Grupo Aeroportuario del Centro Norte(OMAB) - 2025 Q2 - Quarterly Report

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 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][2] Second Quarter 2025 Highlights 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] - Capital investments and major maintenance works (included in the Master Development Program), along with strategic investments, totaled 975 million pesos this quarter[9] 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 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][11] - Airports with the fastest passenger traffic growth included Monterrey (+23.8%), Zihuatanejo (+18.0%), and Chihuahua (+4.8%)[13] Commercial Operations 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] Freight Logistics Services 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] Hotel Services 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 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] 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 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 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 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][20] - Diversified revenue grew by 10.7%, primarily driven by a 104.7% increase in industrial services revenue[20][21] Construction Revenues 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] - 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][67] Costs and Operating Expenses 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] - 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][27] Operating Income and Adjusted EBITDA 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] Financing Expense and Net Income 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][33] 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 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] - Investments primarily included 916 million pesos for concession asset improvements, 16 million pesos for major maintenance, and 43 million pesos for strategic investments[36] - Key investment projects included the expansion and remodeling of Culiacán and Monterrey terminals, and the expansion of the Monterrey OMA Carga bonded warehouse[37] 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] 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] 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 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] 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 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] - 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] Senior Management Changes 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] - Pierre Grosmaire will take over as Chief Commercial Officer in September 2025, succeeding Mr. Leite, who is transferring to VINCI Airports[47] - 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][48] 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 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 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 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 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 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] Operating Results by Airport 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 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] - 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] - 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] Analyst Coverage 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] About OMA 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] - OMA operates the NH Collection hotel within Mexico City Airport's Terminal 2 and the Hilton Garden Inn hotel at Monterrey Airport[72] - Since December 2022, OMA has been part of VINCI Airports, a leading global private airport operator[72]