Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (OMAB) Q4 2025 Earnings Call Transcript
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Overview
The company's earnings call summary and Q&A session provide a generally positive outlook. There is an optimistic guidance with a 6.9% tariff increase and new routes, despite some uncertainties in consolidation impacts. The MDP investments promise future revenue growth, and operations are normalizing post-violence in Jalisco. Although there's no new partnership, the overall sentiment is positive, with strong financial metrics and optimistic guidance. Given the market cap of approximately 3.2 billion, the stock is likely to experience a positive movement, aligning with the positive sentiment.
Key Financial Performance
Total passenger traffic 28.8 million passengers in 2025, representing an 8.5% increase compared to 2024. Domestic passenger traffic grew by 8% and international passenger traffic by 12%. The increase was supported by higher seat availability, route expansion, and diversification of Monterrey's international footprint.
Revenue from restaurants Grew by 22% in 2025 compared to 2024. This growth was driven by the opening of new outlets and continued commercial mix optimization.
Revenue from VIP lounges Increased by 30% in 2025 compared to 2024. The growth was attributed to higher capture rates and increased passenger traffic.
Revenue from parking Increased by 13% in 2025 compared to 2024. This was due to higher passenger traffic and increased tariffs.
Revenue from industrial park Increased by 44% in 2025 compared to 2024. This growth was supported by higher leased square meters.
OMA Carga revenues Increased by 9% in 2025 compared to 2024. The growth was mainly due to higher volumes and improved operational efficiencies.
Aeronautical and non-aeronautical revenues Each grew approximately 12% year-over-year in 2025. This was driven by increased passenger traffic and commercial revenue growth.
Adjusted EBITDA for 2025 MXN 10.2 billion with an adjusted EBITDA margin of 74.5%. This reflects strong financial performance.
Fourth quarter passenger traffic 7.5 million passengers, a 6% increase year-over-year. Domestic passenger traffic grew by 6%, and international passenger traffic increased by 4%. Growth was driven by increased seat capacity and higher traffic on specific routes.
Fourth quarter aeronautical revenues Increased by 6% compared to 4Q 2024, mainly due to increased passenger traffic.
Fourth quarter commercial revenues Grew by 8% compared to 4Q 2024. Growth was driven by parking, restaurants, VIP lounges, and retail, supported by higher penetration and increased passenger traffic.
Fourth quarter adjusted EBITDA Increased by 6% to MXN 2.6 billion with a margin of 73.6%. This reflects strong operational performance.
Fourth quarter diversification revenues Increased by 5%, with OMA Carga contributing most of the growth (14.2%) due to higher levels of operation and tons handled.
Consolidated net income for 4Q 2025 MXN 1.2 billion, an increase of 3.6% compared to 4Q 2024. This was driven by strong revenue growth and lower financing expenses.
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Operating Highlights
Master Development Program Approval: Received approval for a master development program for 2026-2030, with an investment commitment of approximately MXN 16 billion. Focused on capacity expansion, quality enhancements, and sustainability initiatives.
New Routes and Connectivity: Opened 35 new routes in 2025, including 24 domestic and 11 international. Expanded Monterrey's international connectivity with routes to Madrid, Tokyo, and Seoul, and plans for a Monterrey-Paris route in 2026.
Passenger Traffic Growth: Total passenger traffic reached 28.8 million in 2025, an 8.5% increase from 2024. Domestic traffic grew by 8%, and international traffic by 12%.
Seat Capacity Increase: Seat capacity across airports increased by 11% in 2025, reflecting improved aircraft deployment and network adjustments.
Commercial Revenue Growth: Commercial revenues grew by 8% in Q4 2025, driven by parking, restaurants, VIP lounges, and retail. VIP lounges saw a 30% revenue increase in 2025.
Operational Efficiency in Cargo: OMA Carga revenues increased by 9% in 2025, supported by higher volumes and improved operational efficiencies.
Sustainability and Decarbonization: Embedded sustainability in investment strategy, focusing on energy efficiency and long-term emission reduction targets.
Capital Efficiency: Achieved greater capital efficiency per passenger due to higher traffic levels and disciplined capital allocation.
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Risk or Challenges
Pratt & Whitney engine inspection program: Continued to affect certain fleets during the year, causing capacity constraints and limiting aircraft availability. Although the situation improved compared to 2024, it still posed challenges for Mexican airlines in restoring frequencies and reintroducing routes.
Peso appreciation against the dollar: Resulted in a 1.3% decline in international passenger charges despite an increase in international passengers, impacting revenue generation from international operations.
Higher cost of security and cleaning services: Inflationary pressures and tight labor market conditions led to increased costs for contracted services, impacting operational expenses.
Temporary use of alternative power supply line at Monterrey Airport: Caused by construction works related to a subway line near the airport, leading to higher electricity tariffs and increased utility costs.
Major maintenance provision reassessment: Reassessment of major maintenance requirements for the 2026-2030 master development program resulted in increased provision liability, adding to financial burdens.
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Guidance & Outlook
Master Development Program (MDP) 2026-2030: The Federal Civil Aviation Agency approved a master development program with an investment commitment of approximately MXN 16 billion (in December 2024 pesos). The program focuses on capacity expansion, quality enhancements, sustainability, and decarbonization at major airports. Investments include terminal expansions, airside infrastructure, equipment upgrades, and environmental initiatives. The program aims to improve passenger experience, operational efficiency, and long-term service quality while optimizing costs.
Traffic Growth and Connectivity Expansion: In 2026, the company plans to strengthen overseas connectivity with additional operations to Madrid and the launch of a Monterrey-Paris route in April 2026. This aligns with the long-term vision of positioning Monterrey as a key international hub connecting Northern Mexico with global destinations.
Major Maintenance Provision for 2026: The company expects the full-year major maintenance provision cost to be approximately MXN 400 million, reflecting expenditures under the 2026-2030 MDP.
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Shareholder Return Plan
The selected topic was not discussed during the call.
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Key Q&A
Q:On the MXN 260 million major maintenance provision recognized this quarter, does this reflect higher maintenance intensity or just timing shifts?
A:It reflects the next 5-year (2026-2030) expected expenditures as well as timing changes versus what was assumed in the past.
Q:Is the expectation that the full year number for major maintenance provision will be around MXN 400 million?
A:Yes, that is correct. The P&L impact is noncash.
Q:How do you expect to increase the passenger fleet throughout the year to reach close to 100% of your maximum tariff?
A:The announced increase is a 6.9% increase starting April 10, and it is anticipated to take 2 to 3 years to reach 100% of the maximum tariff.
Q:By the end of this year, what percentage of the maximum tariff do you expect to have completed?
A:Around 93%.
Q:Any update on the timing of the investments in Monterrey?
A:The new commercial area of Monterrey is anticipated to open by mid-next year, and the new commercial area of Culiacan is expected to open by the end of this year.
Q:How much of the master development plan (MDP) investments for the next 5 years is major maintenance? Is the accounting rule to provision 100% of that major maintenance during the 5-year period?
A:Major maintenance represents approximately 17% of the total MDP for the next 5 years. 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.
Q:Can you provide more color about the excess of concession tax on aeronautical revenues this quarter? Is this something that could be recurrent going forward?
A:The excess pursuant to 2023 tariff-based regulation was incorporated as an additional reference value used in the recent negotiation in December. This excess is already being recovered through a maximum tariff starting January 1 of this year.
Q:What is the expected impact of the MDP CapEx on Monterrey in terms of commercial revenues and EBITDA?
A:A 10% to 15% increase in spending per passenger in Monterrey in real terms on an annualized basis is expected once the new commercial areas are opened. The full-year effect will be reflected in 2028.
Q:What is your view on the Viva-Volaris consolidation in terms of routes and seat allocation?
A:The potential impact is still being assessed.
Q:What is your view towards asset acquisitions, such as involving VINCI and the MDP, or future acquisitions?
A:There are no specific transactions being considered at the moment. However, there is interest in expanding hotel presence (e.g., new hotels in Monterrey and Ciudad Juarez) and industrial parks in Monterrey.
Q:Can you provide more details on the line of revenues and cost revenues, including the impact of FX on international traffic and maintenance costs?
A:Four revenue items are closely related to FX: international passenger charges, VIP lounge, duty-free, and industrial park. The peso appreciation in Q4 2025 compared to Q4 2024 (8% appreciation) had an estimated impact of MXN 50 million to MXN 60 million. For maintenance, the full-year provisioning for 2026 is expected to be around MXN 400 million, with future impacts depending on construction costs and long-term interest rates.
Q:Has the recent violence in Jalisco impacted your airports or caused route cancellations?
A:All 13 airports are operating normally. There were a few cancellations from Guadalajara and Puerto Vallarta airports during the event, but operations have since normalized.
Q:Are you considering alternative financing methods, such as FIBRA, for funding your CapEx?
A:No, alternative financing methods are not being considered. Refinancing of debt due this year is expected to tap the CEBURES market, as done in the past 4-5 years.
Q:What are your traffic expectations for the year?
A:Low to mid-single-digit growth in traffic is anticipated for the year.
Q:Regarding the 7% real increase in tariffs, what is the base for that increase?
A:The 6.9% real increase reflects the 2026 maximum tariff compared to the 2025 maximum tariff. The nominal increase starting April 10 is 6.1%, including inflation.
Q:How are you assessing demand elasticity, particularly in routes like Monterrey and tourist destinations, as you implement tariff increases under the new MDP?
A:The pass-through implemented this year is not expected to have a major impact on traffic elasticity. Additionally, 20 new routes (17 domestic, 3 international) have been confirmed, starting primarily in June.
Q:What kind of growth should be expected in commercial revenues per passenger and diversification revenues for 2026?
A:Commercial revenue per passenger is expected to remain around MXN 62 per passenger, similar to 2025. Diversification revenues are expected to grow, driven by inflationary increases in hotel results and double-digit growth in the OMA Carga unit.
Q:Review of Unclear Management Responses
A:Management avoided providing a direct answer or lacked clarity on the potential impact of the Viva-Volaris consolidation in terms of routes and seat allocation.
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Earnings Word Cloud
The most frequently occurring keywords in this quarter's earning call
Agency master
Antonio route
Asia consolidation
Atlanta San
Bogotá Toronto
Capacity quality
Carga revenue
Chihuahua warehouse
Dallas Fort
Europe
Madrid
OMA Carga
VIP lounge
aircraft
airline
approval
availability
capacity airport
connectivity
contribution
deployment
development program
efficiency
equipment
expansion
haul
improvement
increase passenger
infrastructure
investment commitment
master development
network
optimization
parking
seat
traffic increase
year
OMAB Transcript
Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (OMAB) Q4 2025 Earnings Call Transcript
Positive2-24
The company's earnings call summary and Q&A session provide a generally positive outlook. There is an optimistic guidance with a 6.9% tariff increase and new routes, despite some uncertainties in consolidation impacts. The MDP investments promise future revenue growth, and operations are normalizing post-violence in Jalisco. Although there's no new partnership, the overall sentiment is positive, with strong financial metrics and optimistic guidance. Given the market cap of approximately 3.2 billion, the stock is likely to experience a positive movement, aligning with the positive sentiment.
Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (OMAB) Q3 2025 Earnings Call Transcript
Unknown10-24
Despite positive financial performance, including increased passenger traffic and revenues, concerns about regulatory uncertainty, inflationary pressures, and rising costs balance out the positive sentiment. The lack of clear guidance on international expansion and the potential impact of the ongoing MDP negotiations further contribute to a neutral outlook. The market cap indicates moderate sensitivity to these mixed signals, suggesting a neutral stock price movement.
Grupo Aeroportuario Del Centro Norte, S.A.B. De C.V. (OMAB) Q2 2025 Earnings Call Transcript
Positive7-29
The earnings call reflects strong financial performance with an 11% increase in passenger traffic and a 17% rise in aeronautical revenues. Despite some uncertainties in the Q&A, such as reduced airline capacity, the overall sentiment is positive due to strong growth metrics, high EBITDA margins, and a stable dividend policy. The market cap of over 3 billion suggests moderate volatility, leading to a positive stock price movement prediction of 2% to 8% over the next two weeks.
Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (OMAB) Q1 2025 Earnings Call Transcript
Unknown4-29
The earnings call reveals mixed results: strong financial performance with revenue growth and a declared cash dividend, but also challenges like regulatory issues, supply chain problems, and increased expenses. The Q&A section highlights cautious management regarding demand and capacity, with no new partnerships or strategic moves that might boost sentiment. The market cap suggests a moderate reaction, leading to a neutral prediction.
OMAB Report
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