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- **Revenue Growth**: 8% YoY passenger traffic driven by domestic and international route expansions.
- **Profitability**: Adjusted EBITDA up 9% to MXN 2.7 billion, with 74.8% margin.
- **Cost Management**: Temporary cost pressures in security and IT, but net debt/EBITDA ratio remains stable at 0.9x.
- **Future Focus**: 2026 MDP investment in Monterrey infrastructure and commercial space development.

**【CEO Opening Remarks】**
- Q3 2025 passenger traffic reached 7.6 million, up 8% YoY, driven by domestic growth (+7%) and international expansion (+11%).
- Domestic growth led by Monterrey Airport routes to Mexico City, Bajio, and Querétaro, adding 300,000 passengers (68% of domestic growth).
- International growth from Monterrey-San Francisco, San Luis Potosi-Atlanta/Dallas, and Tampico-Dallas routes, contributing 47,000 passengers (46% of international growth).
- Aeronautical revenue rose 11%, commercial revenue increased 7% due to higher parking, restaurant, and retail penetration.
- Adjusted EBITDA grew 9% to MXN 2.7 billion, with a 74.8% margin.
- MDP negotiations with AFAC remain on track for Q4 resolution, with investment levels similar to prior MDP and low single-digit tariff increases.

**【CFO Financial Commentary】**
- Total revenue (aeronautical + non-aeronautical) increased 9.8% to MXN 3.5 billion.
- Cost of services and G&A rose 14.4% due to wage increases, IT expenses, and higher security/cleaning costs.
- Consolidated net income grew 9.1% to MXN 1.5 billion, with cash flow of MXN 1.9 billion and net debt/EBITDA ratio of 0.9x.
- Construction revenue was MXN 382 million, while major maintenance provision decreased to MXN 28 million.

**【Q&A Highlights】**
- **Traffic Outlook**: 2025 full-year traffic growth expected at 7-8%, 2026 growth in low to mid-single digits, with World Cup impact on international routes.
- **Commercial Revenue Softness**: Q3 decline due to one-time revenue in prior year; expect gradual recovery in line with inflation.
- **Cost Pressures**: Temporary cost increases in security, cleaning, and IT; exploring alternatives to mitigate.
- **Capital Allocation**: Next MDP will focus on Monterrey capacity expansion (50% of MDP allocation), with emphasis on technology and sustainability.
- **International Expansion**: Open to opportunities outside Mexico, but no concrete transactions yet.

Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (OMAB) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

OMAB

OMAB fundamentals

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