Passenger traffic rose 7.7% YoY to 7.6 million, led by Monterrey's 14% growth and new international routes, confirming Grupo Aeroportuario del Centro Norte's position as Mexico's most dynamic hub. Adjusted EBITDA increased 9% YoY to MX$2.65 B with a 74.8% margin (77.9% ex-tax), showing its remarkable ability to turn revenue into sustainable cash flow. Net income grew 9.1% YoY while operating cash flow rose 10.7%, lifting cash reserves to MX$4.45 B and supporting continued investment without adding leverage.
Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (NASDAQ:OMAB ) Q3 2025 Earnings Call October 24, 2025 12:00 PM EDT Company Participants Emmanuel Camacho - Investor Relations Officer Ricardo Duenas - Chief Executive Officer Ruffo Pérez del Castillo - Chief Financial Officer Conference Call Participants Pablo Ricalde Martinez - Itaú Corretora de Valores S.A.
Grupo Aeroportuario del Centro Norte remains my top pick among Mexican airport operators, thanks to its strong business mix and exposure to industrial hubs like Monterrey. The reshoring trend and Mexico's manufacturing boom, especially in Monterrey, are fueling robust traffic and non-aeronautical revenue growth for OMAB. Despite a 40% stock price run-up, the company is still reasonably valued, with solid EBITDA growth and a compelling dividend policy supporting long-term returns.
| Passenger Airlines Industry | Industrials Sector | Ricardo Duenas Espriu CEO | XMUN Exchange | US4005011022 ISIN |
| MX Country | 1,163 Employees | 26 Nov 2025 Last Dividend | - Last Split | 29 Nov 2006 IPO Date |
Grupo Aeroportuario del Centro Norte, S.A.B. de C.V., encompassing its subsidiaries, holds a prominent position in the development, operation, and maintenance of airports across Mexico. The entity is responsible for the management of 13 international airports located in key cities such as Monterrey, Acapulco, Mazatlán, Zihuatanejo, Ciudad Juárez, Reynosa, Chihuahua, Culiacán, Durango, San Luis Potosí, Tampico, Torreón, and Zacatecas. Additionally, it ventures beyond aviation, operating prestigious hotels like the NH Collection Hotel at Terminal 2 of the Mexico City International Airport and the Hilton Garden Inn at Monterrey International Airport. Established in 1998 with its headquarters nestled in Mexico City, Mexico, the company stands as a vital infrastructure operator within the nation's transportation and hospitality sectors.
Grupo Aeroportuario del Centro Norte provides an extensive range of aeronautical services crucial for airport operations. These services encompass passenger services, aircraft landing and parking, boarding and unloading operations, the use of passenger walkways, and rigorous airport security measures. Each service is designed to ensure smooth and efficient airport operations and enhance passenger experience.
Complementing its core aeronautical operations, the company offers additional services such as the leasing of space to airlines and cargo handlers, baggage-screening facilities, both permanent and non-permanent ground transportation services, as well as the provision of access rights. These services aim to support the operational needs of airlines and enhance the overall efficiency of airport logistics.
The company also generates revenue through non-aeronautical avenues, including the leasing of retail spaces at its airports to various commercial tenants like retailers and restaurants. It takes charge of maintaining parking facilities and places a significant emphasis on advertising spaces within the airport premises. This diversification strategy enriches the traveler's experience while maximizing the company’s revenue streams.
Grupo Aeroportuario del Centro Norte actively seeks diversification through services such as operating and leasing industrial park spaces and offering real estate services. It extends its portfolio into the hotel industry and air cargo logistics, indicating its strategic expansion beyond traditional airport operations. Furthermore, the company collaborates on strategic alliances, like its partnership with VYNMSA Desarrollo Inmobiliario, S.A. de C.V, to foster the development and operation of an industrial park at the Monterrey airport, thereby leveraging its real estate assets for broader economic activities.
Last but not least, Grupo Aeroportuario del Centro Norte also engages in construction services. This facet of their offerings allows them to directly influence the infrastructure and development projects within and around their airports, ensuring that facilities are not only up to standard but also reflective of the company’s commitment to quality and innovation.