Grupo Aeroportuario Del Centro Norte, S.A.B. De C.V. (OMAB) Q2 2025 Earnings Call Transcript

Written by Emily J. Thompson, Senior Investment Analyst

Source: SeekingAlpha

Updated: Jul 29 2025

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Should l Buy OMAB?

Source: SeekingAlpha

Passenger Traffic OMA's passenger traffic totaled 7.2 million, an 11% increase year-over-year. Domestic passenger traffic grew by 10%, driven by Monterrey Airport, while international passenger traffic increased by 19%, also led by Monterrey Airport.

Aeronautical Revenues Aeronautical revenues increased 17% year-over-year, driven by higher aeronautical yields and increased domestic and international passenger traffic.

Commercial Revenues Commercial revenues grew 20% year-over-year, with commercial revenue per passenger increasing by 8% to MXN 62. Growth was mainly driven by restaurants, parking, VIP lounges, and retail.

Adjusted EBITDA Adjusted EBITDA increased 19% year-over-year to MXN 2.6 billion, with an adjusted EBITDA margin of 74.6%.

Capital Expenditures Total investments, including MDP investments, major maintenance, and strategic investments, amounted to MXN 965 million in the quarter.

Construction Revenues Construction revenues increased 64.7% year-over-year to MXN 916 million, driven by increased MDP investments.

Diversification Revenues Diversification activities increased 11% year-over-year, with industrial services contributing most to this growth. Industrial services grew over 100% due to an increase in leased square meters in the industrial park.

Hotel Services Revenue Revenue from hotel services increased 4% year-over-year to MXN 112 million, driven by higher average run rates, partially offset by lower occupancy rates.

Consolidated Net Income Consolidated net income was MXN 1.3 billion, a 3.8% increase year-over-year.

Cash Position Cash generated from operating activities was MXN 1.8 billion, while investing activities used MXN 575 million. Financing activities resulted in a net cash outflow of MXN 138 million, leaving a cash position of MXN 3.4 billion at the end of the quarter.

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OMAB

$124.48+Infinity%1D

Analyst Views on OMAB

Wall Street analysts forecast OMAB stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for OMAB is 127.50 USD with a low forecast of 120.00 USD and a high forecast of 135.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.

2 Analyst Rating

2 Buy

0 Hold

0 Sell

Moderate Buy

Current: 119.580

Low

120.00

Averages

127.50

High

135.00

Current: 119.580

Low

120.00

Averages

127.50

High

135.00

Bradesco BBI

Neutral -> Outperform

upgrade

$120

2026-01-05

Reason

Bradesco BBI

Price Target

$120

AI Analysis

2026-01-05

upgrade

Neutral -> Outperform

Reason

Bradesco BBI upgraded OMA to Outperform from Neutral with a $120 price target.

Barclays

NULL -> Overweight

maintain

$286 -> $297

2025-12-19

Reason

Barclays

Price Target

$286 -> $297

2025-12-19

maintain

NULL -> Overweight

Reason

Barclays raised the firm's price target on OMA to MXN 297 from MXN 286 and keeps an Overweight rating on the shares. The firm cites the company's positive result from its master development program negotiation for the target boost.

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About OMAB

Grupo Aeroportuario del Centro Norte SAB de CV is a holding company. The Company, through its subsidiaries, holds concessions to operate, maintain and develop over 10 airports in Mexico. The Company's segments include Metropolitan, Tourist, Regional, Border, Hotel and Other. The Company also engages in various commercial and diversification activities conducted at its airports, such as the leasing of space to restaurants and retailers, the operation of parking facilities, and the operation of the NH Terminal 2 Hotel and the Hilton Garden Inn Hotel at the Monterrey airport. The Company's airports serve the Monterrey metropolitan area; approximately three tourist destinations, such as Acapulco, Mazatlan and Zihuatanejo; over seven regional centers, such as Chihuahua, Culiacan, Durango, San Luis Potosi, Tampico, Torreon and Zacatecas, and approximately two border cities, such as Ciudad Juarez and Reynosa.

About the author

Emily J. Thompson

Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.

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