OMAB: Capitalizing on Mexico's Aviation Growth Amid Strategic Expansion and Management Transition

Mexico's aviation sector is undergoing a transformative phase, driven by rising air travel demand, infrastructure modernization, and a strategic focus on non-aeronautical revenue. At the forefront of this growth is OMAB (Grupo Aeroportuario del Centro Norte), a key player managing 13 airports across northern and central Mexico. With a robust Master Development Program (MDP) for 2021–2025, seasoned leadership, and a clear-eyed approach to commercial diversification, OMA is positioning itself to capitalize on the country's underpenetrated air travel market while delivering long-term value to stakeholders.

Strategic Infrastructure Investments: Fueling Capacity and Connectivity

OMA's MDP, with a total investment of 15,993 million pesos, is the cornerstone of its growth strategy. The program allocates 53% of funding to Monterrey Airport, the largest hub in its network, where Terminal A's expansion is a flagship project. By 2026, the terminal's capacity will nearly double to 12.5 million passengers annually, with a 11% increase in terminal space and a 46% expansion of commercial areas. This not only addresses immediate demand but also creates a platform for sustained revenue growth through retail, dining, and service offerings.

The MDP's phased execution reflects disciplined capital allocation. For instance, the Monterrey expansion is expected to boost non-aeronautical revenue, which already accounts for 87% of the company's non-airline income. This diversification is critical in a sector where aeronautical fees (landing and parking charges) are increasingly commoditized. By 2025, OMA's non-aeronautical revenue grew 8.5% year-on-year to 3,338 million pesos, outpacing aeronautical revenue growth of 7.2%.

Leadership Reinforcements: Stability and Expertise for Execution

While OMA's core leadership team has remained stable, recent hires have bolstered its operational and strategic capabilities. Yann Le Bihan, appointed as Chief Technical Officer in 2024, brings 15 years of airport management experience from VINCI Airports Brazil and a global perspective on capital projects. His role is pivotal in overseeing the MDP's technical execution, ensuring that infrastructure upgrades align with both passenger needs and ESG goals.

On the commercial front, Alvaro Leite, Chief Commercial Officer since 2023, has a track record of navigating complex airport concession processes. With experience in over 80 global tenders, Leite's expertise is instrumental in securing new partnerships and optimizing revenue streams. Meanwhile, Griselda Alvarado, Director of Human Capital since 2024, is driving organizational culture and talent development, ensuring OMA's workforce remains agile in a rapidly evolving sector.

These appointments underscore OMA's commitment to balancing long-term infrastructure goals with operational agility. CEO Ricardo Dueñas has emphasized that the leadership team's focus on “disciplined expansion and commercial innovation” is key to maintaining OMA's competitive edge in Mexico's aviation landscape.

Commercial Momentum and ESG Alignment: A Dual Engine for Growth

OMA's financial performance in the last twelve months (LTM) through June 2025 highlights its ability to convert strategic initiatives into tangible results. Adjusted EBITDA margins expanded to 74.7%, up from 66.0% in 2017, driven by cost efficiencies and revenue diversification. Passenger traffic in the first half of 2025 grew 10.3% year-on-year, with international travel surging 17.0%, reflecting Mexico's appeal as a tourism and business destination.

Equally compelling is OMA's ESG progress. The company aims to reduce Scope 1&2 emissions per passenger by 58% by 2025 and achieve net-zero emissions by 2050. As of 2024, emissions were 91% below the 2018 baseline, a testament to its commitment to sustainability. This alignment with global ESG trends not only mitigates regulatory risks but also enhances brand value in an era where investors increasingly prioritize environmental stewardship.

Risks and Considerations

While OMA's trajectory is promising, investors should remain mindful of macroeconomic headwinds, including inflationary pressures and potential delays in infrastructure projects. Additionally, the cybersecurity incident in 2024, though resolved, highlights the need for robust digital safeguards. However, OMA's strong balance sheet—evidenced by a 4,500 million peso dividend in 2025—demonstrates its capacity to navigate such challenges while maintaining shareholder returns.

Investment Thesis: A High-Growth Infrastructure Play

OMA's strategic positioning in Mexico's aviation sector offers a compelling case for long-term investors. The MDP's infrastructure upgrades, coupled with a leadership team adept at execution and commercial innovation, create a durable competitive advantage. With Mexico's air travel penetration still significantly below regional peers, OMA is well-placed to benefit from structural growth.

For investors seeking exposure to emerging market infrastructure, OMAB presents a rare combination of high-quality assets, disciplined capital allocation, and ESG-aligned growth. The company's projected mid to high single-digit traffic growth in 2025, supported by its MDP and commercial diversification, further reinforces its value proposition.

In conclusion, OMA's strategic expansion, leadership depth, and commercial momentum make it a standout player in a sector poised for sustained growth. For those with a 5–10 year horizon, OMAB offers not just a bet on Mexico's aviation renaissance but a blueprint for long-term value creation in infrastructure.