Grupo Aeroportuario del Centro Norte(OMAB) - 2024 Q4 - Annual Report

OMA First Quarter 2025 Operating and Financial Results 1Q25 Financial and Operating Highlights OMA reported a 9.1% increase in passenger traffic and a 16.1% rise in Adjusted EBITDA to Ps.2,372 million in 1Q25, with consolidated net income up 19.7% despite a 5.0% decrease in total revenues due to reduced construction activity 1Q25 Key Financial and Operating Metrics (Thousand Passengers and Million Pesos) | (Thousand Passengers and Million Pesos) | 1Q24 | 1Q25 | %Var vs 1Q24 | | :--- | :--- | :--- | :--- | | Passenger Traffic | 5,889 | 6,427 | 9.1 | | Aeronautical + Non-Aeronautical Revenues | 2,739 | 3,166 | 15.6 | | Total Revenues | 3,755 | 3,569 | (5.0) | | Adjusted EBITDA | 2,043 | 2,372 | 16.1 | | Adjusted EBITDA Margin (%) | 74.6% | 74.9% | | | Consolidated Net Income | 1,079 | 1,292 | 19.7 | | EPS (Ps.) | 2.79 | 3.33 | 19.3 | - Passenger traffic growth was led by the Monterrey, Acapulco, Culiacán, Torreón, and Tampico airports[6] - Capital investments and major maintenance works (MDPs) plus strategic investments totaled Ps.502 million, a decrease of 54.8% compared to 1Q24[4][6] Operating Results OMA's 1Q25 operating results showed a 9.1% increase in total passenger traffic, driven by growth in both domestic and international segments, supported by new routes and strong performance in diversified services like OMA Carga and the Industrial Park Passenger and Operations Growth (1Q25 vs 1Q24) | Metric | 1Q24 | 1Q25 | %Var vs 1Q24 | | :--- | :--- | :--- | :--- | | Total Passenger Traffic (Units) | 5,889,243 | 6,427,089 | 9.1 | | Domestic Passengers (Units) | 4,965,364 | 5,363,566 | 8.0 | | International Passengers (Units) | 923,879 | 1,063,523 | 15.1 | | Available Seats (Units) | 7,694,721 | 8,725,991 | 13.4 | | Total Flight Operations (Units) | 73,193 | 80,400 | 9.8 | - 16 new routes were opened during the quarter, consisting of 11 domestic and 5 international routes, enhancing connectivity[7][8] - The airports with the largest passenger traffic growth in volume were Monterrey (+15.4%) and Acapulco (+46.6%)[10] - OMA Carga's revenues increased by 29.7% due to growth in air cargo operations in Monterrey[13] - OMA VYNMSA Aero Industrial Park revenues grew 56.4% to Ps.42.1 million, driven by a higher number of leased square meters[14] Consolidated Financial Results OMA's 1Q25 consolidated financial results show core revenues growing 15.6% to Ps.3,166 million, driven by strong aeronautical and non-aeronautical performance, leading to a 17.7% increase in operating income and a 19.7% rise in consolidated net income Capital Investments and Indebtedness OMA invested Ps.502 million in capital projects in 1Q25, a significant decrease from the prior year, while maintaining a healthy Net Debt to LTM Adjusted EBITDA ratio of 0.96x with total debt at Ps.11,301 million Cash Flow Statement Analysis OMA generated Ps.1,918 million in cash from operating activities in 1Q25, a 25.3% increase year-over-year, with net cash increasing by Ps.617 million despite higher outflows from investing and financing activities Cash Flow Summary (Ps. Thousands) | Cash Flow Activity | 1Q24 | 1Q25 | % Var | | :--- | :--- | :--- | :--- | | Net Flow from Operating Activities | 1,531,104 | 1,918,240 | 25.3 | | Net Flow from Investing Activities | (425,042) | (781,418) | 83.8 | | Net Flow from Financing Activities | (237,672) | (519,409) | 118.5 | | Net Increase in Cash | 868,390 | 617,412 | (28.9) | | Cash at End of Period | 3,438,695 | 2,266,520 | (34.1) | - The increase in cash used for investing activities was driven by a 73.2% rise in investments in airport concessions[41][49] - The net cash outflow from financing activities was primarily due to interest expense payments and the repayment of Ps.150 million in short-term loans[41] Relevant Events Shareholders approved a significant Ps.4,500 million cash dividend payment at the Annual Ordinary Shareholders' Meeting on April 25, 2025, to be distributed in two equal installments - A cash dividend of Ps.4,500 million was approved, to be paid in two equal installments of Ps.2,250 million each[44] - The first dividend installment is due no later than May 31, 2025, and the second no later than November 30, 2025[44] Appendix: Detailed Financial Statements This appendix provides detailed, unaudited financial and operating data for 1Q25, including passenger traffic breakdowns, consolidated financial statements, and individual airport operating results Notes to the Financial Information Financial statements are prepared under IFRS, with specific accounting for construction revenue and costs under IFRIC 12, and non-IFRS measures like Adjusted EBITDA are defined to clarify core operating performance - Financial statements are prepared in accordance with International Financial Reporting Standards (IFRS) and presented per IAS 34 for interim reporting[52] - Construction revenue and costs are recognized based on IFRIC 12, reflecting improvements to concessioned assets. This accounting does not affect operating income, net income, or EBITDA[53] - Adjusted EBITDA is a non-IFRS measure defined as EBITDA less construction revenue plus construction expense and maintenance provision. It is used to provide a clearer view of operating performance[56]