Grupo Aeroportuario del Centro Norte's Q2 2025: Unraveling Contradictions in Traffic and Revenue Growth Projections

Traffic growth expectations, commercial revenue growth expectations, traffic outlook and growth expectations, commercial revenue growth, and maximum tariff compliance and strategy are the key contradictions discussed in Grupo Aeroportuario del Centro Norte's latest 2025Q2 earnings call.



Traffic Growth and Market Performance:
- OMA's passenger traffic totaled 7.2 million, an 11% increase year-over-year, with domestic traffic growing 10% and international traffic increasing 19%.
- Growth was driven by strong passenger traffic increases on routes from Monterrey Airport to key domestic and international destinations, attributed to industrial activity and high occupancy in the industrial park.

Revenue and Financial Performance:
- OMA's aeronautical revenues increased 17%, with aeronautical revenue per passenger rising 5%, while commercial revenues grew 20% and diversification revenues increased 11%.
- The growth was primarily due to higher aeronautical yields, increased passenger traffic, and higher revenues from industrial services and hotel services.

Executive Changes and Strategic Initiatives:
- OMA announced leadership changes with Enrique Navarro retiring and Raful Zacarias assuming the role of Chief Operating Officer, while Pierre Grosmaire will join as Chief Commercial Officer, replacing Alvaro Leite.
- These changes aim to maintain and grow extra-aeronautical activities, and continue the growth strategy under the new leadership.

Master Development Program (MDP) and Infrastructure Investments:
- OMA successfully completed a MXN 2.75 billion long-term notes issuance and submitted its MDP proposal to AFAC, with 49% of the investment focused on Monterrey Airport.
- The investment proposal aims to optimize operations, enhance efficiency, and maintain high safety and service quality standards, with an anticipated low single-digit increase in the maximum tariff.