OMA Q2 2025 presentation slides: Passenger growth drives record revenues

Grupo Aeroportuario del Centro Norte (NASDAQ:OMAB), known as OMA, presented its July 2025 corporate overview highlighting strong operational and financial performance driven by robust passenger growth and strategic investments. The Mexican airport operator continues to expand its infrastructure while diversifying revenue streams and maintaining healthy margins.

Operational Performance Highlights

OMA served 27.8 million passengers in the last twelve months ending June 2025, representing a 10.3% increase in the first half of 2025 compared to the same period in 2024. Domestic passenger traffic grew by 9.1%, while international traffic surged by 17.0%, demonstrating strong recovery and growth across all segments.

As shown in the following chart comparing monthly passenger traffic between 2024 and 2025, OMA has maintained consistent growth throughout the first half of 2025:

The company’s airline mix remains diversified, with Viva Aerobus accounting for 50% of total passengers, followed by Volaris (23%) and Grupo Aeroméxico (17%). This aligns with CEO Ricardo Duenas’ statement during the Q2 earnings call that the company expects "mid to high single digits [traffic growth]" for the remainder of the year.

Financial Performance

OMA’s financial results demonstrate consistent growth and margin expansion over recent years. Aeronautical revenue increased from 4,347 million pesos in 2017 to 9,795 million pesos in the last twelve months ending June 2025, while non-aeronautical revenue grew from 1,456 million pesos to 3,338 million pesos over the same period.

The following chart illustrates OMA’s growing revenue and efficiency improvements:

Particularly impressive is the company’s adjusted EBITDA margin expansion from 66.0% in 2017 to 74.7% in the last twelve months ending June 2025, representing more than 8 percentage points of improvement. This aligns with the 74.6% EBITDA margin reported in the Q2 2025 earnings call, confirming the company’s operational efficiency.

Aeronautical revenue, which includes passenger charges and airport services, continues to grow steadily as shown in the following chart:

Similarly, non-aeronautical revenue has shown solid performance, with diversified income streams from commercial, complementary, and diversification activities:

Revenue Diversification Strategy

OMA’s commercial revenue is well-diversified across multiple categories, with parking (28%), restaurants (20%), and car rentals (15%) representing the largest segments. The company operates over 24,659 square meters of commercial space across its 13 airports, maintaining high occupancy levels and incorporating innovative advertising and premium offerings.

The breakdown of commercial revenue sources is illustrated in the following chart:

The company’s diversification strategy extends beyond traditional airport services to include:

1. OMA Carga (cargo services)

2. NH Collection Hotel at Mexico City Airport (83.6% occupancy rate)

3. Hilton Garden Inn at Monterrey Airport (75.9% occupancy rate)

4. Industrial Park with 17 warehouses (~136,934 m²) showing revenue growth of 104.7% vs Q2 2024

These diversification efforts are illustrated in the following breakdown:

Strategic Investments and Expansion

OMA is executing a comprehensive Master Development Program for 2021-2025 with a total committed investment of 15,993 million pesos. Major projects include:

1. Terminal A expansion at Monterrey Airport, increasing total area from 62,400 m² to 88,452 m² with operations expected to begin in Autumn 2026, boosting capacity to 15.9 million passengers

2. Expansion and remodeling of Culiacán Airport with a 617 million peso investment, increasing capacity to 3.6 million passengers with operations expected to start in 1H 2026

CFO Rupo Perez Piego highlighted during the earnings call that "Commercial revenues have increased by a number of measures," emphasizing the success of these strategic initiatives in boosting revenue streams.

Sustainability and Governance

OMA has made significant progress in its environmental initiatives, with 95% of its energy coming from clean sources in 2024. The company has reduced its emissions by 91% compared to the 2018 baseline and is 72% below its 2030 goal, demonstrating strong commitment to sustainability.

The company maintains strong corporate governance with a board comprising five independent members (three of whom are women) and fully independent audit and corporate practices committees. OMA was included in the 2022 and 2023 Bloomberg Gender Equality Index, with women representing 29% of corporate staff and 20% of executive officers and managers.

Market Position and Financial Health

OMA’s stock has significantly outperformed the Mexican market, delivering an 892% return since its IPO in November 2006, compared to 136% for the MEXBOL Index:

The company maintains a healthy balance sheet with manageable debt maturities and high credit ratings from Moody’s and Fitch. This financial strength is illustrated in the following chart:

With a market capitalization of approximately 97.3 billion pesos (5.2 billion USD) as of June 30, 2025, OMA continues to create shareholder value through consistent dividend payments and stock appreciation. The stock closed at $103.23 on October 14, 2025, near its 52-week high of $116.26, reflecting investor confidence in the company’s strategy and execution.

Outlook and Industry Context

Mexico’s air travel market remains underpenetrated at 0.5 flights per capita compared to 2.8 in the United States, presenting significant growth opportunities. Favorable demographics with a growing middle class further support the long-term growth outlook for Mexican airports.

OMA’s value creation strategy focuses on fostering passenger traffic and connectivity, maximizing commercial revenues, diversifying revenue streams, optimizing capital structure, and improving operational efficiencies:

Despite potential challenges from airline capacity adjustments and economic fluctuations, OMA’s diversified revenue streams, strategic investments, and strong balance sheet position the company well for continued growth and shareholder value creation in the coming years.

Full presentation:

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