Financial Data and Key Metrics Changes - In Q3 2025, total passenger traffic reached 7.6 million, an 8% increase year over year [3] - Aeronautical revenues increased by 11%, with aeronautical revenue per passenger rising by 3% [4] - Adjusted EBITDA grew by 9% to 2.7 billion pesos, with a margin of 74.8% [5][10] - Consolidated net income was 1.5 billion pesos, reflecting a 9.1% increase compared to the same quarter last year [10] - Total debt at the end of September was 13.6 billion pesos, with a net debt to adjusted EBITDA ratio of 0.9 times [11] Business Line Data and Key Metrics Changes - Domestic passenger traffic grew by 7%, primarily driven by Monterrey Airport [3] - International passenger traffic increased by 11%, with significant contributions from routes to San Francisco and Dallas [4] - Commercial revenues grew by 7%, with parking, restaurants, VIP lounges, and retail being the main contributors [4][8] - Industrial services revenues increased by 53%, driven by higher leased square meters and contractual rent increases [9] Market Data and Key Metrics Changes - The occupancy rate for commercial space stood at 96% at the end of the quarter [4] - The overall traffic growth expectation for the year is between 7% and 8% [14] Company Strategy and Development Direction - The company is focusing on expanding capacity and commercial opportunities at Monterrey Airport, with half of the Master Development Program (MDP) investment allocated there [23] - The company is exploring international expansion opportunities, although no concrete transactions are currently in place [23] Management's Comments on Operating Environment and Future Outlook - Management expects commercial revenues per passenger to gradually increase in line with inflation [17] - Cost pressures from AG&E and utility costs are viewed as not permanent, with ongoing analysis to maintain costs [19] Other Important Information - Total investments in Q3 amounted to 472 million pesos, including major maintenance and strategic investments [5] - The negotiation process for the next MDP is on track, with expectations for a resolution in December [6][7] Q&A Session Summary Question: Traffic expectations for Q4 and 2026 - Management expects overall traffic growth for the year to be between 7% and 8%, with next year's growth anticipated in the low to mid-single digits [14] Question: Drivers behind the decline in commercial revenue per passenger - The decline is attributed to one-time revenues recorded in the previous year, with expectations for gradual increases in future quarters [17] Question: Outlook on AG&E and utility cost pressures - Cost pressures are not expected to be permanent, with management actively analyzing alternatives to control costs [19] Question: Capital allocation for the next MDP and international expansion - Half of the MDP will be allocated to Monterrey, focusing on capacity expansion and commercial opportunities, while international expansion opportunities are being explored [23]

Financial Data and Key Metrics Changes - In Q3 2025, OMA's passenger traffic reached 7.6 million, an 8% year-over-year increase, with seat capacity rising by 11% [3] - Aeronautical revenues increased by 11%, with aeronautical revenue per passenger rising by 3% [4] - Adjusted EBITDA grew by 9% to MXN 2.7 billion, with an adjusted EBITDA margin of 74.8% [5][10] - Consolidated net income for the quarter was MXN 1.5 billion, reflecting a 9.1% increase compared to the same quarter last year [10] - Cash generated from operating activities amounted to MXN 1.9 billion, with a cash position of MXN 4.4 billion at the end of the quarter [11] Business Line Data and Key Metrics Changes - Domestic passenger traffic grew by 7%, primarily driven by Monterrey Airport, contributing significantly to overall growth [3] - International passenger traffic increased by 11%, with notable contributions from routes to San Francisco, Atlanta, and Dallas [4] - Commercial revenues grew by 7%, with commercial revenue per passenger at MXN 60, driven by parking, restaurants, VIP lounges, and retail [4][8] - Industrial services revenues surged by 53%, mainly due to increased leased square meters in the industrial park [9] Market Data and Key Metrics Changes - The occupancy rate for commercial space was 96% at the end of the quarter, indicating strong demand [4] - The overall investment level for the next Master Development Program is expected to remain similar in real terms to the previous program [7] Company Strategy and Development Direction - The company plans to allocate around half of its Master Development Program (MDP) investment to Monterrey, focusing on capacity expansion and commercial opportunities [23] - OMA is exploring international expansion opportunities, although no concrete transactions are currently in place [23] Management Comments on Operating Environment and Future Outlook - Management expects overall traffic growth for the year to be between 7% and 8%, with a forecast of low to mid-single-digit growth for the following year [14] - Cost pressures from AG&E and utility costs are viewed as not permanent, with ongoing efforts to manage costs effectively [19] Other Important Information - Total debt at the end of September was MXN 13.6 billion, with a net debt to adjusted EBITDA ratio of 0.9x, indicating a solid financial position [11] Q&A Session Summary Question: Traffic expectations for Q4 and early thoughts on 2026 - Management anticipates overall traffic growth for the year to be between 7% and 8%, with expectations for next year in the low to mid-single digits [14] Question: Drivers behind the decline in commercial revenue per passenger - The decline is attributed to one-time revenues recorded in the previous year, with expectations for gradual increases in future quarters [17] Question: Outlook on AG&E and utility cost pressures - Cost pressures are not expected to be permanent, with management analyzing alternatives to maintain costs [19] Question: Capital allocation for the next MDP and potential international expansion - Half of the MDP will be allocated to Monterrey, focusing on capacity and commercial opportunities, while international expansion opportunities are being explored [23]

Financial Data and Key Metrics Changes - In Q3 2025, total passenger traffic increased by 8% year over year, totaling 7.6 million passengers [4] - Aeronautical revenues rose by 11%, with aeronautical revenue per passenger increasing by 3% [6] - Adjusted EBITDA grew by 9% to MXN 2.7 billion, with an EBITDA margin of 74.8% [7][13] - Consolidated net income for the quarter was MXN 1.5 billion, reflecting a 9.1% increase compared to the same quarter last year [13] - Total debt at the end of the quarter was MXN 13.6 billion, with a net debt to adjusted EBITDA ratio of 0.9 times [14] Business Line Data and Key Metrics Changes - Commercial revenues increased by 7%, driven by parking, restaurants, VIP lounges, and retail, with occupancy rates for commercial space at 96% [6][10] - Industrial services revenue surged by 53%, attributed to higher square meters leased and contractual rent increases [11] - Non-aeronautical revenues grew by 7.3%, with significant contributions from parking and retail [9][10] Market Data and Key Metrics Changes - Domestic passenger traffic grew by 7%, primarily due to increased routes from Monterrey Airport [5] - International passenger traffic increased by 11%, with notable growth on routes to San Francisco, Atlanta, and Dallas [5] Company Strategy and Development Direction - The company is focusing on expanding capacity and commercial opportunities at Monterrey Airport, which accounts for half of its traffic [30] - The Master Development Program (MDP) is under negotiation, with expectations for final resolution in December [7][8] Management Comments on Operating Environment and Future Outlook - Management anticipates overall traffic growth for the year to be between 7% to 8%, with expectations for low to mid-single-digit growth in 2026 [19] - Cost pressures from SG&A and utility costs are viewed as temporary, with management exploring alternatives to maintain cost control [24] Other Important Information - Total investments in Q3 amounted to MXN 472 million, including major maintenance and strategic investments [7] - Cash generated from operating activities was MXN 1.9 billion, with cash position at MXN 4.4 billion at the end of the quarter [13][14] Q&A Session Summary Question: Traffic expectations for Q4 and 2026 - Management expects overall traffic growth for the year to be between 7% to 8%, with low to mid-single-digit growth anticipated for next year [19] Question: Decline in commercial revenue per passenger - The decline is attributed to one-time revenues recorded in the previous year, with expectations for gradual increases in the following quarters [22] Question: SG&A and utility cost pressures - Management views these cost pressures as temporary and is analyzing alternatives to maintain cost control [24] Question: Capital allocation for the next MDP - Half of the capital will be allocated to Monterrey for capacity expansion and commercial opportunities [30]

Financial Data and Key Metrics Changes - In Q3 2025, total passenger traffic reached 7.6 million, an 8% increase year over year, with seat capacity rising by 11% [3][4] - Aeronautical revenues increased by 11%, with aeronautical revenue per passenger rising by 3% [4][10] - Total aeronautical and non-aeronautical revenues grew by 9.8% to 3.5 billion pesos [9] - Adjusted EBITDA increased by 9% to 2.7 billion pesos, with a margin of 74.8% [5][10] - Consolidated net income was 1.5 billion pesos, reflecting a 9.1% increase compared to the same quarter last year [10][11] Business Line Data and Key Metrics Changes - Domestic passenger traffic grew by 7%, primarily driven by Monterrey Airport, contributing to 68% of total domestic growth [3][4] - International passenger traffic increased by 11%, with significant contributions from routes to San Francisco, Atlanta, and Dallas [4] - Commercial revenues grew by 7%, with notable increases in parking (9.4%), restaurants (9.8%), VIP lounges (9.9%), and retail (8.2%) [8][9] - Industrial services revenues surged by 53%, driven by higher leased square meters and contractual rent increases [9] Market Data and Key Metrics Changes - The occupancy rate for commercial space stood at 96% at the end of the quarter [4] - Cash generated from operating activities amounted to 1.9 billion pesos, with a cash position of 4.4 billion pesos at the end of the quarter [11] Company Strategy and Development Direction - The company is focused on its Master Development Program (MDP) for 2026-2030, with expectations for a similar investment level to the previous MDP [5][6] - Approximately half of the MDP will be allocated to Monterrey, reflecting its significant traffic share [22] - The company is exploring international expansion opportunities, although no concrete plans have been disclosed [22] Management's Comments on Operating Environment and Future Outlook - Management expects overall traffic growth for the year to be between 7% and 8%, with a forecast of low to mid-single digits growth for 2026 [14] - Cost pressures from AG&E and utility costs are viewed as temporary, with expectations for cost management strategies to mitigate these pressures [18] Other Important Information - Total investments in Q3 2025 amounted to 472 million pesos, including major maintenance and strategic investments [5] - The company maintains a solid financial position with a net debt to adjusted EBITDA ratio of 0.9 times [11] Q&A Session Summary Question: Traffic expectations for Q4 and early thoughts on 2026 - Management anticipates overall traffic growth for the year between 7% and 8%, with next year's growth expected in the low to mid-single digits [14] Question: Drivers behind the decline in commercial revenue per passenger - The decline is attributed to one-time revenues recorded in the previous year, with expectations for gradual increases in future quarters [16] Question: Outlook on AG&E and utility cost pressures - Cost pressures are seen as temporary, with management analyzing alternatives to maintain costs in check [18] Question: Capital allocation for the next MDP and international expansion - Half of the MDP will focus on Monterrey, with ongoing exploration of international expansion opportunities [22]

Core Insights - The report is part of Ian's Insider Corner, which provides subscribers with access to investment ideas, updates, and macro analysis [1][2] - Ian Bezek, the lead analyst, has extensive experience in Latin American markets and focuses on high-quality growth stocks [3] Group 1 - Ian's Insider Corner includes features such as the Weekend Digest, trade alerts, and direct access to the lead analyst [2] - The group emphasizes research on new stocks and updates on current holdings [2] - Ian Bezek has a background as a hedge fund analyst and specializes in identifying reasonable-priced growth stocks [3]

Financial Data and Key Metrics Changes - Aeronautical revenues increased by 17% year-over-year, driven by higher yields and increased passenger traffic [15][19] - Non-aeronautical revenues grew by 16%, with commercial revenues rising by 20% [15][19] - Adjusted EBITDA increased by 19% to MXN 2.6 billion, with an adjusted EBITDA margin of 74.6% [13][19] Business Line Data and Key Metrics Changes - Passenger traffic totaled 7.2 million, an 11% increase year-over-year, with domestic traffic growing by 10% and international traffic by 19% [11][12] - Commercial revenue per passenger increased by 8% to 62 pesos, with strong growth in restaurants (41.1%), parking (12.7%), VIP lounges (34.6%), and retail (27.4%) [13][17] - Diversification revenues increased by 11%, primarily from industrial services [13][19] Market Data and Key Metrics Changes - The occupancy rate for commercial space stood at 96% at the end of the quarter [13] - Viva Aerobus represented 51% of total traffic, with a 14% increase in terminal passenger numbers, while Volaris accounted for 24% of total traffic with a 31% increase [12] Company Strategy and Development Direction - The company is negotiating the 2630 Master Development Program, with a total committed investment similar to previous programs, focusing on enhancing efficiency and optimizing operations [8][9] - Approximately 49% of the investment will be allocated to Monterrey Airport, with key projects including terminal expansions and technology upgrades [10][56] Management Comments on Operating Environment and Future Outlook - Management anticipates mid to high single-digit traffic growth for the remainder of the year, influenced by reduced airline capacity and tougher comparisons to the previous year [26] - Strong economic performance in Monterrey is driving traffic growth, attributed to industrial activity and high occupancy in the industrial park [28] Other Important Information - The company completed a MXN 2.75 billion issuance in long-term notes, with proceeds used for loan repayments and committed investments [8] - Total debt at the end of the quarter amounted to MXN 13.6 billion, with a net debt to adjusted EBITDA ratio of one time [21] Q&A Session Summary Question: Confirmation on MDP CapEx levels - Management confirmed that the CapEx will be at a similar level in real terms, not per passenger [23] Question: Traffic outlook for the second half of the year - Management expects mid to high single-digit traffic growth, with some reduction anticipated due to airline capacity cuts [26] Question: Drivers of traffic performance - Traffic growth is attributed to strong economic performance in Monterrey and new routes [27][28] Question: Network development expectations for Monterrey Airport - New openings are expected in the domestic market, but growth may not accelerate significantly due to capacity cuts [33] Question: Tariff expectations for MVP - Management indicated that they do not foresee decreases in tariffs, with expected growth in low single digits [40] Question: Growth in commercial revenue per passenger - Management expects continued growth driven by contract renegotiations and new outlet openings [45] Question: Potential investments in Brazil - The company is not formally involved in the process of acquiring airport assets in Brazil but is always looking for opportunities [51] Question: Contribution of Monterrey to non-commercial revenues - Specific numbers were not available, but management will follow up [55] Question: Focus of new investments in Monterrey - Investments will focus on expanding platform capacity and improving operational efficiency [56] Question: Upside risk on passenger growth due to U.S. DOT actions - Management does not expect major impacts from recent U.S. DOT actions but will monitor the situation [63] Question: Dividend policy in light of expected CapEx - The company plans to maintain a similar dividend policy, distributing between 85% to 95% of net income [67]

Financial Data and Key Metrics Changes - Aeronautical revenues increased by 17% year-over-year, driven by higher yields and increased passenger traffic [12][15] - Non-aeronautical revenues grew by 16%, with commercial revenues rising by 20% [15][19] - Adjusted EBITDA increased by 19% to MXN 2.6 billion, with an adjusted EBITDA margin of 74.6% [13][19] - Consolidated net income reached MXN 1.3 billion, reflecting a 3.8% increase compared to the same quarter last year [20] Business Line Data and Key Metrics Changes - Passenger traffic totaled 7.2 million, an 11% increase year-over-year, with domestic traffic growing by 10% and international traffic by 19% [11][12] - Commercial revenue per passenger increased by 8% to 62 pesos, driven by strong performance in restaurants, parking, VIP lounges, and retail [13][15] - The occupancy rate for commercial space stood at 96% at the end of the quarter [13] Market Data and Key Metrics Changes - Monterrey Airport was a significant driver of growth, contributing to 65% of total domestic passenger growth and 66% of international passenger traffic increase [11][12] - Viva Aerobus represented 51% of total traffic, with a 14% increase in terminal passenger numbers, while Volaris accounted for 24% of traffic with a 31% increase [12] Company Strategy and Development Direction - The company is focused on a master development program aimed at enhancing efficiency and optimizing operations, with a significant portion of investment allocated to Monterrey Airport [8][10] - The investment proposal emphasizes capacity optimization and improving passenger experience, with a low single-digit increase in maximum tariffs expected [10][19] Management Comments on Operating Environment and Future Outlook - Management anticipates mid to high single-digit traffic growth for the remainder of the year, despite some capacity reductions announced by airlines [26] - Strong economic performance in the Monterrey region is attributed to industrial activity, which is expected to continue driving traffic growth [29] Other Important Information - The company completed a MXN 2.75 billion issuance in long-term notes, with proceeds used for loan repayments and committed investments [7] - Changes in senior management were announced, with a new COO and CCO set to join the company [5][6] Q&A Session Summary Question: Confirmation on MDP CapEx levels - Management confirmed that the CapEx levels are similar in real terms to previous programs [24][25] Question: Traffic outlook for the second half of the year - Management expects mid to high single-digit traffic growth, with some reduction anticipated due to airline capacity cuts [26] Question: Drivers of traffic performance - Traffic growth is attributed to strong economic performance and industrial activity in Monterrey [28][29] Question: Network development expectations for Monterrey Airport - New domestic routes are expected, but growth may be tempered by capacity cuts [34] Question: Tariff expectations for MVP - Management indicated that tariff increases are expected to be in the low single digits, with no decreases anticipated [41] Question: Growth in commercial revenue per passenger - Management highlighted ongoing initiatives to enhance commercial revenues through contract renegotiations and new outlet openings [44][45] Question: Potential investments in Brazil - The company is not formally involved in the process of acquiring airport assets in Brazil but is always looking for opportunities [49] Question: Contribution of Monterrey to non-commercial revenues - Specific numbers were not provided, but management will follow up on this inquiry [52] Question: Focus of new investments in Monterrey - Investments will focus on expanding platform capacity and improving operational efficiency [54][55] Question: Impact of U.S. DOT actions on passenger growth - Management does not expect major impacts from recent U.S. DOT actions but will monitor the situation closely [60] Question: Dividend policy outlook - The company plans to maintain a similar dividend distribution policy, with potential increases as EBITDA and net income grow [64]

Group 1 - International Consolidated Airlines Group SA (ICAGY) is a notable stock within the Transportation group, which consists of 122 companies, currently ranked 13 in the Zacks Sector Rank [2] - The Zacks Rank system indicates that ICAGY has a ranking of 2 (Buy), suggesting a favorable outlook for the stock based on earnings estimate revisions [3] - The Zacks Consensus Estimate for ICAGY's full-year earnings has increased by 3.1% over the past quarter, reflecting improved analyst sentiment and a stronger earnings outlook [4] Group 2 - ICAGY has achieved a year-to-date return of approximately 33.1%, significantly outperforming the Transportation sector, which has an average return of -2.5% [4] - Within the Transportation - Airline industry, which includes 25 companies, ICAGY is performing better than the industry average return of 5.6% year-to-date [6] - Grupo Aeroportuario del Centro Norte (OMAB), another stock in the Transportation sector, has a year-to-date return of 56.6% and a Zacks Rank of 1 (Strong Buy), indicating strong performance in the sector [5][7]

Report Overview OMA reports unaudited Q2 2025 consolidated financial and operating results, showing significant growth in passenger traffic, aeronautical and non-aeronautical revenues, and Adjusted EBITDA [Filing Information](index=1&type=section&id=Filing%20Information) This report is a Form 6-K filing by a foreign private issuer under the Securities Exchange Act of 1934, covering July 2025, indicating the registrant files annual reports on Form 20-F - This report is a Form 6-K filing by a foreign private issuer under the Securities Exchange Act of 1934, indicating the registrant files annual reports on Form 20-F[1](index=1&type=chunk)[2](index=2&type=chunk) [Second Quarter 2025 Highlights](index=2&type=section&id=Second%20Quarter%202025%20Highlights) OMA announced unaudited Q2 2025 consolidated financial and operating results, with significant growth across key metrics and an earnings call scheduled for July 29, 2025 2025 Second Quarter Key Financial and Operating Indicators | Indicator | 2Q25 (million pesos/thousand people) | 2Q24 (million pesos/thousand people) | Year-over-year Change (%) | | :-------------------------------- | :-------------------- | :-------------------- | :------------- | | Passenger Traffic (thousand people) | 7,201 | 6,470 | 11.3 | | Aeronautical Revenue (million pesos) | 2,579 | 2,204 | 17.0 | | Non-Aeronautical Revenue (million pesos) | 858 | 740 | 16.0 | | Aeronautical + Non-Aeronautical Revenue (million pesos) | 3,438 | 2,944 | 16.8 | | Construction Revenue (million pesos) | 916 | 556 | 64.7 | | Total Revenue (million pesos) | 4,353 | 3,500 | 24.4 | | Adjusted EBITDA (million pesos) | 2,564 | 2,157 | 18.8 | | Adjusted EBITDA Margin (%) | 74.6% | 73.3% | - | | Operating Income (million pesos) | 2,296 | 1,928 | 19.1 | | Comprehensive Net Income (million pesos) | 1,341 | 1,292 | 3.8 | | Net Income to Controlling Interest (million pesos) | 1,335 | 1,287 | 3.7 | | Earnings Per Share (pesos) | 3.46 | 3.33 | 3.7 | | Earnings Per ADS (USD) | 1.47 | 1.45 | 1.1 | - Passenger traffic grew by **11.3%** in Q2 2025, reaching **7.2 million people**, with Monterrey, Zihuatanejo, Chihuahua, Zacatecas, and Tampico airports showing the fastest growth[9](index=9&type=chunk) - Capital investments and major maintenance works (included in the Master Development Program), along with strategic investments, totaled **975 million pesos** this quarter[9](index=9&type=chunk) Operating Results OMA's Q2 2025 operations saw increased available seats and total passenger traffic, particularly international, with new routes added, while cargo volume slightly decreased [Operations, Passengers, and Cargo](index=4&type=section&id=Operations%2C%20Passengers%2C%20and%20Cargo) OMA airports experienced growth in available seats and total passenger traffic in Q2 2025, driven by international travel and new routes, despite a slight decline in cargo volume 2025 Second Quarter Operating Data | Indicator | 2Q25 | 2Q24 | Year-over-year Change (%) | | :-------------------- | :----------- | :----------- | :------------- | | Available Seats | 9,402,053 | 8,405,304 | 11.9 | | Domestic Passenger Traffic | 6,181,396 | 5,612,394 | 10.1 | | International Passenger Traffic | 1,020,054 | 857,424 | 19.0 | | Total Passenger Traffic | 7,201,450 | 6,469,818 | 11.3 | | Cargo Volume (units) | 342,334 | 351,454 | (2.6) | | Domestic Flight Operations | 70,919 | 67,136 | 5.6 | | International Flight Operations | 13,844 | 11,190 | 23.7 | | Total Flight Operations | 84,763 | 78,326 | 8.2 | - Two new international routes were added this quarter: Aeromexico's San Luis Potosí to Atlanta and Air Canada's Monterrey to Toronto[10](index=10&type=chunk)[11](index=11&type=chunk) - Airports with the fastest passenger traffic growth included Monterrey (**+23.8%**), Zihuatanejo (**+18.0%**), and Chihuahua (**+4.8%**)[13](index=13&type=chunk) [Commercial Operations](index=5&type=section&id=Commercial%20Operations) Passenger terminal commercial space occupancy reached 96.0% as of June 30, 2025, indicating high commercial utilization - As of June 30, 2025, commercial space occupancy in passenger terminals was **96.0%**[14](index=14&type=chunk) [Freight Logistics Services](index=5&type=section&id=Freight%20Logistics%20Services) OMA Carga's freight logistics services revenue decreased by 4.1% year-over-year, primarily due to reduced air cargo business at Monterrey Airport - OMA Carga's revenue decreased by **4.1%** year-over-year, primarily due to reduced air cargo business at Monterrey[15](index=15&type=chunk) [Hotel Services](index=5&type=section&id=Hotel%20Services) Both NH Collection Terminal 2 and Hilton Garden Inn hotels reported increased average daily rates, though occupancy rates slightly declined Hotel Operating Key Indicators | Hotel | 2Q25 Occupancy Rate (%) | 2Q24 Occupancy Rate (%) | 2Q25 Average Daily Rate (pesos) | 2Q24 Average Daily Rate (pesos) | Average Daily Rate Change (%) | | :-------------------------- | :------------- | :------------- | :------------------ | :------------------ | :--------------- | | NH Collection Terminal 2 | 83.6 | 85.4 | 2,994 | - | 5.5 | | Hilton Garden Inn | 75.9 | 78.6 | 3,224 | - | 10.1 | [Industrial Services](index=5&type=section&id=Industrial%20Services) OMA VYNMSA Aerospace Industrial Park revenue significantly increased by 104.7%, primarily driven by an expansion in leased area - OMA VYNMSA Aerospace Industrial Park revenue reached **52.1 million pesos**, a **104.7%** year-over-year increase, primarily due to increased leased area[16](index=16&type=chunk) Consolidated Financial Results OMA reported a 24.4% increase in total revenue for Q2 2025, reaching 4.353 billion pesos, with significant growth in aeronautical, non-aeronautical, and construction revenues [Revenues](index=5&type=section&id=Revenues) OMA's total revenue grew by 24.4% to 4.353 billion pesos in Q2 2025, with double-digit increases in aeronautical and non-aeronautical revenues, and substantial growth in construction revenue 2025 Second Quarter Total Revenue Composition | Revenue Category | 2Q25 (thousand pesos) | 2Q24 (thousand pesos) | Year-over-year Change (%) | | :-------------------------- | :------------ | :------------ | :------------- | | Aeronautical Revenue | 2,579,238 | 2,204,274 | 17.0 | | Non-Aeronautical Revenue | 858,310 | 739,627 | 16.0 | | Aeronautical + Non-Aeronautical Revenue | 3,437,548 | 2,943,901 | 16.8 | | Construction Revenue | 915,625 | 555,955 | 64.7 | | **Total Revenue** | **4,353,173** | **3,499,856** | **24.4** | [Aeronautical Revenues](index=5&type=section&id=Aeronautical%20Revenues) Aeronautical revenues increased by 17.0%, primarily driven by a significant rise in international passenger fees Aeronautical Revenue Breakdown | Revenue Category | 2Q25 (thousand pesos) | 2Q24 (thousand pesos) | Year-over-year Change (%) | | :-------------------------- | :------------ | :------------ | :------------- | | Domestic Passenger Fees | 1,662,942 | 1,491,010 | 11.5 | | International Passenger Fees | 567,045 | 421,532 | 34.5 | | Other Aeronautical Services, Regulated Leases, and Access Rights | 349,251 | 291,732 | 19.7 | | **Total Aeronautical Revenue** | **2,579,238** | **2,204,274** | **17.0** | | Aeronautical Revenue Per Passenger (pesos) | 358.2 | 340.7 | 5.1 | [Non-Aeronautical Revenues](index=5&type=section&id=Non-Aeronautical%20Revenues) Non-aeronautical revenues grew by 16.0%, with commercial activities up 19.7% driven by restaurants, parking, VIP lounges, and retail, and diversified activities up 10.7% from industrial services Non-Aeronautical Revenue Breakdown | Revenue Category | 2Q25 (thousand pesos) | 2Q24 (thousand pesos) | Year-over-year Change (%) | | :-------------------------- | :------------ | :------------ | :------------- | | Commercial Activities Revenue | 449,483 | 375,515 | 19.7 | | Diversified Activities Revenue | 291,331 | 263,107 | 10.7 | | Complementary Activities Revenue | 117,497 | 101,005 | 16.3 | | **Total Non-Aeronautical Revenue** | **858,310** | **739,627** | **16.0** | | Non-Aeronautical Revenue Per Passenger (pesos) | 119.2 | 114.3 | 4.3 | - Commercial revenue saw significant growth in restaurants (**+41.1%**), VIP lounges (**+34.6%**), and retail (**+27.4%**), driven by increased penetration, new store openings, and higher passenger traffic[19](index=19&type=chunk)[20](index=20&type=chunk) - Diversified revenue grew by **10.7%**, primarily driven by a **104.7%** increase in industrial services revenue[20](index=20&type=chunk)[21](index=21&type=chunk) [Construction Revenues](index=6&type=section&id=Construction%20Revenues) Construction revenues increased by 64.7% to 916 million pesos, recognized under IFRIC 12, which equals construction costs and does not generate profit or loss - Construction revenue increased by **64.7%** year-over-year, reaching **916 million pesos**[22](index=22&type=chunk) - Construction revenue and costs are recognized based on the progress of works for concession asset improvements, generating no profit or loss and not impacting operating income, net income, or EBITDA[21](index=21&type=chunk)[67](index=67&type=chunk) [Costs and Operating Expenses](index=6&type=section&id=Costs%20and%20Operating%20Expenses) Total operating costs and expenses increased by 30.9% to 2.057 billion pesos in Q2 2025, with airport services costs and G&A expenses growing by 5.6%, and higher concession taxes and technical assistance fees 2025 Second Quarter Operating Costs and Expenses Breakdown | Cost Category | 2Q25 (thousand pesos) | 2Q24 (thousand pesos) | Year-over-year Change (%) | | :-------------------------- | :------------ | :------------ | :------------- | | Cost of Services | 307,356 | 295,297 | 4.1 | | General and Administrative Expenses (G&A) | 217,275 | 196,097 | 10.8 | | Major Maintenance Provision | 50,366 | 43,003 | 17.1 | | Construction Costs | 915,625 | 555,955 | 64.7 | | Concession Tax | 282,631 | 239,252 | 18.1 | | Technical Assistance Fee | 67,039 | 55,784 | 20.2 | | Depreciation and Amortization | 217,548 | 186,069 | 16.9 | | Other (Income) Expenses - Net | (601) | (22) | n.a. | | **Total Operating Costs and Expenses** | **2,057,239** | **1,571,435** | **30.9** | - Airport services costs and general and administrative expenses combined increased by **5.6%**[23](index=23&type=chunk) - Airport concession tax increased by **18.1%** to **282.6 million pesos**, with a **4%** incremental concession tax (**109.3 million pesos**) expected to be recovered through maximum rates starting January 2026[26](index=26&type=chunk)[27](index=27&type=chunk) [Operating Income and Adjusted EBITDA](index=8&type=section&id=Operating%20Income%20and%20Adjusted%20EBITDA) Both operating income and Adjusted EBITDA showed significant growth in Q2 2025, with the Adjusted EBITDA margin reaching 74.6% 2025 Second Quarter Operating Income and Adjusted EBITDA | Indicator | 2Q25 (thousand pesos) | 2Q24 (thousand pesos) | Year-over-year Change (%) | | :-------------------------- | :------------ | :------------ | :------------- | | Operating Income | 2,295,934 | 1,928,421 | 19.1 | | Operating Margin (%) | 52.7% | 55.1% | - | | EBITDA | 2,513,482 | 2,114,490 | 18.9 | | EBITDA Margin (%) | 57.7% | 60.4% | - | | Adjusted EBITDA | 2,563,848 | 2,157,493 | 18.8 | | Adjusted EBITDA Margin (%) | 74.6% | 73.3% | - | - Excluding the incremental impact of concession tax on aeronautical revenues, Q2 2025 Adjusted EBITDA would have been **2.67 billion pesos**, with a margin of **77.7%**[31](index=31&type=chunk) [Financing Expense and Net Income](index=9&type=section&id=Financing%20Expense%20and%20Net%20Income) A substantial increase in financing expenses in Q2 2025 slowed comprehensive net income growth, yet earnings per share and ADS remained positive 2025 Second Quarter Financing Expense and Net Income | Indicator | 2Q25 (thousand pesos) | 2Q24 (thousand pesos) | Year-over-year Change (%) | | :-------------------------- | :------------ | :------------ | :------------- | | Interest Income | 34,700 | 62,497 | (44.5) | | Total Financing Expense | (408,021) | (133,658) | 205.3 | | Comprehensive Net Income | 1,340,536 | 1,291,713 | 3.8 | | Net Income to Controlling Interest | 1,335,472 | 1,287,360 | 3.7 | | Earnings Per Share (pesos) | 3.46 | 3.33 | 3.7 | | Earnings Per ADS (USD) | 1.47 | 1.45 | 1.1 | - Financing expenses increased by **205.3%** to **408 million pesos**, primarily due to a **130 million pesos** increase in non-cash interest expense from changes in the present value of the major maintenance provision[32](index=32&type=chunk)[33](index=33&type=chunk) Investments and Indebtedness OMA's Q2 2025 capital expenditures for its Master Development Program and strategic investments totaled 975 million pesos, primarily for concession asset improvements [MDP and Strategic Investments](index=9&type=section&id=MDP%20and%20Strategic%20Investments) OMA's Q2 2025 capital expenditures for its Master Development Program and strategic investments totaled 975 million pesos, primarily for concession asset improvements - In Q2 2025, capital investments and major maintenance works (included in the Master Development Program), along with strategic investments, totaled **975 million pesos**[36](index=36&type=chunk) - Investments primarily included **916 million pesos** for concession asset improvements, **16 million pesos** for major maintenance, and **43 million pesos** for strategic investments[36](index=36&type=chunk) - Key investment projects included the expansion and remodeling of Culiacán and Monterrey terminals, and the expansion of the Monterrey OMA Carga bonded warehouse[37](index=37&type=chunk) [Indebtedness](index=10&type=section&id=Indebtedness) As of June 30, 2025, OMA's total debt, including financial leases, increased to 13.585 billion pesos, with a net debt to LTM Adjusted EBITDA ratio of 1.04x Debt Structure | Debt Category | June 30, 2025 (thousand pesos) | December 31, 2024 (thousand pesos) | June 30, 2024 (thousand pesos) | | :-------------------------- | :----------------------- | :----------------------- | :----------------------- | | Total Short-Term Debt | - | 600,000 | - | | Long-Term Debt Subtotal | 13,450,000 | 10,700,000 | 10,700,000 | | Total Long-Term Debt | 12,424,743 | 10,681,880 | 10,679,280 | | Financial Leases | 160,149 | 178,990 | 185,030 | | **Total Debt + Financial Leases** | **13,584,892** | **11,460,870** | **10,864,310** | | Net Debt (including Financial Leases) | 10,231,197 | 9,804,505 | 9,254,277 | | Net Debt / LTM Adjusted EBITDA (x) | 1.04 | 1.08 | 1.03 | - As of June 30, 2025, fixed-rate issued debt accounted for **69.1%**, and variable-rate issued debt for **30.9%**[39](index=39&type=chunk) [Derivatives](index=11&type=section&id=Derivatives) As of the report date, OMA had no exposure to financial derivatives - As of the date of this report, OMA had no exposure to financial derivatives[40](index=40&type=chunk) Cash Flow Analysis In Q2 2025, OMA generated 1.819 billion pesos from operating activities, used 575 million pesos in investing activities, and had a net outflow of 138 million pesos from financing activities, increasing cash and cash equivalents to 3.354 billion pesos [Cash Flow Statement Summary](index=11&type=section&id=Cash%20Flow%20Statement%20Summary) In Q2 2025, OMA generated 1.819 billion pesos from operating activities, used 575 million pesos in investing activities, and had a net outflow of 138 million pesos from financing activities, increasing cash and cash equivalents to 3.354 billion pesos 2025 Second Quarter Cash Flow | Cash Flow Category | 2Q25 (thousand pesos) | 2Q24 (thousand pesos) | Year-over-year Change (%) | | :-------------------------- | :------------ | :------------ | :------------- | | Net Cash Flow from Operating Activities | 1,818,981 | 1,042,306 | 74.5 | | Net Cash Flow from Investing Activities | (574,789) | (544,183) | 5.6 | | Net Cash Flow from Financing Activities | (138,086) | (2,351,590) | (94.1) | | Net Increase (Decrease) in Cash and Cash Equivalents | 1,106,106 | (1,853,467) | n.a. | | Cash and Cash Equivalents at End of Period | 3,353,695 | 1,610,033 | 108.3 | - Financing activities primarily reflected interest payments, the first installment of ordinary dividends totaling **2.25 billion pesos**, the issuance of **2.75 billion pesos** in long-term debt, and the repayment of **600 million pesos** in short-term loans[41](index=41&type=chunk) Relevant Events OMA issued 2.75 billion pesos in long-term notes in June 2025 to repay short-term loans and fund Master Development Program investments, alongside key senior management changes in Q3 2025 [Debt Placement](index=12&type=section&id=Debt%20Placement) On June 27, 2025, OMA issued 2.75 billion pesos in long-term notes in the Mexican market to repay short-term loans, fund Master Development Program investments, and for general corporate purposes - On June 27, 2025, OMA issued long-term notes totaling **2.75 billion pesos**[44](index=44&type=chunk) - Proceeds from the issuance were used to prepay **600 million pesos** in short-term loans, with the remainder allocated to fund committed investments under the 2021-2025 Master Development Program and for general corporate purposes[44](index=44&type=chunk) [Senior Management Changes](index=12&type=section&id=Senior%20Management%20Changes) OMA announced two key senior management changes in August and September 2025, appointing new Chief Operating Officer and Chief Commercial Officer - Raful Zacarias Ezzat will assume the role of Chief Operating Officer in August 2025, succeeding the retiring Enrique Navarro[45](index=45&type=chunk) - Pierre Grosmaire will take over as Chief Commercial Officer in September 2025, succeeding Mr. Leite, who is transferring to VINCI Airports[47](index=47&type=chunk) - New Chief Operating Officer Raful Zacarias Ezzat brings over 20 years of airport management experience, previously serving as Airport Administrator for Monterrey International Airport. New Chief Commercial Officer Pierre Grosmaire was formerly Chief Commercial Officer at Lyon Airport and Global Aviation Development Director at VINCI Airports[46](index=46&type=chunk)[48](index=48&type=chunk) Detailed Financial and Operating Data This section provides comprehensive financial and operational data for OMA, including passenger traffic by airport, consolidated balance sheets, income statements, and cash flow statements for Q2 2025 [Passenger Traffic by Airport](index=14&type=section&id=Passenger%20Traffic%20by%20Airport) This section details passenger traffic for OMA's 13 airports in Q2 2025 and the first six months of 2025, covering total, domestic, and international passenger volumes 2025 Second Quarter Total Passenger Traffic by Airport | Airport | 2Q25 (people) | 2Q24 (people) | Year-over-year Change (%) | | :---------------- | :---------- | :---------- | :------------- | | Monterrey | 3,999,095 | 3,229,433 | 23.8 | | Zihuatanejo | 166,163 | 140,829 | 18.0 | | Zacatecas | 100,815 | 87,776 | 14.9 | | Tampico | 148,908 | 139,804 | 6.5 | | Durango | 135,600 | 128,702 | 5.4 | | Chihuahua | 475,525 | 453,797 | 4.8 | | San Luis Potosí | 195,067 | 192,490 | 1.3 | | Torreón | 207,303 | 208,632 | (0.6) | | Acapulco | 157,460 | 159,500 | (1.3) | | Ciudad Juárez | 536,452 | 549,238 | (2.3) | | Culiacán | 547,467 | 576,084 | (5.0) | | Mazatlán | 427,775 | 470,871 | (9.2) | | Reynosa | 103,820 | 132,662 | (21.7) | | **Total** | **7,201,450** | **6,469,818** | **11.3** | [Consolidated Balance Sheet](index=15&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2025, OMA's total assets increased to 30.354 billion pesos, total liabilities to 21.643 billion pesos, and total stockholders' equity stood at 8.710 billion pesos Consolidated Balance Sheet Summary | Indicator | June 30, 2025 (thousand pesos) | December 31, 2024 (thousand pesos) | June 30, 2024 (thousand pesos) | | :-------------------------- | :----------------------- | :----------------------- | :----------------------- | | Cash and Cash Equivalents | 3,353,695 | 1,656,365 | 1,610,033 | | Airport Concession Investments - Net | 19,706,533 | 18,715,808 | 17,718,498 | | **Total Assets** | **30,353,748** | **27,233,060** | **25,907,486** | | Total Short-Term Liabilities | 6,115,894 | 3,267,300 | 4,752,860 | | Total Long-Term Liabilities | 15,527,442 | 13,436,523 | 13,152,267 | | **Total Liabilities** | **21,643,336** | **16,688,823** | **17,905,127** | | **Total Stockholders' Equity** | **8,710,412** | **10,544,237** | **8,002,359** | [Consolidated Statement of Comprehensive Income](index=16&type=section&id=Consolidated%20Statement%20of%20Comprehensive%20Income) This section presents OMA's detailed consolidated comprehensive income data for Q2 2025 and the first six months of 2025, including revenues, operating costs, operating income, financing expenses, and net income Consolidated Statement of Comprehensive Income Summary | Indicator | 2Q25 (thousand pesos) | 2Q24 (thousand pesos) | Year-over-year Change (%) | | :-------------------------- | :------------ | :------------ | :------------- | | Total Revenue | 4,353,173 | 3,499,856 | 24.4 | | Total Operating Costs and Expenses | 2,057,239 | 1,571,435 | 30.9 | | Operating Income | 2,295,934 | 1,928,421 | 19.1 | | Total Financing (Expense) Income | (408,021) | (133,658) | 205.3 | | Income Before Taxes | 1,887,913 | 1,794,763 | 5.2 | | Income Tax | 547,377 | 503,050 | 8.8 | | **Consolidated Net Income** | **1,340,536** | **1,291,713** | **3.8** | | Net Income to Controlling Interest | 1,335,472 | 1,287,360 | 3.7 | | Earnings Per Share (pesos) | 3.46 | 3.33 | 3.7 | | Adjusted EBITDA | 2,563,848 | 2,157,493 | 18.8 | [Consolidated Cash Flow Statement](index=18&type=section&id=Consolidated%20Cash%20Flow%20Statement) This section provides detailed consolidated cash flow data for OMA in Q2 2025 and the first six months of 2025, covering cash flows from operating, investing, and financing activities Consolidated Cash Flow Statement Summary | Cash Flow Category | 2Q25 (thousand pesos) | 2Q24 (thousand pesos) | Year-over-year Change (%) | | :-------------------------- | :------------ | :------------ | :------------- | | Net Cash Flow from Operating Activities | 1,818,981 | 1,042,306 | 74.5 | | Net Cash Flow from Investing Activities | (574,789) | (544,183) | 5.6 | | Net Cash Flow from Financing Activities | (138,086) | (2,351,590) | (94.1) | | Net Increase (Decrease) in Cash and Cash Equivalents | 1,106,106 | (1,853,467) | n.a. | | Cash and Cash Equivalents at End of Period | 3,353,695 | 1,610,033 | 108.3 | [Statement of Changes in Stockholders' Equity](index=20&type=section&id=Statement%20of%20Changes%20in%20Stockholders%27%20Equity) This section presents the statement of changes in stockholders' equity as of June 30, 2025, and June 30, 2024, detailing changes in capital stock, additional paid-in capital, retained earnings, share repurchase reserve, labor obligations, and non-controlling interest Statement of Changes in Stockholders' Equity Summary (as of June 30, 2025) | Indicator | June 30, 2025 (thousand pesos) | December 31, 2024 (thousand pesos) | | :-------------------------- | :----------------------- | :----------------------- | | Capital Stock at Par Value | 297,782 | 297,782 | | Additional Paid-in Capital | 29,786 | 29,786 | | Retained Earnings | 6,715,790 | 8,550,187 | | Share Repurchase Reserve | 1,500,000 | 1,500,000 | | Labor Obligations | 7,019 | 7,019 | | Non-Controlling Interest | 160,035 | 159,463 | | **Total Stockholders' Equity** | **8,710,412** | **10,544,237** | - For the first six months of 2025, the company declared dividends totaling **4.4545 billion pesos**[63](index=63&type=chunk) [Operating Results by Airport](index=21&type=section&id=Operating%20Results%20by%20Airport) This section provides detailed operating results for each of OMA's airports in Q2 2025 and the first six months of 2025, including total revenue, aeronautical revenue, non-aeronautical revenue, construction revenue, operating income, and EBITDA 2025 Second Quarter Key Airport Operating Results Summary | Airport | Total Revenue (thousand pesos) | Operating Income (thousand pesos) | EBITDA (thousand pesos) | | :-------------------------- | :---------------- | :---------------- | :-------------- | | Monterrey | 2,382,343 | 597,228 | 674,100 | | Ciudad Juárez | 256,590 | 74,401 | 87,152 | | Chihuahua | 224,570 | 67,739 | 78,430 | | Culiacán | 262,728 | 57,447 | 71,269 | | Mazatlán | 194,469 | 34,236 | 41,275 | | Zihuatanejo | 88,490 | 13,361 | 21,641 | | Acapulco | 70,553 | 22,956 | 35,338 | Notes and Company Information This section outlines the basis of financial statement preparation, key accounting policies, and definitions of metrics, including IFRS application, construction revenue, capital investments, passenger traffic, and Adjusted EBITDA [Notes to Financial Information](index=23&type=section&id=Notes%20to%20Financial%20Information) This section details the basis of financial statement preparation, key accounting policies, and definitions of metrics, including IFRS application, construction revenue, capital investments, passenger traffic, and Adjusted EBITDA - Financial statements are prepared in accordance with International Financial Reporting Standards (IFRS) and presented under IAS 34, Interim Financial Reporting[66](index=66&type=chunk) - Construction revenue and costs are recognized under IFRIC 12, Service Concession Arrangements, using the percentage-of-completion method, generating no profit or loss and not impacting operating income, net income, or EBITDA[67](index=67&type=chunk) - Adjusted EBITDA is defined as EBITDA less construction revenue plus construction costs and major maintenance provision, with Adjusted EBITDA margin calculated as Adjusted EBITDA divided by the sum of aeronautical and non-aeronautical revenues[70](index=70&type=chunk) [Analyst Coverage](index=24&type=section&id=Analyst%20Coverage) This section lists the financial institutions and analysts covering OMA, as required by the Mexican Stock Exchange - Analysts from several financial institutions cover OMA, including Bank of America Merrill Lynch, J.P. Morgan, Morgan Stanley, and Goldman Sachs[71](index=71&type=chunk) [About OMA](index=24&type=section&id=About%20OMA) Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (OMA) operates 13 international airports across nine states in central and northern Mexico and has been part of VINCI Airports since December 2022 - OMA operates 13 international airports across nine states in central and northern Mexico, including Monterrey, Acapulco, Mazatlán, and Zihuatanejo[72](index=72&type=chunk) - OMA operates the NH Collection hotel within Mexico City Airport's Terminal 2 and the Hilton Garden Inn hotel at Monterrey Airport[72](index=72&type=chunk) - Since December 2022, OMA has been part of VINCI Airports, a leading global private airport operator[72](index=72&type=chunk)

Group 1 - Grupo Aeroportuario del Centro Norte (NASDAQ: OMAB) operates 13 airports in Mexico, including the significant Monterrey airport, which is strategically located outside the capital [1] - The company has established a strong reputation and no longer needs to prove its capabilities in the airport management sector [1]