Grupo Aeroportuario del Centro Norte, S.A.B. de C.V.

What they do

Central North Airport Group (OMAB) operates, maintains, and develops 13 airports in the northern and central regions of Mexico. Its primary activities include providing aeronautical services (passenger, aircraft, and cargo services) and non-aeronautical services (retail, parking, and other commercial activities). The company also holds concessions for hotel operations and other services at certain airports.

Revenue drivers

• Aeronautical services — Charges for passenger, aircraft, and cargo use of airport facilities; historically the largest revenue segment.
• Non-aeronautical services — Includes retail, food and beverage, parking, and advertising; complements aeronautical revenues and grows with passenger traffic.
• Hotels — Operates hotels at certain airports, adding direct hospitality revenue to the portfolio.

Recent performance

For the year ending December 31, 2025, OMAB reported total revenue of approximately $2.25 billion, up from $2.125 billion in the prior year. The increase was driven by stronger passenger traffic and higher commercial activity. Operating results reflected continued focus on cost control and investment in airport improvements. The company also issued new debt in June 2025, indicating active capital market engagement.

Strategy

Management is focused on executing its Master Development Plan, which includes capital investments across its airport network to expand capacity and improve service quality. The plan, updated in October 2023, outlines phased investments through 2027. The company also pursues sustainability-linked financing, as seen in its 2022 and 2023 debt issuances. Operational priorities include enhancing passenger experience and increasing non-aeronautical revenue per passenger.

Risks

• Regulatory and tariff risk — Aeronautical tariffs are set under Mexican regulations, and changes could affect revenues.
• Traffic sensitivity — Passenger volumes are tied to economic conditions, security issues, and airline capacity decisions.
• Construction and litigation — A construction contract claim for Chihuahua Airport, filed in February 2025, could result in costs or project delays.
• Interest rate exposure — The company has variable-rate debt, and rising interest rates could increase financing costs.

Outlook

Management expects continued passenger growth in its markets, supported by airline network expansion and regional economic activity. The Master Development Plan outlines significant capital spending to modernize and expand capacity. Near-term priorities include executing the investment plan and maintaining financial flexibility through debt issuances.