机构观点 经济观察网墨西哥中北部机场(OMAB.US)未来有几个方面的事件值得关注。 业绩经营情况 根据财报预测数据，公司2025年第四季度的营收预测值为45.685亿墨西哥比索，但具体发布日期尚未公 布。市场将密切关注该报告的实际营收、每股收益等关键指标，以及与预测值的对比。 如果2025年第四季度财报发布，公司通常会举行业绩电话会议，讨论经营细节和未来展望。类似会议可 能为市场提供更多运营动态的解读。机构评级可能影响市场情绪。未来若有其他机构更新评级或目标 价，也值得留意。 以上内容基于公开资料整理，不构成投资建议。 ...

Core Viewpoint - The upcoming events regarding the Mexican airport operator (OMAB.US) are significant and warrant attention until February 2026 [1] Group 1: Performance and Operational Situation - The revenue forecast for the fourth quarter of 2025 is set at 45.685 billion Mexican pesos, with the exact release date yet to be announced. Market participants will closely monitor the actual revenue and earnings per share against this forecast [2] - Following the release of the fourth quarter financial report, the company is expected to hold an earnings call to discuss operational details and future outlook, which may provide further insights into operational dynamics [3] Group 2: Institutional Perspectives - Changes in institutional ratings could impact market sentiment, and any updates from other institutions regarding ratings or target prices should be noted [4]

Group 1 - Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (NASDAQ:OMAB), known as OMA, is recognized as one of the best Mexican stocks to invest in [1] - Jefferies has maintained a Buy rating for OMA and set a price target of $135 for the shares [2] - OMA operates 13 airports in central and northern Mexico, including key locations such as Monterrey, Acapulco, Mazatlán, and Chihuahua [3] Group 2 - OMA announced a second cash dividend installment for 2025, scheduled for November 27, amounting to 2.25 billion Mexican pesos, which corresponds to 5.77 Mexican pesos per share [2] - The total approved dividend for 2025 is 4.5 billion Mexican pesos, with the full-year dividend per share reaching 11.54 Mexican pesos [2]

Core Insights - Grupo Aeroportuario del Centro Norte (OMAB) is characterized as a "cash flow machine" indicating strong financial performance and operational efficiency [1] Company Analysis - The analysis highlights the company's ability to generate significant cash flow, which is a critical factor for long-term investment potential [1] - The focus is on identifying undervalued companies with strong fundamentals, suggesting that OMAB may be an attractive investment opportunity due to its overlooked value [1] Market Context - The analyst's background in macroeconomic research provides a comprehensive view of the market dynamics affecting OMAB, particularly in the context of the Latin American economic landscape [1]

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]