITDA from prior year − 1) × 100
The forward estimate is based on analyst projections for the current fiscal year.
🏛️ Why is it important?
Growing EBITDA indicates improving operational profitability – regardless of financing or accounting effects.
🧮 Calculation
🎯 What does this mean for investors?
- Strong EBITDA growth signals operational efficiency and scalability – especially during growth phases.
- EBITDA growth can be an early indicator of margin and earnings expansion – but should be assessed alongside revenue and EBIT.
📘 EBIT Growth
📈 What is it?
EBIT growth shows how much a company’s operating profit (after depreciation, but before interest and taxes) has increased compared to the previous year.
🧮 How is it calculated?
Forward = (Expected EBIT ÷ EBIT from prior year − 1) × 100
The forward estimate is based on analyst projections for the current fiscal year.
🏛️ Why is it important?
EBIT growth is a direct indicator of a company’s business performance – taking into account capital intensity through depreciation.
🧮 Calculation
🎯 What does this mean for investors?
- Rising EBIT signals improving operating profitability – even after accounting for depreciation.
- It’s especially important for evaluating companies with significant capital expenditures.
- Combined with revenue and EBITDA growth, EBIT growth provides a well-rounded view of operational progress.
📘 Net Income Growth
📈 What is it?
Net income growth shows how much a company’s bottom-line profit has increased or decreased compared to the previous year – both on a trailing basis (TTM) and based on analyst projections.
🧮 How is it calculated?
Forward = (Expected net income ÷ Net income from prior year − 1) × 100
The forward estimate reflects analysts’ expectations for the current fiscal year.
🏛️ Why is it important?
Net income is the ultimate measure of profitability. Growing net income signals stronger efficiency, cost control, and sustainable earnings power.
🧮 Calculation
🎯 What does this mean for investors?
- Stronger net income boosts valuation, dividend potential, and investor confidence.
- If profits stall while revenue grows, it may signal margin pressure.
📘 Free Cash Flow Growth
📈 What is it?
Free cash flow (FCF) growth shows how a company’s available cash – after covering operating expenses and capital expenditures – has changed compared to the previous year.
🧮 How is it calculated?
🏛️ Why is it important?
Free cash flow reflects real financial strength. Growing FCF indicates more flexibility for dividends, share buybacks, and reinvestment.
🧮 Calculation
🎯 What does this mean for investors?
- Declining FCF may point to rising investments, increasing costs, or weaker operating performance.
- Especially for dividend investors, FCF growth is critical – since dividends are paid from actual available cash.
- A negative trend isn't always bad, but it deserves closer attention.
📘 Gross Margin
📈 What is it?
Gross margin shows how much of a company’s revenue remains after deducting the direct costs of goods sold (like materials and production). It represents the company’s “raw profit” before fixed costs, taxes, and interest.
🧮 How is it calculated?
Or simply: Gross Margin = Gross Profit ÷ Revenue × 100
🏛️ Why is it important?
Gross margin indicates how efficiently a company can produce or procure what it sells. It is a key measure of product-level profitability and pricing power.
🧮 Calculation
🎯 What does this mean for investors?
- A high gross margin suggests strong pricing power and efficient production.
- Falling margins may signal rising input costs or competitive pressure.
- Compared to peers, gross margin offers insights into the quality of a business model.
📘 EBITDA Margin
📈 What is it?
The EBITDA margin shows how much of a company’s revenue remains as operating profit before interest, taxes, depreciation, and amortization.It reflects operating efficiency without being distorted by financing or accounting factors.
🧮 How is it calculated?
🏛️ Why is it important?
The EBITDA margin reveals how much operating income a company generates per dollar of revenue – independent of capital structure and tax effects.
🧮 Calculation
🎯 What does this mean for investors?
- A high EBITDA margin reflects strong core profitability – before accounting distortions.
- It allows for effective comparisons across companies and sectors.
- A stable or growing margin signals efficient cost control and business scalability.
📘 EBIT Margin
📈 What is it?
The EBIT margin shows what percentage of revenue remains as operating profit after depreciation but before interest and taxes.
🧮 How is it calculated?
🏛️ Why is it important?
The EBIT margin reflects a company’s core profitability while accounting for capital intensity (e.g. machinery, infrastructure). It’s especially useful for comparing businesses with different levels of depreciation.
🧮 Calculation
🎯 What does this mean for investors?
- A high EBIT margin shows that the company remains efficient even after factoring in depreciation.
- It’s especially relevant for capital-intensive industries.
- Stable or rising EBIT margins over time are a strong indicator of pricing power and business quality.
📘 Net margin
📈 What is it?
Net margin shows how much of a company’s revenue remains as bottom-line profit after deducting all costs, interest, taxes, and depreciation.
🧮 How is it calculated?
🏛️ Why is it important?
Net margin reflects a company’s overall efficiency – across operations, financing, and taxation. It shows how much actual profit is generated from each dollar of revenue.
🧮 Calculation
🎯 What does this mean for investors?
- A high net margin means the company is not only strong operationally but also manages financing and taxes efficiently.
- Peer comparisons reveal business quality and competitiveness.
- Declining margins despite revenue growth can be a red flag for rising costs or inefficiencies.
📘 Free cash flow margin
📈 What is it?
The free cash flow (FCF) margin shows how much of a company’s revenue remains as actual free cash after covering all operating expenses and capital expenditures.
🧮 How is it calculated?
🏛️ Why is it important?
This margin reflects the true liquidity generated by the business – independent of accounting rules or depreciation. It’s especially relevant for dividends, buybacks, and reinvestment decisions.
🧮 Calculation
🎯 What does this mean for investors?
- A high FCF margin means a company consistently generates strong cash flow.
- It’s a positive signal for financial stability and shareholder returns.
- The long-term trend is key – a declining margin may indicate rising investments or weakening operating efficiency.
📘 Equity Ratio
📈 What is it?
The equity ratio indicates what portion of a company’s total assets is financed by shareholders’ equity – in other words, how much it relies on its own capital.
🧮 How is it calculated?
🏛️ Why is it important?
A high equity ratio reflects financial strength and stability, especially during downturns. It’s a key indicator of a company’s solvency and long-term risk profile.
🧮 Calculation
🎯 What does this mean for investors?
- Companies with high equity ratios are generally more resilient and less dependent on external debt.
- Low equity ratios can signal higher risk or aggressive financial strategies.
- Important: Always assess the equity ratio in combination with the return on equity (ROE). This shows not just how stable the company is – but also how efficiently it uses shareholder capital.
📘 Return on Equity (ROE)
📈 What is it?
Return on equity (ROE) shows how efficiently a company uses its shareholders’ equity to generate profit. In other words: how much net income is earned per dollar of equity.
🧮 How is it calculated?
🏛️ Why is it important?
ROE is a core profitability metric. It helps investors understand whether a company delivers attractive returns on the capital provided by its shareholders.
🧮 Calculation
🎯 What does this mean for investors?
- A high ROE indicates that the company is using its capital efficiently and profitably.
- It’s especially meaningful for capital-intensive businesses or firms with high equity bases.
- Important: A very high ROE can also result from high debt levels – always interpret it alongside the equity ratio to assess financial health.
📘 Return on Capital Employed (ROCE)
📈 What is it?
ROCE measures how efficiently a company generates profits from its total capital – including both equity and interest-bearing debt.
🧮 How is it calculated?
It evaluates the return on all capital employed, regardless of how it’s financed.
🏛️ Why is it important?
ROCE is ideal for comparing companies with different financing structures. It shows how well management uses capital to create value for both shareholders and creditors.
🧮 Calculation
🎯 What does this mean for investors?
- A high ROCE means the company uses its capital efficiently – regardless of whether it's funded by debt or equity.
- The higher the ROCE compared to peers, the more value the company creates with its invested capital.
- Especially relevant for capital-intensive sectors like industrials, energy, or infrastructure.
📘 Return on Invested Capital (ROIC)
📈 What is it?
ROIC measures how efficiently a company generates returns from the capital invested in its core operations – regardless of whether the capital comes from equity or debt.
🧮 How is it calculated?
- NOPAT = Net Operating Profit After Taxes
- Invested Capital = Operating assets minus non-interest-bearing liabilities
🏛️ Why is it important?
ROIC is one of the most accurate indicators of capital efficiency. Unlike return on equity, it is not distorted by leverage and shows how much value is created for all capital providers.
🧮 Calculation
🎯 What does this mean for investors?
- A high ROIC shows how effectively a company uses the capital that is truly invested in its core operations.
- Unlike ROCE, ROIC focuses only on the capital that is actively used to run the business – and that requires a return (i.e. interest-bearing).
- Especially useful when comparing companies with large amounts of excess cash or non-interest-bearing liabilities – giving a more realistic picture of capital efficiency.
📘 Leverage Ratio (Debt-to-Equity)
📈 What is it?
The leverage ratio indicates how much a company relies on interest-bearing debt (such as loans and bonds) relative to its shareholders’ equity.
🧮 How is it calculated?
🏛️ Why is it important?
This ratio helps assess a company’s financial structure and risk profile. High leverage can enhance returns – but also increases exposure to interest rate changes and financial stress.
🧮 Calculation
🎯 What does this mean for investors?
- A low leverage ratio signals financial strength and independence.
- A higher ratio can improve returns in good times but increases risk during downturns or rising interest rate periods.
- 👉 Always interpret in the context of industry, capital intensity, and interest rate environment.
📘 Earnings per share (EPS)
📈 What is it?
Earnings per Share (EPS) shows how much profit is attributable to a single share – and is one of the most important metrics for evaluating a company's performance.
🧮 How is it calculated?
The diluted share count reflects potential new shares that could be issued through options, convertible bonds, or other rights.
🏛️ Why is it important?
EPS is the basis for many key valuation metrics like P/E ratio, PEG ratio, or payout ratio. It enables comparisons of profitability across companies, regardless of their size.
🧮 Calculation
🎯 What does this mean for investors?
- EPS captures per-share profitability and is especially useful for comparisons over time or with analyst estimates.
- Rising EPS may signal consistent growth or share buybacks.
- Important: Always use diluted EPS for more realistic valuations – especially in companies with stock-based compensation.
📘 Free cash flow per share (FCF per share)
📈 What is it?
Free Cash Flow per Share shows how much free cash flow a company generates per outstanding share – after investments, but before dividends or debt repayments.
🧮 How is it calculated?
Free cash flow is calculated as operating cash flow minus capital expenditures (CapEx).
🏛️ Why is it important?
FCF per Share reveals how much real cash is available per share – useful for dividends, buybacks, or reducing debt. Unlike net income, free cash flow is harder to manipulate and often seen as a more reliable metric.
🧮 Calculation
🎯 What does this mean for investors?
- High FCF per share signals strong financial flexibility.
- It shows how much capital the company can effectively reinvest or return to shareholders.
- Particularly relevant for dividend payers and capital-efficient businesses.
📘 Short interest
📈 What is it?
Short interest indicates how many shares of a company are currently sold short – that is, borrowed and sold by investors who expect the price to decline.
🧮 How is it calculated?
It reflects the percentage of a company’s shares that are being shorted relative to the total shares available.
🏛️ Why is it important?
Short interest serves as a sentiment indicator: A high value may signal skepticism or bearish expectations – but also increases the potential for a short squeeze if prices rise unexpectedly.
🧮 Calculation
🎯 What does this mean for investors?
- Low short interest usually indicates market confidence in the company.
- High short interest can be a warning sign – or an opportunity if sentiment shifts.
- Especially relevant in volatile markets or ahead of key earnings releases.
📘 Employees
📈 What is it?
The employee count shows how many people a company employs worldwide – offering insights into its size, structure, and business model.
🧮 How is it calculated?
🏛️ Why is it important?
It helps assess operational scale, labor intensity, and cost structure. Combined with revenue and profit, it enables key metrics like revenue per employee or productivity.
🧮 Calculation
🎯 What does this mean for investors?
- A high headcount can signal operational complexity – but also significant growth capacity.
- Revenue per employee is a key indicator of efficiency.
- Especially useful for comparing tech, industrial, or service-heavy companies.
📘 Turnover per employee
📈 What is it?
Revenue per employee indicates how much revenue a company generates on average per employee – a key measure of efficiency and productivity.
🧮 How is it calculated?
The employee count is typically taken from the most recent annual report.
🏛️ Why is it important?
This metric helps compare business models – especially between labor-intensive and technology-driven companies. A high value suggests automation, operational efficiency, or strong value creation per head.
🧮 Calculation
🎯 What does this mean for investors?
- A high revenue per employee indicates a scalable and margin-strong business model.
- A low figure may reflect labor-intensive operations or lower value-add.
- Especially helpful when comparing tech companies to industrial or service sectors.
Grupo Aeroportuario del Centro Norte SAB de CV Sponsored ADR Class B Stock Analysis
Analyst Opinions
20 Analysts have issued a Grupo Aeroportuario del Centro Norte SAB de CV Sponsored ADR Class B forecast:
Analyst Opinions
20 Analysts have issued a Grupo Aeroportuario del Centro Norte SAB de CV Sponsored ADR Class B forecast:
Grupo Aeroportuario del Centro Norte SAB de CV Sponsored ADR Class B Events
Past Events
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JUL
28
Q2 2026 Earnings Call
about 2 months ago
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APR
28
Q1 2026 Earnings Call
5 months ago
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FEB
24
Q4 2025 Earnings Call
7 months ago
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OCT
24
Q3 2025 Earnings Call
11 months ago
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Grupo Aeroportuario del Centro Norte SAB de CV Sponsored ADR Class B — Q2 2026 Earnings Call
1. Management Discussion
Greetings. Welcome to OMA's Second Quarter 2026 Earnings Conference Call. [Operator Instructions] Please note, this conference is being recorded. I will now turn the conference over to Emmanuel Camacho. Thank you. You may begin.
Thank you, [ Theo ], and hello, everyone. Thank you for standing by, and welcome to OMA's Second Quarter 2026 Earnings Conference Call. Thank you for joining us today as we discuss our company's performance and financial results for the past quarter. Joining us today are our CEO, Ricardo Duenas; and CFO, Ruffo Perez Pliego. Please be reminded that certain statements made during the course of our discussion today may constitute forward-looking statements, which are based on current management expectations and are subject to a number of risks and uncertainties that could cause actual results to differ materially, including factors that may be beyond our control. And now I'll turn the call over to Ricardo Duenas for his opening remarks.
Thank you, Emmanuel. Good morning, everyone, and thank you for joining us today. This morning, Ruffo and I will review our quarterly operational and financial results, and then we will be pleased to answer your questions. During the second quarter of 2026, OMA served 7.2 million passengers, an increase of 0.4% versus the second quarter of last year, while available seat capacity decreased by 0.3%. Domestic passenger traffic grew by 0.6% as compared to the second quarter of '25.
Our San Luis Potosi airport was the main contributor to domestic passenger traffic growth with increases on the routes to Acapulco and Cancun Airports. These routes collectively added over 23,000 passengers during the quarter, representing 61% of the total domestic passenger growth. International passenger traffic decreased by 1.2%, mainly driven by our Monterrey Airport with lower traffic on the Los Angeles, Dallas, Fort Worth and San Antonio routes. In terms of growth by airline, Volaris, which accounted for 25% of our total passenger traffic in the quarter, recorded a 7% growth versus the second quarter of 2025, while Viva, which accounted for 50% of our total passenger traffic recorded a 2% decline.
During the quarter, airlines opened 24 new routes across our airports, including 18 domestic and 6 international routes. This included the launch of Aeromexico new route to Paris in April as well as Iberia's new route to Madrid in June, marking the airline's first ever operation in Monterrey. The Paris route generated more than 14,000 passengers during the quarter. And following its strong initial performance, the route was converted from a seasonal to a permanent year-round operation, further increasing Monterrey's connectivity with Europe.
Turning to our financial performance. Aeronautical revenues increased 4% during the quarter, mainly reflecting the tariff adjustment that became effective in mid-April. Commercial revenues continued to perform well during the quarter, increasing 7% versus the second quarter of '25. Commercial revenue per passenger reached MXN 66.4, an increase of 60.3%, while occupancy of commercial space remained at 96% at the end of the quarter. Diversification revenues increased by 17% year-over-year, mainly driven by OMA Carga business, where revenues increased 29%, reflecting new client operations and additional high-value cargo handling in Monterrey as well as higher activity at our Chihuahua warehouse.
Hotel services revenues grew by 6%, supported by higher occupancy at the NH Hotel, Terminal 2 hotel and higher average daily rates at both hotels. Industrial Services revenues reached MXN 57 million, an increase of 9%, mainly attributable to a greater number of square meters leased. OMA's second quarter adjusted EBITDA increased 6% to MXN 2.7 billion, while the adjusted EBITDA margin expanded to 75.2%, reflecting revenue growth and disciplined cost management despite continued inflationary and labor cost pressures.
Total investments in the quarter, including MDP investments, major maintenance and strategic investments were MXN 949 million. Before concluding, I would like to highlight 2 relevant events during the quarter. First, OMA achieved the sustainability performance target linked to our sustainability-linked bonds, reaching an 88% reduction in Scope 1 and Scope 2 greenhouse gas emissions per passenger by the end of 2025, well above the 58% reduction target set against our 2018 baseline. The outcome reflects the company's ongoing investments in energy efficiency and decarbonization initiatives.
Finally, on July 16, we issued MXN 3 billion in long-term notes in the Mexican market. Proceeds were used to repay MXN 1.7 billion of outstanding short-term bank debt as well as to repay the MXN 640 million corresponding to our OMA '23 notes maturing on July 24. The remaining proceeds will fund committed investments under the master development program and general corporate purposes, including working capital requirements. I would now like to turn the call over to Ruffo Perez Pliego, who will discuss the financial highlights for the quarter.
Thank you, Ricardo, and good morning, everyone. I will briefly go over our financial results for the quarter before opening the call for questions. Aeronautical revenues increased 3.9% relative to the second quarter of 2025, mainly reflecting the tariff adjustments that took effect in April 2026. Domestic passenger charges grew in line with these new tariffs, while international passenger charges declined mainly due to the appreciation of the Mexican peso and lower international traffic.
Other aeronautical services grew at a more moderate pace than the tariff increase, reflecting fewer aircraft operations during the quarter. Together, these effects resulted in a 3.5% increase in aeronautical revenue per passenger. Non-aeronautical revenues increased 9.8%. Commercial revenues increased 6.7%, mainly driven by higher parking, restaurants, VIP lounges and retail revenues. Parking revenues increased 8.8%, driven by higher passenger traffic as well as higher tariffs from longer stays across our airports.
Restaurants and retail revenues were up 11.3% and 4.2%, respectively, both mainly as a result of higher penetration rates and opening of new outlets. VIP lounges increased by 15.8%, driven by higher capture rates in the Monterrey Airport as well as the recent start of operations of the VIP lounge in Torreon. Diversification activities grew by 17.4% in the quarter, mainly due to the increase in OMA Carga revenues. Total aeronautical and non-aeronautical revenues grew 5.4% to MXN 3.6 billion in the quarter.
Construction revenues amounted to MXN 844 million in 2Q '26. The cost of airport services and G&A expense increased 3.6% versus 2Q '25, supporting the expansion of adjusted EBITDA margin. The increase mainly reflected higher payroll, contracted services and materials and supply expenses. Payroll increased 9.5%, mainly reflecting inflationary adjustments and addition of new positions. Contracted services increased 10.7%, primarily due to higher security and cleaning expenses resulting from contract renewals and minimum wage increases. And materials and supplies increased 18.7%, mainly reflecting the higher operation requirements in our OMA Carga and our VIP lounge operations.
Concession tax increased 3.9% to MXN 294 million. Major maintenance provision was MXN 99 million compared to MXN 50 million in 2Q '25, reflecting new MDP provisioning requirements. As a result, adjusted EBITDA increased 6.2% to MXN 2.7 billion, and the margin reached 75.2%. Our financing expense decreased by 17.4% to MXN 337 million in the quarter, mainly as a result of a lower effect from the change in present value of our major maintenance provision, which was partially offset by higher interest expense on debt. Consolidated net income was MXN 1.5 billion in the quarter, an increase of 10.2% versus 2Q '25.
Turning to our cash position. Cash generated from operating activities in the second quarter amounted to MXN 1.8 billion, while investing and financing activities used MXN 776 million and MXN 2.1 billion, respectively. As a result, our cash position at the end of the quarter was MXN 2.6 billion. At the end of June, total debt amounted to MXN 14.3 billion and leverage measured as net debt to adjusted EBITDA ratio stood at 1.1x. This concludes our prepared remarks. [ Theo ], please open the call to questions.
[Operator Instructions] Our first question is from Jens Spiess with Morgan Stanley Investment Mana.
2. Question Answer
Congrats on the results. So I have a question on the Mexican tariff completions. What's your expectation throughout the year? And also, if you can give a bit more details on your CapEx. We saw that you have spent so far like MXN 1.4 billion in your Mexican airports through the first half of the year, while your MDP investments are MXN 1.2 billion. So what's going on there? Are you like anticipating some of the investments that are in the MDP plan for 2027?
Sure. For the first part, Jeff, we're planning to end the year. We just recently adjusted tariffs mid-April. So considering that, we believe by the end of the year, we're going to be around the 93% compliance with maximum tariffs. And as for the second part, maybe, Ruffo, you want to join?
Sure. Remember that we had some carryover investments that were from the previous MDP that were going to be completed in 2026 and 2027. So that has to be added to the actual 2026 commitment. So for this year, we are expecting around MXN 3.5 billion to MXN 4 billion total investment for the year.
Okay. Perfect. Perfect. Yes. And just one additional question. It seems like flight schedules are pointing to some like seat growth moderation in the fourth quarter, but very strong growth in the first quarter of next year. Are you seeing the same?
Not yet. The schedules or the, I would say, more definitive schedules for the winter season have yet to be published. So right now, we have an indication. And yes, we see some conservativeness from airlines in 4Q. So I don't necessarily think that the first quarter yet do reflect the expectations of airlines, and they're just very indicative at this time.
Our next question is from Rodolfo Ramos with Bradesco BBI.
I have 2. The first one is a follow-up on Jeff's. I don't know if you can talk a little bit about your outlook on traffic growth. I know there's a lot of challenges on the horizon here, but I wanted to get your sense and visibility. And specifically, if you can comment on the potential for developing Monterrey's route network. It was encouraging to see more regular services to New York, for example. I don't know if there's any other low-hanging fruit on the domestic market. So that's my first question on the traffic side.
And then on the second, if I may, it was very interesting to see OMA Carga with very strong top line growth. Just one of your peers has also seen a very active activity on the cargo side. So I wanted to get a little bit of the sense that you get from the industries that you're seeing participating in your volumes. I don't know if there's any other potential for you to go into bonded warehouses or try to capture more value out of this boom in exports that Mexico is having.
Sure. Thank you, Rodolfo, for your question. So regarding traffic growth, yes, of course, as a result of the oil spike -- jet fuel spike that we've seen in the first half of the year, we're seeing airlines adjusting some of its capacity for the rest of the year. We still -- we are anticipating to be in positive numbers. We think traffic is going to be around flat to low single digits. I think that reflects some of the resilience of some of the OMA airport network. There are some Monterrey routes already announced that are in the pipeline, specifically with WestJet, Acapulco, Montreal, Chihuahua, Mexico AIFA, Mazatlan, Vancouver, Monterrey, Vancouver. So we're currently working with airlines to try to expand and take advantage of Monterrey's strategic location.
In terms of cargo, yes, we're seeing very good numbers coming from there. We're currently expanding our warehouse. We're planning to finish that expansion in the next coming months. Some of the growth you've seen has been driven by new client operations as well as the handling of additional high-value cargo operations. Chihuahua, there was an interesting spike due to the implementation of handling service for UPS and FedEx. So we're investing in OMA Cargo in systems and processes. So we expect good growth coming in the next coming months to continue seeing that type of growth.
Our next question comes from Alberto Valerio with UBS.
My first question is related to the working capital of the company. We saw a nice growth, nearly double-digit growth from net income. But when you go for the cash generation from operations, it's a little bit soft than that. If you can explain the differences in receivables and payables, if is that recurring for the remainder of the year or if it was spot on for this quarter?
Sure. Alberto -- so yes, we've seen increased utilization of working capital. We are accelerating our CapEx execution versus what we had last year. So there are some advanced payments of new contracted works that are reflected as advances in the working capital. And as construction progresses, those advances will be amortized, but they are a signal of our increased CapEx execution.
And the other one is our tax payments have been higher. We have a higher factor for calculation of provisional taxes versus what we had in the first half of last year. So even though provisional taxes are based on revenue and revenues are growing in the low single digits, our factor reflects that higher level of provisional payments, which in the annual tax filing of next year, there will be less of an impact. But during the year, we shall see that type of increase in taxes paid.
Fantastic. So we should see this normalized construction at least until the MDP CapEx being on execution. And the tax is something more on a regular basis. Is that correct?
Yes. And starting next year, a new factor will be recalculated. So that will tend to normalize levels versus this year.
Fantastic. And one more, if I may. I might miss because cutting the first question of our colleagues. When should we expect to almost reach the maximum tariff again? Should we draw a linear line into there?
So this year, we're expecting around 93% to 95% compliance with the maximum tariff for full year. And next year, we should see what the expected growth in traffic is as well as the adjustments to the inflation. As you know, maximum tariff is adjusted every year with inflation. So we'll have to see how those vectors behave and see how can we get to our 99% target. But as we said, we would probably target between 2 to 3 years after implementation of the MDP to get to that level.
So probably we'll be reaching the maximum tariff by the end of 2027, mid of 2028?
Yes, that would be reasonable, yes.
Our next question is from Anton Mortenkotter with GBM.
This is a bit of a follow-up on the maximum tariff question. Do you think that -- I mean, if oil pressures remain, should we think that the compliance and the maximum tariff could take longer? Or are you indifferent to those pressures? And also on the commercial side, excluding diversification activities, we saw a slight increase in the non-aero per pax, slightly above inflation. What kind of growth should we expect on those business lines going forward?
So on the second part of your question, Yes. On the commercial side, I think that we will remain stable relative to current levels of around MXN 66 per pax. We expect to open the new areas in the Monterrey airport towards and be fully operational by the end of next year. So we shall see a pickup in commercial revenue per passenger until 2028. But for the following months, I think the MXN 66 level is reasonable to assume. And regarding the maximum tariff, that is what you mentioned of increased oil prices and its impact, yes, that could be a headwind towards fully passing through our maximum tariff, but we'll see where we are at the beginning of the year and the situation has become more stable and more visible. And so we can start taking decisions of how to pass through the rest of the increase.
Our next question is from Gabriel Himelfarb with Scotiabank.
My question is regarding what's next for OMA beyond the MDP and how could VINCI support the long-term growth strategy for OMA?
I'm sorry, Gabriel, we couldn't catch you. Can you repeat it? The line is not working very well.
Sure. Can you hear me now?
Yes.
So my question is regarding -- can you hear me?
Yes.
Sorry. Well, my question is regarding what's the next value driver for OMA beyond the MDP? And how could VINCI support or what was the attribution of VINCI for OMA's growth in the next years?
Thank you, Gabriel, for your question. Regarding the second part, we've seen many advantages. Just to mention a few, just access to human capital has been a great advantage. Access to a larger network of airports has allowed us to try to bring best practice around the world. We have seen them concretely in the last quarter, in the last 6 months with all the technology projects that we have implemented in our network and specifically in Monterrey, our bargaining power with suppliers and with airlines has also been a great advantage.
Their know-how and their expertise in the construction side of the business has also been very valuable. Their knowledge in terms of commercial planning has also been very effective, and you have seen those in the numbers. We are -- as for drivers coming forward, we're working in new projects. We're currently working in 2 new hotels, one -- an additional one in Monterrey and a new one in Ciudad Juarez. We're expanding our cargo operations as well. We're currently evaluating industrial park expansion as well. And we will continue optimizing our efficiency and trying to improve the commercial revenues per passenger. As you know, by the end of next year, we will have the new terminal in Monterrey that should add new commercial revenue to our airports.
This concludes our question-and-answer session. I would like to turn the floor back over to Ricardo for closing comments.
We would like to thank everyone for participating in today's call. We appreciate your insightful questions, engagement and continued support. Ruffo, Emmanuel and I are available to answer your questions. Thank you once again, and have a great day.
Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. Please disconnect your lines, and have a wonderful day.
Grupo Aeroportuario del Centro Norte SAB de CV Sponsored ADR Class B — Q1 2026 Earnings Call
1. Management Discussion
Greetings, and welcome to OMA's First Quarter 2026 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, Emmanuel Camacho, Investor Relations Officer. Thank you. You may begin.
Thank you, Christine. Good morning, everyone. Thank you for standing by, and welcome to OMA's First Quarter 2026 Earnings Conference Call. We appreciate you joining us today as we discuss our company's performance and financial results for the past quarter.
Joining us today are our CEO, Ricardo Duenas; and CFO, Ruffo Perez Pliego. Please be reminded that certain statements made during the course of our discussion today may constitute forward-looking statements, which are based on current management expectations and are subject to a number of risks and uncertainties that could cause actual results to differ materially, including factors that may be beyond our control.
And now I'll turn the call over to Ricardo Duenas for his opening remarks.
Thank you, Emmanuel. Good morning, everyone, and thank you for joining us today. This morning, Ruffo and I will review our quarterly operation and our financial results and then we will be pleased to answer your questions.
In the first quarter of '26, OMA passenger traffic totaled 6.7 million, a 4.7% increase versus last year. Seat capacity increased by 3.9% during the quarter. Domestic passenger traffic grew by 5.7%, driven primarily by the Monterrey Airport with increases on routes to the metropolitan area of Mexico City mainly to Toluca, and Mexico City Airports, Bajio, Puerto Vallarta, Merida?and Cancun. These routes collectively added over 265,000 passengers during the quarter, representing 87% of the total domestic passenger growth.
International passenger traffic decreased by 0.5%. The decrease was mainly driven by Monterrey with lower traffic on the routes to Chicago and Los Angeles and Mazatlan on the route of Minneapolis, Dallas and Los Angeles. This decrease were partially offset by a positive performance in San Luis Potosi, which saw higher passenger activity on the routes to Dallas, San Antonio and Houston.
In terms of growth by airline, Volaris which accounted for 25% of our total passenger traffic in the quarter recorded a 15% increase in passenger traffic compared to the first quarter of 2025 and while Viva, which accounted for 48% of our total passenger traffic recorded a 3% passenger increase during the quarter.
Turning around to our financial performance. Aeronautical revenues increased 4.3%, domestic passenger charges revenue increased by 9%, driven by passenger growth of 5.7%. Our international passenger charges revenue declined by 11% year-over-year, mostly due to the depreciation of the Mexican peso against the dollar.
Commercial revenues grew by 4.9% compared to the first quarter of 2025, and commercial revenue per passenger stood at MXN 66.4. Commercial revenue growth was mainly driven by retail, parking, VIP lounges and restaurants as we continue to benefit from higher penetration levels and increased passenger traffic. Occupancy rate for commercial space stood at 93% at the end of the quarter.
On the diversification front, revenues decreased 1.1% year-over-year, reflecting a mixed performance across our portfolio. Hotel Services declined 7.8%, mainly driven by our Hilton Garden Inn hotel, where results were impacted by the appreciation of the Mexican peso against the dollar and lower occupancy.
Other services decreased by MXN 13 million, mainly due to a onetime effect in the first quarter of '25 related to industrial park activities, which did not repeat this quarter. These effects were partially offset by strong performance in OMA Carga, which grew by 8%, supported by a more than threefold increase in operations at our Chihuahua warehouses as the business continues to scale, while Industrial Services grew 19%, driven by a higher number of leased square meters.
OMA's first quarter adjusted EBITDA increased by 2.1% to MXN 2.4 billion with a margin of 73.4%. On the capital expenditure front, total investments in the quarter, including MDP investments, major maintenance and strategic investments were MXN 605 million.
Before concluding, I would like to highlight that during the quarter, we agreed with the Mexico City International Airport to extend the lease term of the NH Collection Hotel at Terminal 2 by another 5 years from its original maturity of 2029 to April 2034, under the same terms and conditions as the existing lease agreement. This extension allows us to secure revenues over a longer period from a business that has proven to be highly successful within our diversification strategy while providing greater visibility on the long-term contributions of this asset to our non-aeronautical revenues.
Finally, on April 24, we held our 2026 Annual Shareholders Meeting, where shareholders approved among other matters, the declaration and payment of a MXN 4.9 billion cash dividend.
I would now like to turn the call over to Ruffo Perez Pliego, who will discuss the financial highlights for the quarter.
Thank you, Ricardo, and good morning, everyone. I will briefly go over our financial results for the quarter before opening the call for questions. Aeronautical revenues increased 4.3% relative to 1Q '25 mainly due to the increase in domestic passenger traffic despite a 10.5% decrease in international passenger revenues, a result of appreciation of the Mexican peso.
Non-aero revenues increased by 3.8%. Commercial revenues increased 4.9% and the line items with the highest growth were car parking, retail, restaurants and VIP lounges.
Parking increased 8.5%, driven by higher passenger traffic as well as higher tariffs. Retail and restaurants grew by 8.9% and 5.0%, respectively, both mainly as a result of higher passenger traffic, higher penetration rates and the opening or replacement of outlets from previous quarters. VIP lounges increased by 8.1% driven by a higher capture rate. In March, we opened a new VIP lounge at our Torreon airport, and we currently operate OMA Premium Lounges in 11 of our 13 airports.
Diversification activities decreased 1.1% in the quarter. Total aeronautical and non-aeronautical revenues grew 4.1% to MXN 3.3 billion in the quarter. Construction revenues amounted to MXN 519 million in 1Q '26.
Cost of airport services and G&A expense increased 20.0% versus 1Q '25, primarily due to the following line items: Minor maintenance increased 54.2% driven by timing effects of works performed. Contracted services expenses rose 20.8%, mainly due to higher cost of security and cleaning services following contract renewals in prior quarters, reflecting inflationary pressures and tight labor market conditions.
Other costs and expenses, which increased by MXN 24 million as a result primarily of higher transportation costs, retirement provision and bad debt expense, among others.
Concession tax increased 2.2% to MXN 265 million. Major maintenance provision was MXN 109 million compared to MXN 53.4 million in 1Q '25. The increase reflects the reassessment of our maintenance requirements in line with the investments included in our 2026-2030 MDP, consistent with guidance provided in the previous quarter.
OMA's first quarter adjusted EBITDA grew 2.1% to MXN 2.4 billion and adjusted EBITDA margin stood at 73.4%. Our financing expense decreased by 0.6% to MXN 310 million. Consolidated net income was MXN 1.2 billion in the quarter, a decrease of 4.1% versus 1Q '25.
Turning to our cash position. Cash generated from operating activities in the first quarter amounted to MXN 1.7 billion. Investing and financing activities used MXN 791 million and MXN 376 million, respectively. As a result, our cash position at the end of the quarter was MXN 3.7 billion.
At the end of March, total debt amounted to MXN 13.6 billion and leverage measured as net debt to adjusted EBITDA stood at 1.0x.
This concludes our prepared remarks. Christine, please open the call for questions.
[Operator Instructions] Our first question comes from the line of Rodolfo Ramos with Bradesco.
2. Question Answer
Just a couple from my side. The first one is to see if you could help us get a sense of the potential for route development and the time line. It was interesting to hear during your remarks that 87% of domestic traffic during the quarter came from new routes. So when you look at these recently opened routes, if you can remind us what kind of maturation curves do you expect in these routes?
And maybe if you can quantify as a percentage of your total traffic, what do you see in terms of route development? Not sure how these discussions are going with airlines in the current context of more constrained seat supply.
And then the second, if you can remind us where you stand on your maximum tariff execution? And what should we expect at the end of this year?
Sure. Rodolfo, this is Ruffo. So as you know, we have a very good dialogue with all of our airline partners. We have right now 19 confirmed routes for the rest of the year. Most of them opening in June, primarily with VivaAerobus and Volaris. And also, we have one confirmed route to Madrid with Iberia. And as we announced recently, we continue to position Monterrey as a long-haul connecting point. We have now a direct flights to Paris as of last week.
And also, we see some recovery in the Canadian market for the winter season, so especially in Mazatlan as well. So I think that will also help our results towards 4Q. And with respect to maximum tariff compliance, we currently have around 91%, 92%. We started our pass-through of the tariff increase starting this month, and we would expect to end up the year close to 95%.
Our next question comes from the line of Alberto Valerio with UBS.
It's a follow-up on the first question as well. We have a guidance that MDP tariffs would be -- start point in April. I would like to know if -- how it is proceeding this increasing price for tariffs. And another question is about the international operations due to strength of Mexican peso. How has been the pass-through? Or you think that Mexican peso may weaken further in the year, you might be holding to pass-through tariffs on these routes? Just a color on tariffs as well.
Yes. So during the first 3 months, we made little adjustments to our regulated tariffs, with most of the tariffs increased in April 10 of this month. And we have already implemented that as of April 10. I think that we are not right now holding any tariff increase considering the FX potential variation. So we'll have to assess that in the future, depending on the peso exchange rates. But right now, we did implement the contemplated tariff increase, this -- earlier this month.
Our next question comes from the line of Jens Spiess with Morgan Stanley.
So just on the April tariff increase, if you could give just some additional color on how much you increased it for domestic versus international? I mean, in peso terms and just to get a better understanding of how much room there is to increase it further because my sense is that with the appreciation of the Mexican peso, you could probably do a bit more pronounced increases on the international side. And just to confirm a follow-up on your response earlier. So the 92%, that's based on first quarter numbers, right? Or how should we understand that 92%?
Okay. Jens, thank you for your question. So in terms of the increase, it was -- as of April 10, it was a 6.9% across the board for domestic and for international to and airport services as well. That was a nominal increase of 6.9%.
And regarding the maximum tariff, yes, the 91%, 92% is in the 1Q, and we would expect to go higher around 95% towards the end of the year.
Okay. So -- and when is the next step up planned for this year?
We don't have any other step-up contemplated for the rest of the year. Any increase would be until the next year, still TBD and the timing of that.
Okay. So even if the Mexican peso appreciates further, any adjustment would be implemented next year.
Correct. Yes.
Our next question comes from the line of Anton Mortenkotter with GBM.
On the commercial side, commercial revenue per pax was quite stable quarter -- sorry, year-on-year. I was just wondering, as you look ahead, how are you thinking about the next phase of monetizing the commercial side across the portfolio? And where do you see the biggest opportunities structurally to increase the spend per passenger?
Sure. We did have flattish per pax income this quarter versus last year. Most of that is explained because of the reconfiguration of commercial spaces in our Monterrey Airport as a result of the terminal expansion works that we are doing in that airport. As we open new areas and works in certain areas are completed, we should see the benefit of those works probably starting mid-2027 and kicking in, in full in 2028. And in addition, we have a couple of line items that are also quite peso linked -- sorry, U.S. dollar linked, primarily the VIP lounge operation is basically fully dollarized as well as duty free. So appreciation of the peso also affected those 2 particular line items.
Our next question comes from the line of Enrique Cantu with GBM.
Congratulations on the results. My question is on profitability. We saw a meaningful increase in operating costs, particularly in service costs, which pressured margins. How much of this cost increase will be considered as a one-off? And how should we think about the margin trends in the coming quarters?
Enrique, so we had some advanced minor maintenance expenses that were advanced in the first quarter due to timing execution of the works. We should expect that line item to normalize going forward. And also in the other costs and expenses, we did have some nonrecurring items related to bad debt provisioning, certain litigation provisions and IT expenses that should level off in coming quarters. Now regarding the major maintenance provision, I will just highlight, it's a noncash item. So even though it does affect the EBITDA margin, it is not affecting the cash position of the company.
Our next question comes from the line of [ Pablo Monsivais ] with GBM.
Our next question comes from the line of Alan Macias with Bank of America.
Just a question on jet fuel. Any risks there of availability in Mexico? Any scarcity have you seen? And what have jet fuel prices been doing in Mexico? And any risk of airlines such as Delta that suspended some flights from the U.S. to Mexico. Anything you've seen from U.S. airlines or in that case, Mexican?
Alan, yes, we -- fortunately, we're not having the issue that you're seeing in Europe, where you've seen shortages of jet fuel. Fortunately, in Mexico, we don't see a problem of shortage. We've also spoken directly with the airport authorities, and there's no sign that there is a problem of shortage. We do have the price of oil where it is, that it's probably having an impact across the board.
[Operator Instructions] Our next question comes from the line of Vanessa Quiroga with Eternal Capital.
A follow-up regarding the increase in tariffs that are due in April that you are going to implement. What exchange rate for the Mexican peso did you assume to decide to increase by 6.9%, the tariffs?
So that increase was based or planned earlier in the year, and it does reflect both inflationary expectations for this year as well as some catch-up of the MDP tariff increase that we obtained in December of last year. So it's consistent with our expectation of passing through the MDP increase in 2 to 3 years.
Okay. And a question about the noncommercial -- sorry, the commercial revenues and what we saw for the hotels. Are you expecting that the hotel performance will remain as we saw in the first quarter with declines?
Part of the decline that you saw in the first quarter was mostly due to FX. So especially the Hilton Garden Inn in Monterrey mostly are -- 2/3 are Hilton Honors, which are American-based. So the currency was -- that played an impact there. We expect it to normalize going forward. And we're also exploring 2 additional new hotels.
Our next question comes from the line of Julia Orsi with JPMorgan.
So just a question on your outlook for traffic for this year. So any changes on your previous estimates of low to mid-single-digit growth rate due to airlines reducing capacity and some sort of demand hit due to higher jet fuel costs and how you're seeing the breakdown across domestic and international demand as well?
Julia, even though there is a lot of uncertainty on the number of seats after the summer season, we think that the low to mid-single-digit estimate is still valid. We do see better performance on the domestic side than in international. So yes, in the 1Q of this year, U.S. demand has been soft, but this has been compensated by higher dynamism of the Monterrey industrial market.
Our next question comes from the line of Federico Galassi with The Rohatyn Group.
Maybe this is a follow-on, but when I checked the growth in cost, we see 2 or 3 lines as minor maintenance, other costs and in particular, contracted service. This is -- was something in particular for this quarter? This is a number that you can continue to grow and in particular, for the project that you are running today? Just to understand how is the increase in cost only that.
Sure. Federico. So on -- yes, maintenance cost was impacted by timing effect. So it should trend down in the following quarters, and the same with other costs. On the contracted services line item, it does reflect primarily security and cleaning contracts that we have. And those levels are expected to -- of that particular line item to be maintained for the remainder of the year.
Okay. Other costs and expenses?
Yes. And other costs also, we did have some timing effects as well as some extraordinary events in the 1Q. So that number should also be slightly lower in future quarters.
Okay. It's fair to say that today that in the next quarters, the cost of our revenues should be decreased for those one effect, one-off effects.
That is correct.
Perfect. Very clear. And the second one, Ruffo, if I can, is we saw in the last quarter, OMA Carga?growing again, almost double digit, if you see the 2 quarters. How do you see the activity in Carga thinking in the rest of the year?
So it continues to be strong. What is driving right now the first Q numbers is primarily our Chihuahua warehouse results, which is picking up in terms of client penetration and operations. But we still see a lot of potential in the Monterrey airport, and we see dynamism to continue for the coming quarters on that line item.
Our next question comes from the line of Gabriel Himelfarb with Scotiabank.
Just a quick reminder or a quick follow-up on the MDP CapEx. I believe it's the core of the MDP, it's based on expanding the Monterrey commercial areas. I think you mentioned last quarter that you expect a ramp-up between 10% and 15% on revenue per passenger by 2028. Is this number still in line or there's an update? Or perhaps can you give us in terms of EBITDA, how much can this be incremental for OMA?
So yes, we -- that number is based in real terms. So yes, we will expect that spend per pax in the Monterrey Airport to go about by 15% by 2028 as compared to baseline of 2024 in real terms, yes.
Okay. And how much in terms of EBITDA will be the step up?
Let me confirm and get back to you because I will have to check what the expected passengers are for that airport. But I'll get back to you. I don't have the numbers in front of me.
We have no further questions at this time. I'd now like to turn the floor back over to management for closing comments.
We would like to thank everyone for participating in today's call. We appreciate your insightful questions, engagement and continued support. Ruffo, Emmanuel and I are available to answer your questions. Thank you once again, and have a great day.
Ladies and gentlemen, this does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation, and have a wonderful day.
Grupo Aeroportuario del Centro Norte SAB de CV Sponsored ADR Class B — Q4 2025 Earnings Call
1. Management Discussion
Greetings. Welcome to OMA's Fourth Quarter 2025 Earnings Conference Call. [Operator Instructions] Please note this conference is being recorded. I will now turn the conference over to Emmanuel Camacho, Investor Relations Officer. Thank you. You may begin.
Thank you, Sherri. Hello, everyone. Thank you for standing by. And welcome to OMA's Fourth Quarter 2025 Earnings Conference Call. We are delighted to have you join us today as we discuss our company's performance and financial results for the past quarter.
Joining us today are CEO, Ricardo Duenas; and CFO, Ruffo Perez Pliego. Please be reminded that certain statements made during the course of our discussion today may constitute forward-looking statements, which are based on current management expectations and are subject to a number of risks and uncertainties that could cause actual results to differ materially, including factors that may be beyond our control. And now I'll turn the call over to Ricardo Duenas for his opening remarks.
Thank you, Emmanuel. Good morning, everyone, and thank you for joining us today. This morning, I will briefly discuss the approval of our master development program, then Ruffo and I will review our annual and quarterly operational performance and financial results. And finally, we will be happy to answer your questions.
During December, we received approval from the Federal Civil Aviation Agency for a master development program covering the '26-'30 period. The approved investment commitment amounts to approximately MXN 16 billion expressed in December 2024 pesos. This new 5-year program is focused on capacity expansion and quality enhancements at our largest airports in terms of passenger contribution while further strengthening the efficiency of our network. Investments are allocated across terminal expansions, airside infrastructure, equipment upgrades, pavement, rehabilitation, modernization works, environmental initiatives as well as safety and certification programs.
Capacity and quality improvements, infrastructure optimization, airport equipment and sustainability-related CapEx represent the main drivers of the program. In this context, our MDP prioritizes projects that enhance passenger experience, improve operational efficiency and incorporate technology solutions that support long-term service quality and cost optimization. Sustainability and decarbonization are embedded in our investment strategy with initiatives aimed at improving energy efficient and supporting our long-term emission reduction targets.
Importantly, the total investment commitment of 2026-2030 is comparable in real terms to the investment considered in the 2021-2025 cycle. However, traffic levels today are materially higher than 5 years ago. This implies an improvement in capital efficiency per passenger and reflects the scalability of our existing infrastructure. In other words, this MDP reflects disciplined capital allocation, greater efficiency in the deployment of CapEx and a focus on maximizing the use of current assets. The approval also provides long-term regulatory visibility and reinforces the structural growth outlook of our airports.
Moving now to our full year 2025 results. This was a year marked by the continued recovery in operational capacity and a strong performance in our main airport of Monterrey. While the Pratt & Whitney engine inspection program continued to affect certain fleets during the year, capacity constraints eased compared to 2024. This allowed Mexican airlines to progressively restore frequencies and reintroduce routes that had been limited or suspended due to aircraft availability. As a result, seat capacity across our airports increased close to 11% during 2025, reflecting improved aircraft deployment and network adjustments.
During 2025, we opened 35 new routes, of which 24 were domestic and 11 were international, further strengthening connectivity across our airports. Supported by higher seat availability and route expansion, total passenger traffic reached 28.8 million passengers in 2025, representing an 8.5% increase as compared to 2024, with domestic passenger traffic growing by 8% and international passenger traffic by 12%. The expansion reflects a continued diversification of Monterrey's international footprint.
In addition to consolidating its position as a key gateway to the United States, Monterrey has progressively expanded its long-haul connectivity in recent years, including overseas service to Europe and Asia. The consolidation of long-haul routes such as Monterrey-Madrid, Monterrey-Tokyo and Monterrey-Seoul reinforces our long-term vision of positioning Monterrey not only as a regional hub within Mexico, but as an increasingly relevant international connecting point linking Northern Mexico with major global destinations. In 2026, we will continue strengthening overseas connectivity with additional operations to Madrid and the launch of Monterrey-Paris route in April 2026, further expanding our presence across diversified international markets.
Beyond traffic growth, 2025 was also a year of solid execution across our commercial and diversification businesses. On the commercial front, we recorded growth across three key revenue line items, driven primarily by the opening of new outlets and continued commercial mix optimization. Restaurant revenues grew by 22%. VIP lounges revenues increased by 30% and parking revenues increased by 13% as compared to 2025. From our diversification lines of business, our industrial park was one of the strongest contributions to growth with 44% increase in revenues versus 2024, supported by higher leased square meters. OMA Carga revenues recorded strong results as well with a 9% increase in revenues, mainly as a result of higher volumes and improved operational efficiencies.
Regarding our financial performance, aeronautical and non-aeronautical revenues each grew approximately 12% year-over-year. As a result, our adjusted EBITDA for the year was MXN 10.2 billion, and we recorded an adjusted EBITDA margin of 74.5%. I will now move on to our fourth quarter 2025 performance. In the quarter, OMA's passenger traffic totaled 7.5 million, a 6% increase year-over-year. Seat capacity increased by 8% during the quarter. On the domestic front, passenger traffic grew by 6%, driven primarily by the Monterrey Airport, which saw increase on routes to the metropolitan areas of Mexico City, mainly to Toluca and Mexico City airports, Bajio, Puerto Vallarta, Merida and Guadalajara. These routes collectively added for over 300,000 passengers during the quarter, representing 79% of the total domestic passenger growth.
International passenger traffic increased by 4%, mainly driven by Monterrey with higher traffic on the routes to Bogotá, Toronto and Panama and San Luis Potosi on the routes to Dallas-Fort Worth, Atlanta and San Antonio. Together, these routes added more than 67,000 passengers during the quarter. In terms of growth by airline, Volaris, which accounted for 24% of our total passenger traffic in the quarter, recorded a 17% increase in passenger traffic compared to the fourth quarter of 2024, while Viva, which accounted for 51% of our total passenger traffic recorded a 5% traffic increase during the quarter.
Turning to our financial performance. Aeronautical revenues increased 6%. Commercial revenues grew by 8% compared to the fourth quarter of '24 and commercial revenue per passenger stood at MXN 62. Commercial revenue growth was mainly driven by parking, restaurants, VIP lounges and retail, mainly as a result of higher penetration and the increase in passenger traffic. Occupancy rate for commercial space stood at 93% at the end of the quarter. On the diversification front, revenues increased 5% with OMA Carga contributing most of the growth, mainly due to -- because of higher revenues from our bonded warehouses in Chihuahua, given our successful strategy to further develop this warehouse in previous quarters.
OMA's fourth quarter adjusted EBITDA increased by 6% to MXN 2.6 billion with a margin of 73.6%. On the capital expenditures front, total investments in the quarter, including MDP investments, major maintenance and strategic investments were MXN 755 million. I would now like to turn the call over to Ruffo Perez Pliego, who will discuss our financial highlights for the quarter.
Thank you, Ricardo, and good morning, everyone. I will briefly review our financial results for the quarter, and then we will open the call for your questions. Aeronautical revenues increased 5.6% relative to 4Q '24, mainly due to the increase in passenger traffic. It is worth noting that the peso appreciation against the dollar resulted in a 1.3% decline in international passenger charges despite a 4.2% increase in international passengers. Non-aero revenues increased 7.5%. Commercial revenues increased 8.4%. The line items with the highest growth were parking, restaurants, VIP lounges and retail.
Parking grew by 18.4%, mainly as a result of higher passenger traffic as well as higher penetration across our airports and increased tariffs. Restaurants and retail increased 11.3% and 7.0%, respectively, both driven by higher passenger traffic as well as previously opened or replaced outlets. VIP lounges grew by 17%, mainly due to the higher capture rate, primarily in Monterrey Airport as well as the increase in passenger traffic, partially offset by a stronger peso against the U.S. dollar.
Diversification activities increased 4.8%. OMA Carga contributed most to the growth in the quarter, increasing by 14.2%, resulting from a higher level of operation and tons handled during the quarter. Total aeronautical and non-aeronautical revenues grew 6.1% to MXN 3.5 billion in the quarter. Construction revenues amounted to MXN 613 million during the fourth quarter. The cost of airport services and G&A expense increased 11.6% versus 4Q '24, primarily due to the following line items. Contracted services expenses rose 14.7%, mainly due to higher cost of security and cleaning services following contract renewals in prior quarters, reflecting inflationary pressures and tight labor market conditions.
Minor maintenance increased 24.1%, primarily due to the timing effect of works performed. However, maintenance for the full year increased by 4.0%. Basic services increased by MXN 11 million, mainly due to higher utility costs, particularly electricity. This includes a onetime MXN 6 million impact related to the temporary use of an alternative power supply line at the Monterrey Airport, which carries a higher tariff than our power purchase agreement. This temporary situation was caused by construction works related to the subway line near the airport. And since the end of December, electricity supply has reverted to our regular PPA contract. Other costs and expenses increased by 9.9% due primarily to higher IT-related requirements and transportation services.
Concession tax increased 8.0% to MXN 286 million, in line with revenue growth. Major maintenance provision was MXN 216 million compared to MXN 39 million in 4Q '24. It is important to highlight that this is a noncash item. During the quarter, we reassessed our major maintenance requirements to reflect expenditures included in the recently approved 2026-2030 master development program. This reassessment resulted in an increase in the provision liability. Approximately 17% of the total investments under the 2026-2030 MDP corresponds to major maintenance projects.
For 2026, we expect the full year major maintenance provision cost to be approximately MXN 400 million. OMA's fourth quarter adjusted EBITDA grew 5.9% to MXN 2.6 billion and the adjusted EBITDA margin reached 73.6%. Our financing expense decreased 12.7% to MXN 290 million, mainly driven by lower interest expense associated to the major maintenance provision as well as higher interest income resulting from a higher average cash position. Consolidated net income was MXN 1.2 billion in the quarter, an increase of 3.6% versus 4Q '24.
Turning to our cash position. Cash generated from operating activities in the fourth quarter amounted to MXN 1.9 billion. Investing and financing activities used MXN 663 million and MXN 2.5 billion, respectively. As a result, our cash position at the end of the quarter was MXN 3.1 billion. At the end of December, total debt amounted to MXN 13.6 billion and leverage measured as net debt to adjusted EBITDA ratio stood at 1.0x. This concludes our prepared remarks. Sherri, please open the call to questions.
[Operator Instructions] Our first question is from Juan Ponce with Bradesco.
2. Question Answer
On the MXN 260 million major maintenance provision recognized this quarter, does this reflect higher maintenance intensity or just timing shifts? Any additional color on the change would be helpful.
Sure. Juan, it does reflect the next 5 year -- well, the 2026-2030 expected expenditures as well as timing changes versus what we had assumed in the past.
Okay. And just to clarify, the expectation is that the full year number is going to be around MXN 400 million, correct?
That is correct, noncash. And the P&L impact is noncash, yes.
Yes, yes.
Our next question is from Jens Spiess with Morgan Stanley.
Yes. I have a question regarding the passenger fleet. And how do you expect to increase them throughout the year. And -- in order to reach close to 100% of your maximum tariff, what's your expectation there?
Yes. Thank you, Jens. So the announced increase is 6.9% increase starting April 10. And we anticipate it will take a couple of years, 2 to 3 years to reach the 100% maximum tariff.
Okay. So by the end of this year, what percentage do you expect to have completed of the maximum tariff of this year?
Something around the 93%.
93%. Okay. Perfect. Okay. If I may, just a second question, like any update on the timing of the investments in Monterrey? Yes, it would be much appreciated.
Investment in Monterrey.
Our next...
Yes. For the main -- our main works, as you know, are focused on Monterrey and Culiacan. Monterrey, we are anticipating to finish what we've been mentioning, which is by mid-next year, we should be opening the new commercial area of Monterrey. And for Culiacan, we're expecting to open the new commercial area by the end of this year.
Our next question is from Vanessa Quiroga with Eternal Capital Group.
So I would like to ask if you can provide the following details. How much of the master development plan investments for the next 5 years is major maintenance? And whether the rule -- the accounting rule is to provision 100% of that major maintenance during the 5-year period?
Sure. The total investments related to major maintenance in the approved MDP represents approximately 17% of the total MDP for the next 5 years. And the accounting rule is to provision the present value of such expenditure from today until the day the project is expected to start its execution.
Our next question is from Abraham Fuentes with Santander.
I wonder if you can give us more color about the excess of concession tax on aeronautical revenues that we had during this quarter. If this is something that could be recurrent going forward or not?
So the excess pursuant to 2023 tariff-based regulation, that excess was incorporated as additional reference value that was used in the recent negotiation that occurred in December. So that excess is already being recovered through a maximum tariff starting January 1 of this year.
Our next question is from Gabriel Himelfarb with Scotiabank.
If I may, I have two questions. First, the MDP CapEx on Monterrey, how much do you expect such commercial revenues to ramp in percentage terms -- in terms of EBITDA, how much EBITDA do they -- do you expect they might ramp up for OMA? And the second is, have you seen any -- or what's your view or your color on the Viva-Volaris consolidation in terms of routes and seat allocation?
In terms of the second part of your question, we're still assessing the potential impact. So it's still an analysis, the impact. And in terms of the first part, Ruffo?
Yes. So we do expect a bump after the commercial areas of the expanded Terminal A are opened towards the -- starting the second half of next year, and it's a full year effect being reflected in full in 2028. We do expect about a 10% to 15% increase in spending per pax in Monterrey in real terms on an annualized basis once these stores and new outlets are opened.
Okay. And if I may, I have an additional question. Have you been -- well, how is your view towards asset acquisitions like perhaps involving VINCI and the MDP or the future acquisitions, making, I don't know, OMA a consolidation vehicle?
In terms of new acquisitions, we're always looking for opportunities to expand locally or internationally. At the moment, there's no specific transaction that we're looking at. If there were in the future, that was something that will be discussed internally between VINCI and ourselves. We do -- we are -- look, one thing we are looking it at expanding our hotels presence. So we're evaluating a new hotel in Monterrey and another one in Ciudad Juarez. And we're also looking to expand our industrial park in Monterrey.
Our next question is from Alberto Valerio with UBS.
I have two here. If you could provide a little bit more details on the line of revenues as well on cost revenues, if -- do you guys have an impact from FX on the international traffic? And on cost, if you could provide a little bit more details on maintenance. You mentioned that will be a big portion of your next MDP. How can we forecast this for the future? And if you could provide any more details on what would expand it?
Yes. So the first part of your question was related to the FX impact, correct? Okay.
Perfect. Yes.
So we basically -- on the revenue line, we have four items that are very closely related to FX, which are international passenger charges VIP lounge, duty-free and industrial park. We estimate that the impact of the peso appreciation in the fourth quarter of '25 as compared to the fourth quarter of '24, which was about an 8% appreciation was between MXN 50 million to MXN 60 million. That was our estimate of the effect of such appreciation. Regarding the second part of your question, we do expect at least for 2026 that the full year provisioning would be around MXN 400 million, and we're still assessing what the impact would be for the following years. And it will depend on both construction costs as well as the interest rate -- long-term interest rates used to discount that provision.
And if I may, just one more about the violence that we have seen. I know that the region Jalisco is a little bit different from OMA airports region. But do you have any sort of impact on your airports or cancellation routes and so forth?
All our 13 airports are operating normally. We did see on Sunday during the event, a few cancellations from Guadalajara and Puerto Vallarta Airport. There were some yesterday, but today is operating normally, and it is not something that -- it's not a traffic that we believe will have an impact in our numbers.
Our next question is from Anton Mortenkotter with GBM.
Just a quick one. We've heard and we've seen in some newspaper, some of your peers are considering some alternative financing methods such as maybe FIBRA. I was just wondering if you guys are considering something -- an alternative to funding your CapEx similar to those or any special vehicles that you may be looking at?
So right now, we are not necessarily considering other type of structures different to what we have used in the past few years. We do have some refinancings of debt that is due this year, and we would expect to tap the CEBURES market as we have done so in the past 4 or 5 years.
Our next question is from [ Julia Arce ] with JPMorgan.
So can you comment a bit on your traffic expectations for the year? So on previous call, you were mentioning a low to mid-single-digit growth rate for 2026. Is this still the case?
Yes. For the year, we're anticipating somewhere in the low to mid-single-digit growth in traffic.
Our next question is a follow-up from Vanessa Quiroga with Eternal Capital.
My question is regarding the increase in the tariffs. The 7% in real terms that you mentioned, what is the base for that? Is the base the average in peso terms achieved in 2025? Or do you assume any FX? What is the base that you're using?
Sure. The MDP approved maximum tariff was a 6.9% real increase in all of the airports, and that reflects the 2025 maximum tariff. So 2026...
So that will increase a few...
It's the 2026 maximum tariff as compared to the 2025 maximum tariff. That increase in real terms, that's excluding inflation, is 6.9%.
So the part that maybe I need clarification, you are in 2026, you are going to have that increase or that's targeting 3 years?
Yes. The increase that we're going to pass through this year is 6.9% starting in 10th of April. That includes inflation as well. So it's a nominal 6.1% increase.
Our next question is from Enrique Cantú with GBM.
So as you implement tariff increases under the new MDP, how are you assessing demand elasticity, particularly in routes like Monterrey and tourist destinations? And could you share your outlook for further route additions and whether you see scope for continued expansion based on your ongoing discussions with carriers and route additions?
Sorry, could you repeat the question, Enrique? Sorry.
Yes, of course. So it's about demand elasticity. How are you assessing the demand elasticity, particularly in routes like Monterrey and tourist destinations as you implement your tariff increases under the new MDP?
Yes. So in terms of elasticity, we believe that the pass-through that we're implementing this year is not going to have a major impact in terms of elasticity -- traffic elasticity.
Yes. Just regarding new route openings, so far, 20 routes have been confirmed. 17 of them are domestic and 3 are international. And they start the vast majority of them in June of this year from airports such as Monterrey, San Luis Potosí primarily.
Our next question is from Andres Radin with TRG.
I was curious about commercial revenues per passenger and revenue from diversification for 2026. What kind of growth should we be expecting in any particular lines? Do you see any for this year?
Okay. So in terms of commercial revenue per pax, they ended 2025 around MXN 62 per pax. We expect similar amounts for the next few quarters in 2026. And regarding diversification revenues, we don't look at them on a per pax basis, but rather as a whole. We have, as you know, both 2 mature hotels, the NH in Mexico and the Hilton Garden in our Monterrey Airport. So we should expect inflationary increases in the results of those 2 units. And the driver of this year of diversification would be our OMA Carga unit which should have double digit growth.
[Operator Instructions] There are no further...
We would like to thank everyone for participating in today's call. We appreciate your insightful questions, engagement and continued support. Ruffo, Emmanuel and I remain available to answer your questions. Thank you once again, and have a great day.
Thank you. This does conclude today's conference. You may disconnect at this time, and thank you for your participation.
Grupo Aeroportuario del Centro Norte SAB de CV Sponsored ADR Class B — Q3 2025 Earnings Call
1. Management Discussion
Greetings, and welcome to the OMA Third Quarter 2025 Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Emmanuel Camacho, Investor Relations Officer for OMA. Thank you. You may begin.
Thank you, Melissa. Hello, everyone, and welcome to OMA's Third Quarter 2025 Earnings Conference Call. We're delighted to have you join us today as we discuss the company's performance and financial results for the past quarter. Joining us today are CEO, Ricardo Duenas; and CFO, Ruffo Pérez Pliego. Please be reminded that certain statements made during the course of our discussion today may constitute forward-looking statements, which are based on current management expectations and are subject to a number of risks and uncertainties that could cause actual results to differ materially, including factors that may be beyond our control.
And now I'll turn the call over to Ricardo Duenas for his opening remarks.
Thank you, Emmanuel. Good morning, everyone, and thank you for joining us today. This morning, Ruffo and I will review our operational performance and financial results. And finally, we will be pleased to answer your questions. In the third quarter of this year, OMA's passenger traffic totaled 7.6 million passengers, an 8% increase year-over-year. Seat capacity increased by 11% during the quarter. On the domestic front, passenger traffic grew by 7%, driven primarily by the Monterrey Airport, which saw increases on routes to the metropolitan area of Mexico City, mainly to Toluca Airport, Bajio, Puerto Vallarta, Mérida and Querétaro. These routes collectively added over 300,000 passengers during the quarter, representing 68% of the total domestic passenger growth.
International passenger traffic increased by 11%, mainly driven by Monterrey on the route to San Francisco, San Luis Potosi with higher traffic on the routes to Atlanta and Dallas and Tampico on the route to Dallas. Together, these routes added more than 47,000 passengers during the quarter, accounting for 46% of the total international passenger growth.
Moving on to OMA's third quarter financial highlights. Aeronautical revenues increased 11% with aeronautical revenue per passenger rising 3% in the quarter. Commercial revenues grew by 7% compared to the third quarter of '24 and commercial revenue per passenger stood at MXN 60. Commercial revenue growth was mainly driven by parking, restaurants, VIP lounges and retail, mainly as a result of higher penetration and an increase in passenger traffic.
Occupancy rate for commercial space stood at 96% at the end of the quarter. On the diversification front, revenues increased 8%, with Industrial Services contributing most of this growth, mainly because of additional square meters leased in our industrial park as compared to the third quarter of '24 and contractual increases to rents.
OMA's third quarter adjusted EBITDA increased by 9% to MXN 2.7 billion with a margin of 74.8%. On the capital expenditures front, total investments in the quarter, including MDP investments, major maintenance and strategic investments were MXN 472 million. Finally, in relation to the negotiation process of our next Master Development Program discussion with the AFAC remain underway. We submitted our proposed Master Development Program for the '26-'30 period at the end of June, and the process remains on track.
During the quarter, we continued addressing AFAC's technical observations and advancing the validation of investment projects in accordance with the schedule agreed with the authority. We continue to expect the final resolution and publication of results during December. Our expectations regarding the overall investment level remain at committed levels of MDP investment similar in real terms to the level of the previous '21-'25 MDP and maximum tariff increase in the low single digits.
I would now like to turn the call over to Ruffo Pérez Pliego, who will discuss our financial highlights for the quarter.
Thank you, Ricardo, and good morning, everyone. I will briefly go over our financial results for the quarter, and then we will open the call for your questions. Aeronautical revenues increased 10.6% relative to 3Q '24, mainly due to the increase in passenger traffic as well as higher aeronautical yields. Non-aeronautical revenues increased 7.3%. Commercial revenues increased 7.0%. The line items with the highest growth were parking, restaurants, VIP lounges and retail.
Parking grew by 9.4%, mainly as a result of higher passenger traffic. Restaurants and retail increased 9.8% and 8.2%, respectively, both driven by higher passenger traffic as well as the previously opened or replaced outlets. VIP lounges rose 9.9%, mainly due to higher market penetration, primarily in Monterrey as well as the increase in passenger traffic.
Diversification activities increased 8.2%. Industrial Services, which relates to the operation of the industrial park contributed most to the growth in the quarter, increasing by 53%, resulting from higher square meters leased as compared to third quarter of '24 as well as contractual rent increases. Total aeronautical and non-aeronautical revenues grew 9.8% to MXN 3.5 billion in the quarter.
Construction revenues amounted to MXN 382 million in the third quarter. The cost of airport services and G&A expense increased 14.4% versus 3Q '24, primarily due to the following line items: Payroll grew by 10.7%, mainly as a result of annual wage increases as well as higher headcount as compared to the third quarter of '24. Other costs and expenses increased by 22% due primarily to higher IT-related requirements and transportation services. Contracted services expense rose 16.4%, mainly due to higher cost of security and cleaning services following contract renewals in prior quarters, reflecting the inflationary pressures and tight labor market conditions in Mexico.
Minor maintenance increased 19.8%, primarily due to timing effect of the works performed. Concession tax increased by 10.4% to MXN 290 million, in line with revenue growth. Major maintenance provision was MXN 28 million as compared to MXN 75 million in the same quarter of last year. OMA's third quarter adjusted EBITDA grew 9.0% to MXN 2.7 billion and adjusted EBITDA margin reached 74.8%. Our financing expense increased by 9.8% to MXN 299 million, mainly driven by higher interest expense as a result of higher average debt levels. Consolidated net income was MXN 1.5 billion in the quarter, an increase of 9.1% versus the same quarter of last year.
Turning to our cash position. Cash generated from operating activities in the third quarter amounted to MXN 1.9 billion and investing and financing activities used cash for MXN 480 million and MXN 365 million, respectively. As a result, our cash position at the end of the quarter stood at MXN 4.4 billion. At the end of September, total debt amounted to MXN 13.6 billion, and we maintained a solid financial position, ending the quarter with a net debt to adjusted EBITDA ratio of 0.9x.
This concludes our prepared remarks. Melissa, please open the call for questions.
[Operator Instructions] Our first question comes from the line of Pablo Ricalde with Itaú.
2. Question Answer
I have one question regarding your traffic expectations maybe for the fourth quarter and maybe your early thoughts on 2026, taking into account the World Cup.
Yes. Thank you, Pablo. So we're looking for the rest of the year to finish in our traffic overall for the year between 7% and 8% growth. And our expectation at this point in time for next year, it's traffic to be in the low to mid-single digits for next year growth.
[Operator Instructions] Our next question comes from the line of Enrique Cantu with GBM.
I have a quick question. Commercial revenue per pass declined this quarter, the first contraction since early 2023. Could you elaborate on the main drivers behind this softness? And how do you plan to reaccelerate this [ known ] area of growth?
Enrique, so yes, commercial revenue per passenger mainly reflects -- in the quarter reflects the impact of onetime revenues recorded in the previous year. And in the following quarters, we expect commercial revenues per passengers to gradually increase in line with inflation from current levels.
Okay. Perfect. And just another one, if I may. SG&A and utility costs rose this quarter, eroding margins despite strong top line growth. Do you view these cost pressures as temporary? Or should we expect a structurally higher cost base heading into 2026?
Sorry, could you repeat that? Maybe you're too close to the microphone.
Yes, sorry. So it's regarding SG&A and utility costs. We saw that this quarter they erode margins. Do you view these cost pressures as temporary? Or should we expect this higher cost base heading into 2026?
So yes, as we mentioned, there are some specific line items that are facing some pressures like cleaning and security, where the total level of cost in the following quarters should be similar to the level of cost that we are facing right now. However, we do have started to analyze different alternatives to continue maintaining cost at check, and it's part of the history of the company to be very cost conscious, and we expect pressures not to be permanent.
Our next question comes from the line of Gabriel Himelfarb with Scotiabank.
A quick question on capital allocation. First, for the next MDP, I think you have mentioned that almost all the capital will go to Monterrey. It will be focused on, perhaps, increasing the capacity of the airport or developing more the commercial spaces, the commercial portion of the business? And my second question, are you seeking or have you considered expanding gap -- sorry, OMA's portfolio towards outside Mexico?
Yes. Thank you, Gabriel. Regarding the last part, we're always looking for opportunities to expand internationally. At this point in time, we don't have a concrete transaction that we could share. In terms of the MDP, it's around half of the MDP will be allocated to Monterrey, given that half of the traffic is allocated in Monterrey. We're looking to expand in most of -- in capacity that will generate commercial opportunities as well. There's pavement, there's technology, there's environmental and sustainability projects as well.
Thank you. There are no questions at this time. I'll turn the floor back to Mr. Duenas for any final comments.
We would like to thank you, everyone, for participating in today's call. We appreciate your insightful questions, engagement and continued support. Ruffo, Emmanuel and I remain available should you have any further questions or require additional information. Thank you once again, and have a great day.
Thank you. This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.
Financial data from Grupo Aeroportuario del Centro Norte SAB de CV Sponsored ADR Class B
Revenue
Revenue is the sum of all sales generated by a company, e.g. for its products or services.
Revenue (TTM) metric explainedDirect Costs
Direct costs are the costs incurred directly in connection with the manufacture of the product or service.
Gross Profit
Gross Profit indicates how much of the revenue remains in the company after deducting direct production costs. If the percentage share of sales is calculated, this is referred to as the gross margin.
Gross Profit metric explainedSelling and Administrative Expenses
Selling, general and administrative expenses (SG&A) include all expenses for marketing and sales as well as the general administration of the company.
Research and Development Expense
Research and development costs (R&D) provide information on how much the company invests in the research and development of its products. The costs are particularly interesting as a percentage of revenue and in comparison to direct competitors.
EBITDA
EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) is the company's earnings before interest, taxes, depreciation and amortization. The EBITDA margin is calculated as a percentage of sales.
Depreciation and Amortization
Depreciation represents reductions in the value of the company's assets (e.g. due to wear and tear on machinery).
EBIT (Operating Income)
EBIT (Earnings Before Interest and Taxes) is the company's profit before interest and taxes, also known as the operating income. The EBIT Margin is calculated as a percentage of sales at
.
Net Profit
Net Profit represents the profit or loss after deduction of all costs.
Net Profit metric explainedStocksGuide Premium
| Jun '26 |
+/-
%
|
||
| Revenue | 946 946 |
4%
4%
100%
|
|
| - Direct Costs | 372 372 |
54%
54%
39%
|
|
| Gross Profit | 574 574 |
14%
14%
61%
|
|
| - Selling and Administrative Expenses | 52 52 |
9%
9%
6%
|
|
| - Research and Development Expense | - - |
-
-
|
|
| EBITDA | 575 575 |
4%
4%
61%
|
|
| - Depreciation and Amortization | 53 53 |
12%
12%
6%
|
|
| EBIT (Operating Income) EBIT | 522 522 |
3%
3%
55%
|
|
| Net Profit | 314 314 |
5%
5%
33%
|
|
In millions USD.
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Company Profile
Grupo Aeroportuario del Centro Norte SAB de CV is a holding company, which engages in operating and managing airports. It operates through the following segments: Metropolitan, Tourist, Regional, Border, Hotel, Industrial Park, and Other. The Metropolitan segment handles operations of the Monterrey airport. The Tourist segment includes Acapulco, Mazatlán, and Zihuatanejo airports. The Regional segment consists of Chihuahua, Culiacán, Durango, San Luis Potosí, Tampico, Torreón, and Zacatecas. The Border segment comprises of Ciudad Juárez and Reynosa. The Hotel segment manages the Terminal 2 NH Collection Hotel and the Hilton Garden Inn Hotel. The Industrial Park segment operates the OMA-VYNMSA Industrial Park. The Other segment refers to the holding company and its service companies. The company was founded in 1998 and is headquartered in San Pedro Garza Garcia, Mexico.
StocksGuide Premium
| Head office | Mexico |
| CEO | Mr. Espriu |
| Employees | 1,190 |
| Founded | 1998 |
| Website | www.oma.aero |


