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

OMA said second-quarter 2026 passenger traffic was 7.2 million, up 0.4% year over year, with domestic traffic up 0.6% and international traffic down 1.2%. Total aeronautical and non-aeronautical revenues grew 5.4% to Ps. 3.6 billion, construction revenues were Ps. 844 million, adjusted EBITDA was Ps. 2.7 billion, up 6.2% (or 6.6% in the CEO’s remarks), and adjusted EBITDA margin was 75.2%. Consolidated net income was Ps. 1.5 billion, up 10.2%, financing expense fell 17.4% to Ps. 337 million, and cash from operating activities was Ps. 1.8 billion; cash at quarter-end was Ps. 2.6 billion, total debt was Ps. 14.3 billion, and net debt/adjusted EBITDA was 1.1x. For guidance, management expects 2026 traffic to be positive but around flat to low single digits, full-year investments of about Ps. 3.5 billion to Ps. 4 billion, and tariff compliance of about 93% to 95% this year, with the target maximum tariff level likely reached by end-2027 to mid-2028.

Ricardo Duenas emphasized that the quarter showed resilience in OMA’s network, with domestic strength, new route launches, and strong commercial execution offsetting some softness in international traffic. He highlighted Monterrey as a key growth platform, citing new services to Paris and Madrid, additional routes in the pipeline, and ongoing work to expand the airport’s connectivity and commercial contribution. His tone was constructive but cautious, especially on traffic trends, as he noted airlines are trimming capacity amid higher jet fuel costs and that winter schedules are still not fully visible.

Ruffo Perez Pliego del Castillo focused on the drivers of revenue and margin expansion, noting aeronautical revenue rose 3.9%, non-aeronautical revenue increased 9.8%, and total revenues reached Ps. 3.6 billion. He explained that costs rose 3.6% from payroll, contracting services, and materials, while concession tax was Ps. 294 million and major maintenance provision was Ps. 99 million versus Ps. 50 million a year ago, yet EBITDA margin still reached 75.2%. On the balance sheet, he said operating cash was Ps. 1.8 billion, cash ended at Ps. 2.6 billion, debt was Ps. 14.3 billion, and leverage was 1.1x net debt to EBITDA; he also tied weaker operating cash conversion to higher CapEx execution and higher provisional tax payments.

Analysts focused on tariff compliance, CapEx timing, traffic outlook, commercial revenue per passenger, cargo growth, and what comes after the Master Development Program. Management said 2026 tariff compliance should end around 93% to 95%, with maximum tariff likely reached by end-2027 or mid-2028, and explained that full-year CapEx should be about Ps. 3.5 billion to Ps. 4 billion because of carryover investments and accelerated execution. On traffic, management expects the year to remain positive but only flat to low single digits, and said Monterrey route additions, cargo expansion, new hotels, and industrial park opportunities are key next drivers beyond the MDP; on commercial revenue per passenger, they said Ps. 66 per passenger is a reasonable near-term level, with a pickup expected as new Monterrey areas open by end-2027.