Grupo Aeroportuario del Centro Norte (NASDAQ:OMAB) executives highlighted regulatory progress on the company’s next five-year investment plan alongside steady traffic and revenue growth in 2025, according to remarks on the company’s fourth-quarter earnings call. Management also provided additional detail on tariff increases, major maintenance accounting, and the pace of commercial expansion projects at key airports, including Monterrey.
Master Development Program approved for 2026–2030
CEO Ricardo Dueñas said the Federal Civil Aviation Agency approved OMA’s Master Development Program (MDP) for the 2026–2030 period in December. The approved investment commitment totals approximately MXN 16 billion in December 2024 pesos. Dueñas said the program emphasizes capacity expansion and quality enhancements at OMA’s largest airports by passenger contribution, while also focusing on network efficiency.
Management characterized the size of the 2026–2030 commitment as comparable in real terms to the prior 2021–2025 cycle, while noting that current traffic levels are “materially higher” than five years ago. Dueñas said this implies improved capital efficiency per passenger and reflects scalability of existing infrastructure.
Full-year 2025 traffic rose 8.5% as capacity constraints eased
Dueñas said 2025 reflected continued recovery in operational capacity, with strong performance at Monterrey. He noted the Pratt & Whitney engine inspection program continued to affect certain fleets, but capacity constraints eased versus 2024, allowing airlines to restore frequencies and reintroduce routes limited by aircraft availability.
OMA reported seat capacity across its airports increased close to 11% in 2025, while total passenger traffic reached 28.8 million, a year-over-year increase of 8.5%. Domestic passengers grew 8% and international passengers increased 12%. The company also opened 35 new routes during the year—24 domestic and 11 international.
Management emphasized Monterrey’s expanding international footprint, citing the consolidation of long-haul routes including Monterrey-Madrid, Monterrey-Tokyo, and Monterrey-Seoul. Dueñas said the company plans additional operations to Madrid in 2026 and the launch of a Monterrey-Paris route in April 2026.
Commercial and diversification businesses contributed to revenue growth
Dueñas said OMA recorded growth across key commercial revenue lines in 2025 driven by new outlet openings and commercial mix optimization. For the year, restaurant revenues rose 22%, VIP lounge revenues increased 30%, and parking revenues increased 13% (as compared to 2024, as described on the call).
From diversification businesses, the industrial park posted a 44% revenue increase versus 2024, supported by higher leased square meters, and OMA Carga revenues rose 9%, which management attributed to higher volumes and improved operational efficiencies.
For full-year 2025, OMA said both aeronautical and non-aeronautical revenues grew approximately 12% year over year, contributing to MXN 10.2 billion in adjusted EBITDA and an adjusted EBITDA margin of 74.5%.
Fourth-quarter results: traffic up 6%, adjusted EBITDA up 6%
OMA reported fourth-quarter passenger traffic of 7.5 million, up 6% year over year, while seat capacity increased 8%. Domestic traffic grew 6%, driven primarily by Monterrey, where management cited increased traffic on routes to Mexico City’s metro area (including Toluca and Mexico City airports), Bajío, Puerto Vallarta, Mérida, and Guadalajara. These routes added over 300,000 passengers in the quarter, representing 79% of total domestic passenger growth, the company said.
International traffic rose 4%, mainly driven by Monterrey routes to Bogotá, Toronto, and Panama, and San Luis Potosí routes to Dallas/Fort Worth, Atlanta, and San Antonio. Management said these routes added more than 67,000 passengers during the quarter.
By airline, Volaris—representing 24% of quarter traffic—posted a 17% increase in passenger traffic versus fourth-quarter 2024, while Viva—51% of quarter traffic—recorded a 5% increase.
On revenue, CFO Rufo Pérez Pliego said aeronautical revenues increased 5.6% year over year, supported by higher traffic. He noted, however, that peso appreciation versus the U.S. dollar resulted in a 1.3% decline in international passenger charges despite a 4.2% increase in international passengers.
Non-aeronautical revenues increased 7.5%, with commercial revenues up 8.4%. Pérez Pliego cited the highest-growth commercial lines as parking, restaurants, VIP lounges, and retail. Parking grew 18.4%, attributed to higher passenger traffic, higher penetration across airports, and increased tariffs. Restaurants and retail rose 11.3% and 7.0%, respectively, while VIP lounges increased 17%, driven by a higher capture rate—primarily in Monterrey—and higher traffic, partially offset by currency effects.
Commercial revenue per passenger was MXN 62, and occupancy for commercial space ended the quarter at 93%. Diversification revenues increased 4.8%, led by OMA Carga, which grew 14.2% due to higher operating levels and tons handled. Total aeronautical and non-aeronautical revenues grew 6.1% to MXN 3.5 billion, and construction revenues were MXN 613 million in the quarter.
Adjusted EBITDA increased 5.9% to MXN 2.6 billion, with a margin of 73.6%. Consolidated net income was MXN 1.2 billion, up 3.6% year over year.
Costs, major maintenance provision, tariffs, and 2026 outlook
Pérez Pliego said airport services and G&A expenses rose 11.6%, pointing to higher contracted services (up 14.7% due to security and cleaning contract renewals amid inflation and tight labor markets), higher minor maintenance (up 24.1% due to timing), and higher basic services costs. He also cited a one-time MXN 6 million impact from temporarily using an alternative power supply line at Monterrey during nearby subway construction; electricity supply reverted to the regular power purchase agreement at the end of December.
Major maintenance provision was MXN 216 million versus MXN 39 million in the prior-year quarter, which management emphasized is a non-cash item. The company said it reassessed major maintenance requirements to reflect expenditures in the newly approved 2026–2030 MDP, increasing the provision liability. Management said about 17% of total MDP investments correspond to major maintenance projects, and it expects a full-year major maintenance provision cost of approximately MXN 400 million for 2026.
On tariffs, management said a 6.9% increase was announced starting April 10 and that it expects it will take 2 to 3 years to reach 100% of the maximum tariff. The company estimated it would be around 93% of the maximum tariff by the end of the year. Management also said the peso’s approximately 8% appreciation in fourth-quarter 2025 versus the prior-year period impacted four FX-linked revenue items—international passenger charges, VIP lounge, duty-free, and industrial park—by an estimated MXN 50 million to MXN 60 million.
Regarding projects, management said it anticipates opening the new commercial area in Monterrey by mid-next year, while the new commercial area in Culiacán is expected to open by year-end. The company said it expects a “bump” in performance after the Monterrey expanded terminal commercial areas open, with a full-year effect reflected in 2028, and projected a 10% to 15% increase in spending per passenger in Monterrey in real terms once new stores and outlets open.
For traffic in 2026, management reiterated an expectation of low- to mid-single-digit growth. The company also said 20 routes have been confirmed so far, including 17 domestic and 3 international, with most starting in June from airports such as Monterrey and San Luis Potosí.
OMA ended the quarter with MXN 3.1 billion in cash. Total debt at year-end was MXN 13.6 billion, and leverage (net debt to adjusted EBITDA) stood at 1.0x. Management said it is not currently considering alternative financing structures beyond what it has used in recent years, though it noted upcoming debt refinancings due this year and said it expects to tap the “seguros” market as it has in recent years. Executives also said they are evaluating a new hotel in Monterrey, another in Ciudad Juárez, and an expansion of the industrial park in Monterrey.
About Grupo Aeroportuario del Centro Norte (NASDAQ:OMAB)
Grupo Aeroportuario del Centro Norte, SAB. de C.V. (OMAB) is a Mexican airport operator that develops, manages and operates airports under long‐term concessions granted by the Federal Government of Mexico. The company’s core business covers all aspects of airport operations, including passenger processing, airfield services, security, ground handling, cargo handling and commercial activities such as retail, food and beverage, and parking.
OMA currently holds concession contracts for 13 airports in central and northern Mexico, serving key markets such as Monterrey, Ciudad Juárez, Culiacán, Hermosillo and Torreón.
