OMA Earnings Call Highlights Profitability, Cargo Strength

Grupo Aeroportuario Del Centro ((OMAB)) has held its Q2 earnings call. Read on for the main highlights of the call.

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Grupo Aeroportuario del Centro Norte’s latest earnings call painted a broadly upbeat picture despite several macro and industry headwinds. Management highlighted modest passenger growth, strong revenue expansion, improving profitability and a powerful push in cargo and diversification. Challenges around international traffic, inflationary costs and fuel-driven airline caution were acknowledged, yet the tone stayed confident about long-term value creation.

Passenger Traffic Shows Modest but Resilient Growth

OMA handled 7.2 million passengers in Q2 2026, a slim 0.4% increase versus last year even as available seat capacity fell 0.3%. Domestic traffic grew 0.6%, with San Luis Potosí a key bright spot as new routes to AIFA and Cancún added around 23,000 passengers and accounted for 61% of domestic growth.

Aeronautical and Non-Aeronautical Revenues Edge Higher

Total aeronautical and non-aeronautical revenues climbed 5.4% to Ps. 3.6 billion in the quarter. Aeronautical revenues rose roughly 3.9%–4.0% helped by a tariff adjustment effective mid-April, while non-aeronautical revenues posted a stronger 9.8% increase, underscoring the value of OMA’s diversified income streams.

Commercial Revenue Maintains Solid Momentum

Commercial revenues advanced about 6.7%–7.0% year over year, driven by better yields per traveler. Commercial revenue per passenger reached Ps. 66.4, up 6.3%, and commercial space occupancy stayed very high at 96%, signaling healthy demand from retailers and service providers across the airport network.

Diversification and Cargo Operations Deliver Robust Growth

Diversification revenues surged around 17% compared with last year, led by a standout performance in OMA Carga. Cargo revenues grew roughly 29% thanks to new clients, higher-value cargo handling in Monterrey and increased activity in Chihuahua, reinforcing cargo as a strategic pillar of OMA’s growth story.

Profitability Strengthens with Wider EBITDA Margins

Adjusted EBITDA rose to Ps. 2.7 billion, representing a year-over-year increase of about 6.2%–6.6%. The adjusted EBITDA margin expanded to an impressive 75.2%, reflecting revenue growth and disciplined cost controls, even as the company navigated inflationary pressures across payroll, services and supplies.

Net Income Growth and Healthy Operating Cash Generation

Consolidated net income reached Ps. 1.5 billion in Q2, up 10.2% compared with the same period in 2025. Cash generated from operating activities totaled Ps. 1.8 billion, showing that OMA’s strong earnings power continues to translate into solid cash flows from its core airport operations.

Strategic Refinancing Supports a Conservative Balance Sheet

On July 16, OMA issued Ps. 3.0 billion in long-term notes to refinance Ps. 1.7 billion of short-term bank debt and Ps. 640 million of maturing notes, with the rest earmarked for MDP investments and working capital. Total debt stood at Ps. 14.3 billion and net debt to adjusted EBITDA was just 1.1x, underscoring a prudent leverage profile.

Route Additions Bolster Connectivity and Network Reach

Airlines launched 24 new routes in the quarter, including 18 domestic and six international services that broadened OMA’s connectivity. Highlights included Aeroméxico’s Paris route from Monterrey, which generated more than 14,000 passengers and was upgraded to year-round service, and Iberia’s first-ever Monterrey–Madrid operation.

Sustainability Targets Notably Outperformed

OMA reported a major sustainability achievement linked to its sustainability-linked bonds, far exceeding its emissions reduction target. The company cut Scope 1 and 2 greenhouse gas emissions per passenger by 88% versus a 2018 baseline, well above the 58% commitment, positioning the group as a regional leader in low-carbon airport operations.

International Traffic Softness Weighs on Charges

International passenger traffic fell 1.2% year over year, mainly at Monterrey where volumes declined on routes to Los Angeles, Dallas/Fort Worth and San Antonio. International passenger charges also decreased, reflecting a combination of peso appreciation and lower traffic, which together pressured this revenue segment.

Airline Mix Shifts as Viva Weakens and Volaris Grows

The airline mix showed some stress in the quarter, with Viva registering a 2% decline in traffic while Volaris grew 7%. Volaris now accounts for about 25% of total passengers, whereas Viva represented roughly half of OMA’s traffic, making the latter’s weakness an important factor for short-term growth dynamics.

Inflation Drives Operating Costs Higher

Cost of airport services and general and administrative expenses increased 3.6% compared with Q2 2025, driven by broad inflationary trends. Payroll costs rose 9.5% due to inflation adjustments and new hires, contracting services such as security and cleaning were up 10.7%, and materials and supplies climbed 18.7%.

Major Maintenance Costs Add Volatility to Expenses

OMA’s major maintenance provision doubled to Ps. 99 million from Ps. 50 million a year earlier, reflecting higher planned works. This increase heightens near-term cash requirements and introduces more volatility in maintenance expenses, as heavy infrastructure cycles can shift between quarters and years.

Working Capital and Tax Timing Limit Free Cash Flow

Despite higher net income, free cash flow conversion was constrained by working capital and tax timing effects. Accelerated CapEx execution, including advanced payments for contracted projects, and larger provisional tax payments absorbed cash, temporarily dampening the translation of earnings into excess liquidity.

Fuel Prices and Tariff Compliance Present Headwinds

Jet fuel price increases, driven by higher oil, have led airlines to moderate capacity and become more cautious in deploying aircraft. This environment is a headwind to achieving full maximum tariff pass-through, with OMA expecting about 93%–95% compliance this year versus a long-term target near 99% that may only be reached around 2027–2028.

Seasonal Visibility and Capacity Planning Remain Uncertain

Management flagged some uncertainty around forward schedules, noting tentative airline planning for the upcoming winter season. Aircraft seat growth looks conservative in certain periods, which could limit near-term demand visibility and make it harder to forecast traffic trends with high confidence.

Quarterly Financing Flows and Ending Cash Position

Financing activities used Ps. 2.1 billion during the quarter, mainly related to repayments and refinancing actions that reshaped the debt profile. After investing and financing uses, OMA closed Q2 with Ps. 2.6 billion in cash, providing a comfortable liquidity cushion to support ongoing capital projects and operations.

Guidance Points to Steady Traffic and Investment Discipline

Management guided for 2026 traffic to be flat to low single-digit growth and expects full-year maximum tariff compliance around 93%–95%, with a path toward roughly 99% over the next two to three years. They forecast Ps. 3.5–4.0 billion in total 2026 investments, see commercial revenue per passenger holding near Ps. 66 in the near term, and anticipate working-capital normalization next year amid a solid balance sheet.

OMA’s earnings call combined cautious realism with clear optimism, balancing macro and industry challenges against strong revenue, high margins and disciplined financial management. For investors, the key takeaways are resilient traffic, expanding profitability, growing cargo and diversification, and a credible plan to invest for future growth while keeping leverage low and sustainability at the core of the strategy.