Grupo Aeroportuario del Centro Norte(OMAB) - 2025 Q4 - Earnings Call Transcript

Financial Data and Key Metrics Changes - In 2025, total passenger traffic reached 28.8 million, an increase of 8.5% compared to 2024, with domestic traffic growing by 8% and international traffic by 12% [8][10] - Adjusted EBITDA for the year was MXN 10.2 billion, with an Adjusted EBITDA margin of 74.5% [10] - For Q4 2025, passenger traffic totaled 7.5 million, a 6% increase year over year, with seat capacity increasing by 8% [10][12] - Consolidated net income for Q4 was MXN 1.2 billion, an increase of 3.6% compared to Q4 2024 [18] Business Line Data and Key Metrics Changes - Restaurant revenues grew by 22%, VIP lounges revenues increased by 30%, and parking revenues increased by 13% compared to 2024 [9] - OMA Carga revenues recorded a 9% increase, driven by higher volumes and improved operational efficiencies [10] - Aeronautical and non-aeronautical revenues each grew approximately 12% year over year [10] Market Data and Key Metrics Changes - The approval of the Master Development Program (MDP) for 2026-2030 includes an investment commitment of approximately MXN 16 billion, focusing on capacity expansion and quality enhancements [4][5] - The MDP reflects disciplined capital allocation and greater efficiency in the deployment of capital expenditures [6] Company Strategy and Development Direction - The MDP prioritizes projects that enhance passenger experience, improve operational efficiency, and incorporate technology solutions [5] - Sustainability and decarbonization are embedded in the investment strategy, with initiatives aimed at improving energy efficiency and supporting long-term emission reduction targets [5] - The company aims to strengthen overseas connectivity with additional operations to Madrid and the launch of a Monterrey-Paris route in April 2026 [9] Management's Comments on Operating Environment and Future Outlook - The management noted that traffic levels today are materially higher than five years ago, indicating improved capital efficiency per passenger [6] - For 2026, the company anticipates low to mid-single digit growth in traffic [68] - The management expressed confidence that the tariff increases will not significantly impact traffic elasticity [81] Other Important Information - Total investments in Q4, including MDP investments, amounted to MXN 755 million [13] - The company expects the full-year major maintenance provision cost for 2026 to be approximately MXN 400 million [18] Q&A Session Summary Question: Major maintenance provision details - The MXN 260 million major maintenance provision reflects expected expenditures for 2026-2030 and timing changes [22][23] Question: Passenger fees increase expectations - A 6.9% increase in passenger fees is expected starting April 10th, with an aim to reach 100% of the maximum tariff in 2 to 3 years [32] Question: Timing of investment in Monterrey - The new commercial area in Monterrey is expected to open by mid-next year [36] Question: Major maintenance investments in MDP - Approximately 17% of the total MDP investments for the next five years will be for major maintenance [41] Question: Excess concession tax on aeronautical revenues - The excess was incorporated as an additional reference value for recent negotiations and is being recovered through maximum tariff adjustments [44][45] Question: Traffic expectations for 2026 - The company anticipates low to mid-single digit growth in traffic for 2026 [68] Question: Commercial revenues per passenger and diversification growth - Commercial revenue per passenger ended 2025 at MXN 62, with expectations for similar amounts in 2026 [89]