Grupo Aeroportuario del Centro Norte, S.A.B. de C.V.

OMA served 7.2 million passengers in Q2 2026, up 0.4% year over year; domestic traffic increased 0.6% and international traffic declined 1.2%. Total aeronautical and non-aeronautical revenues grew 5.4% to Ps. 3.6 billion, with construction revenues of Ps. 844 million. Aeronautical revenues increased 3.9%-4%, non-aeronautical revenues increased 9.8%, and adjusted EBITDA rose 6.2%-6.6% to Ps. 2.7 billion with a 75.2% margin. Consolidated net income was Ps. 1.5 billion, up 10.2% year over year, and cash from operating activities was Ps. 1.8 billion; quarter-end cash was Ps. 2.6 billion, total debt was Ps. 14.3 billion, and net debt/adjusted EBITDA was 1.1x. For the year, management expects around 93%-95% compliance with maximum tariffs, traffic growth around flat to low single digits, and total investment of Ps. 3.5 billion to Ps. 4 billion, including carryover MDP investments.

Ricardo Duenas said OMA’s quarter was supported by tariff adjustments, route additions, and continued growth in commercial and cargo activities. He highlighted San Luis Potosí, Monterrey, and new international routes as key contributors, and said the company is working with airlines to expand Monterrey’s route network. His tone was constructive but measured, noting airline capacity discipline and fuel-cost pressure, while still expecting positive traffic for the year.

Ruffo Perez Pliego del Castillo emphasized that aeronautical revenue rose 3.9% and non-aeronautical revenue rose 9.8%, helping drive adjusted EBITDA up 6.2% to Ps. 2.7 billion with a 75.2% margin. He cited higher payroll, security, cleaning, materials, and new MDP provision requirements, with concession tax at Ps. 294 million and major maintenance provision at Ps. 99 million versus Ps. 50 million last year. Financing expense fell 17.4% to Ps. 337 million, consolidated net income reached Ps. 1.5 billion, and cash ended at Ps. 2.6 billion with total debt of Ps. 14.3 billion and leverage of 1.1x.

Analysts focused on tariff compliance, CapEx pacing, traffic outlook, Monterrey route development, cargo growth, and working capital. Management said full-year maximum tariff compliance should be about 93%-95%, with the 99% target likely reached by the end of 2027 or mid-2028, and explained that CapEx is higher because carryover MDP investments from prior plans are being completed, taking full-year investment to Ps. 3.5 billion to Ps. 4 billion. On traffic, management expects flat to low-single-digit growth and said oil and fuel pressures could be a headwind, while cargo and Monterrey expansion remain important growth avenues.