Central North Airport Group

OMAB

Business Summary

Central North Airport Group, through its subsidiaries, holds concessions to operate, maintain, and develop 13 airports in Mexico, concentrated in the country's central and northern regions. The company's total aviation passenger traffic accounted for approximately 15.2% of all arriving and departing total aviation passengers in Mexico in 2025. The industry is highly regulated by the Mexican government, with a significant portion of revenues derived from government-regulated aeronautical fees charged to airlines and passengers. The Mexican government sets maximum allowable rates for these charges, which are reviewed periodically, and the company's Master Development Programs are approved by the Ministry of Infrastructure, Communications and Transportation every five years.

The company's primary competitors include state-owned airports operated by the Mexican military, which as of the date of the report oversees more than 20 airports across Mexico, including Mexico City International Airport and the Felipe Angeles International Airport. These airports served collectively 5.1 million passengers in 2025, an increase of 1.6% as compared to 2024. The company also faces potential competition from Aeropuerto del Norte, an airport near Monterrey operated under an assignment granted on April 30, 2024, and from the Saltillo International Airport, where commercial operations resumed on October 31, 2025. The company's competitive advantages include its strategic location in key metropolitan, tourist, regional, and border destinations, with the Monterrey airport being the fourth busiest in Mexico based on passenger traffic volume in 2025.

The company generates revenue through aeronautical services, which are regulated under a maximum-rate price regulation system, and non-aeronautical services, which are not regulated under that system. Aeronautical services revenues are derived principally from passenger charges, landing charges, aircraft parking charges, charges for the use of passenger walkways, and charges for the provision of airport security services. Non-aeronautical services revenues are derived from commercial activities such as leasing space to retailers and restaurants, operating parking facilities and advertising, diversification activities such as OMA Carga, hotel services, and the operation and lease of an industrial park, and complementary activities including baggage-screening systems and leasing space to airlines. In 2023, 2024 and 2025, aeronautical services accounted for 61.8%, 60.6% and 63.8%, respectively, of total revenues, and 77.3%, 74.8%, and 74.7%, respectively, of combined aeronautical and non-aeronautical revenues.

The company's aeronautical services are its most significant revenue source. Passenger charges represented approximately 87.8%, 87.1% and 86.6% of aeronautical services revenues in 2023, 2024 and 2025, respectively, and 54.2%, 52.8% and 55.3% of total revenues in those years. Aircraft landing charges represented approximately 3.7%, 3.9% and 4.0% of aeronautical services revenues in 2023, 2024 and 2025. Aircraft parking, boarding and unloading charges and aircraft long-term parking charges together represented approximately 3.4%, 3.6% and 3.8% of aeronautical services revenues in those years. Passenger walkway charges represented approximately 0.4%, 0.4%, and 0.5% of aeronautical services revenues in 2023, 2024 and 2025. Airport security charges represented approximately 0.9%, 1.0% and 1.0% of aeronautical services revenues in those years. In 2025, the revenues from services subject to maximum tariff regulation across all airports represented 97.4% of the total permissible amounts under the established maximum tariffs.

Non-aeronautical services accounted for approximately 18.2%, 20.4% and 21.7% of total revenues in 2023, 2024 and 2025, respectively, and represented 22.7%, 25.2% and 25.3% of the sum of aeronautical and non-aeronautical revenues in those years. Revenues from commercial activities increased by 13.9% in 2025 as compared to 2024. As of December 31, 2025, the total area available for commercial activity at the 13 airports was 23,909 square meters, with an occupancy rate of 93.41%. Approximately 88.5% of commercial contracts were subject to royalty-based leasing arrangements and approximately 86.6% generated royalties in 2025. Revenues from diversification activities increased by 11.0% in 2025 as compared to 2024. Total revenues from OMA Carga Operations increased by 8.5% to Ps. 457,584 thousand in 2025, compared to Ps. 421,705 thousand in 2024. The Terminal 2 NH Collection Hotel at Mexico City Airport reported total revenues of Ps. 335,052 thousand in 2025, an increase of 3.3% compared to 2024, with an annual average occupancy of 85.6% and an annual average rate per room of Ps. 3,126. The Hilton Garden Inn Hotel at Monterrey airport reported total revenues of Ps. 136,348 thousand in 2025, an increase of 5.2% compared to 2024, with an annual average occupancy of 76.7% and an annual average rate per room of Ps. 3,209. Revenues from the operation of the checked-baggage screening system amounted to Ps. 271,838 thousand in 2025.

On October 4, 2023, the Mexican Federal Civil Aviation Agency notified the company of an amendment to the terms of the Bases for Tariff Regulation included in Annex 7 of its concessions, which was further modified on October 19, 2023, changing the maximum annual rates effective as of January 1, 2024. Following this announcement, the company's stock price on the Mexican Stock Exchange declined by 26%. On October 19, 2023, the Federal Civil Aviation Agency authorized the company to defer certain investments committed under the Master Development Programs by approximately 24 months, resulting in Ps.866,304 thousand to be executed in 2026 and Ps.405,243 thousand to be executed in 2027 instead of the originally committed Ps.665,419 thousand and Ps.606,127 thousand for 2024 and 2025. On December 18, 2025, the Ministry of Infrastructure, Communications and Transportation approved the Master Development Programs for each subsidiary concession holder for the 2026 to 2030 period, which are in effect from January 1, 2026 until December 31, 2030. On December 18, 2025, VivaAerobus and Volaris announced an agreement to combine their holding companies through a merger of equals. On October 18, 2024, the company disclosed a cybersecurity breach in its systems where ransomware encrypted some files and systems and certain information was exfiltrated; no payments were made to the attackers and no material adverse effects on operations, results or financial condition were suffered. In 2025, the company completed the construction of 1 additional warehouse of 5,071 square meters and the expansion of one existing warehouse by an additional 4,886 square meters at the OMA-VYNMSA industrial park. As of December 2025, the company had built a total of 18 warehouses with a total leasable area of 144,537 square meters, all leased and in operation with lease terms ranging from 36 to 144 months.

In 2025, the company recorded total revenues of Ps.15,964,414 thousand and a consolidated net income of Ps.5,365,288 thousand. The sum of aeronautical and non-aeronautical revenues was Ps.13,650,978 thousand. The airports handled approximately 28.8 million terminal passengers, an increase of 8.5% with respect to the 26.5 million terminal passengers handled in 2024. International traffic in 2025 increased by 11.9% compared to 2024. In 2025, the Monterrey airport accounted for approximately 54.3% of terminal passenger traffic, 39.3% of total revenues and 46.0% of the sum of aeronautical and non-aeronautical revenues. Approximately 82.7% of the sum of aeronautical and non-aeronautical revenues were generated from seven of the thirteen airports and OMA Logística. Of the total aeronautical revenues generated in 2025, VivaAerobus represented 41.4%, Volaris represented 21.5% and Aeroméxico and its affiliates represented 18.6%.

Business Outlook

The company's Master Development Program for the five-year term from 2026 to 2030 was approved on December 18, 2025 by the Ministry of Infrastructure, Communications and Transportation, and maximum tariffs through 2030 have been set. For the five-year period from January 1, 2026 through December 31, 2030, maximum tariffs are subject to an annual efficiency adjustment of 0.8% in real terms. The 2026–2030 Master Development Programs contemplate committed investments of Ps.16,633,614 thousand, expressed in pesos with purchasing power as of December 31, 2025, equivalent to Ps.16,005,044 thousand in pesos with purchasing power as of December 31, 2024. These investments are aimed at comprehensively strengthening the infrastructure and operations of the airport network, prioritizing the expansion and modernization of terminal facilities, development and rehabilitation of aeronautical infrastructure, and incorporation of equipment and technology.

The company's growth is driven by expansion of its airport network and diversification activities. The company continues to expand its OMA-VYNMSA industrial park at the Monterrey airport, having built a total of 18 warehouses with a total leasable area of 144,537 square meters as of December 2025, all leased and in operation. In 2025, the company completed construction of 1 additional warehouse of 5,071 square meters and an expansion of one warehouse by an additional 4,886 square meters. The company also began the expansion of its OMA Carga bonded warehouse in April 2025, adding over 2,250 square meters of new space dedicated to ground and air handling and storage operations. The company expects to continue investing in screening technology under its Master Development Program for the 2026–2030 period, including planned screening-related investments at six additional airports (Acapulco, Reynosa, San Luis Potosí, Tampico, Torreón, and Zacatecas).

For the five-year period ending December 31, 2025, the maximum tariffs applicable to the company's airports were subject to an annual efficiency adjustment of 0.7% in real terms. For the five-year period from January 1, 2026 through December 31, 2030, maximum tariffs are subject to an annual efficiency adjustment of 0.8% in real terms. The company cannot provide assurance that it will achieve efficiency improvements sufficient to maintain or increase its operating income as a result of the progressive decrease in each airport's maximum tariffs.

The company's Master Development Programs for the 2026–2030 period contemplate committed investments of Ps.16,633,614 thousand, expressed in pesos with purchasing power as of December 31, 2025. Under the terms of the concessions, these amounts are adjusted annually based on the National Producer Price Index of the construction industry. The company expects to continue investing in screening technology under its Master Development Program for the 2026–2030 period, including planned screening-related investments at six additional airports. The company's actual capital expenditures in 2025 were Ps.2,510,485 thousand. Major maintenance expenditures totaled Ps.203,860 thousand in 2025.

The company's capital expenditure plans are primarily driven by its Master Development Programs. The 2026–2030 Master Development Programs contemplate committed investments of Ps.16,633,614 thousand. The company's actual capital expenditures in 2025 were Ps.2,510,485 thousand. The company does not disclose specific R&D spending levels, share repurchase authorization amounts, or dividend policy figures in the filing beyond the declaration of dividends.

The company faces several headwinds and constraints. The Mexican government sets maximum allowable rates for aeronautical charges, which are reviewed periodically, and the company cannot unilaterally change the terms of its Master Development Programs or increase maximum tariffs should passenger traffic or other underlying assumptions change during the applicable five-year term. The company's results of operations may be adversely affected by required efficiency adjustments to its maximum tariffs, which have the effect of reducing maximum tariffs each year to reflect projected efficiency improvements. The company's business is highly dependent on the operations of Mexico City International Airport, with approximately 29.6% of domestic passengers flying to or from its airports via that airport in 2025. The company's operations are also subject to risks from economic, political and regulatory developments in the United States, changes in U.S. trade policy, and potential downgrades of Mexico's aviation safety rating by the FAA.

The company's business is significantly dependent upon the volume of air passenger traffic in Mexico, and negative economic developments and security concerns in Mexico could adversely affect its business. In 2023, 2024 and 2025, domestic terminal passengers represented approximately 87.7%, 85.7% and 85.3% respectively, of passenger traffic volume. The Mexican economy achieved real GDP growth rates of 3.1%, 1.1% and 0.8% in 2023, 2024 and 2025, respectively. The annualized interest rates on 28-day Cetes averaged approximately 11.1%, 10.7% and 8.1% for 2023, 2024 and 2025, respectively. As of December 31, 2025, 30.9% of long-term debt has interest payments at a variable rate, all indexed to the 28-day TIIE reference rate or the TIIE de Fondeo reference rate. The company also faces risks from high incidences of crime in Mexico, including extortion and drug trafficking, which could decrease international and domestic passenger traffic.

Risk Factors

The company's business is highly regulated, with the Mexican government setting maximum allowable rates for aeronautical fees, which are subject to periodic review and efficiency adjustments. For the five-year period from January 1, 2026 through December 31, 2030, maximum tariffs are subject to an annual efficiency adjustment of 0.8% in real terms. The company's concessions may be revoked for various reasons, including failure to comply with Master Development Programs or exceeding maximum tariffs, and termination of one concession could cause termination of others. The company's revenues are highly dependent on key airline customers, with VivaAerobus representing 41.4%, Volaris representing 21.5%, and Aeroméxico and its affiliates representing 18.6% of total aeronautical revenues in 2025. The company's business is also exposed to fluctuations in the value of the peso relative to the U.S. dollar, with the peso depreciating 23.4% from December 31, 2023 to December 31, 2024, and then appreciating from Ps. 20.86 per U.S.$1.00 on December 31, 2024 to Ps.18.00 per U.S.$1.00 on December 31, 2025. As of December 31, 2025, 30.9% of long-term debt has interest payments at a variable rate, all indexed to the 28-day TIIE reference rate or the TIIE de Fondeo reference rate, exposing the company to fluctuations in market interest rates.

Management Priorities

Management's message emphasizes the company's strategic focus on increasing non-aeronautical revenues through commercial activities and diversification projects, including the expansion of the OMA-VYNMSA industrial park, OMA Carga bonded warehouses, and hotel operations. The company's Master Development Program for the 2026–2030 period was approved on December 18, 2025, with committed investments of Ps.16,633,614 thousand. Management highlights the importance of the company's 13 airports, with the Monterrey airport being the leading airport based on passenger traffic volume, air traffic movements, and contribution to revenues. The company's strategic priorities include enhancing passenger experience, expanding commercial space, and developing land for industrial, logistical, or commercial uses to strengthen the airports' role as focal points of economic development.

View Source Annual Report on SEC.gov ↗

References

[1] Item 4, Business Overview
[2] Item 3, Risk Factors
[3] Item 4, Business Overview
[4] Item 3, Risk Factors
[5] Item 4, Business Overview
[6] Item 4, Business Overview
[7] Item 4, Business Overview
[8] Item 4, Business Overview
[9] Item 4, Business Overview
[10] Item 4, Business Overview
[11] Item 4, Business Overview
[12] Item 4, Business Overview
[13] Item 4, Business Overview
[14] Item 4, Business Overview
[15] Item 4, Business Overview
[16] Item 4, Business Overview
[17] Item 4, Business Overview
[18] Item 4, Business Overview
[19] Item 4, Business Overview
[20] Item 4, Business Overview
[21] Item 4, Business Overview
[22] Item 4, Business Overview
[23] Item 4, Business Overview
[24] Item 4, Business Overview
[25] Item 4, Business Overview
[26] Item 4, Business Overview
[27] Item 4, Business Overview
[28] Item 4, Business Overview
[29] Item 4, Business Overview
[30] Item 4, Business Overview
[31] Item 4, Business Overview
[32] Item 4, Business Overview
[33] Item 4, Business Overview
[34] Item 4, Business Overview
[35] Item 4, Business Overview
[36] Item 4, Business Overview
[37] Item 4, Business Overview
[38] Item 4, Business Overview
[39] Item 4, Business Overview
[40] Item 4, Business Overview
[41] Item 4, Business Overview
[42] Item 4, Business Overview
[43] Item 4, Business Overview
[44] Item 4, Business Overview
[45] Item 4, Business Overview
[46] Item 4, Business Overview
[47] Item 4, Business Overview
[48] Item 4, Business Overview
[49] Item 4, Business Overview
[50] Item 4, Business Overview
[51] Item 4, Business Overview
[52] Item 4, Business Overview
[53] Item 4, Business Overview
[54] Item 4, Business Overview
[55] Item 4, Business Overview
[56] Item 4, Business Overview
[57] Item 4, Business Overview
[58] Item 4, Business Overview
[59] Item 4, Business Overview
[60] Item 4, Business Overview
[61] Item 4, Business Overview
[62] Item 4, Business Overview
[63] Item 4, Business Overview
[64] Item 4, Business Overview
[65] Item 4, Business Overview
[66] Item 4, Business Overview
[67] Item 4, Business Overview
[68] Item 4, Business Overview
[69] Item 4, Business Overview
[70] Item 4, Business Overview
[71] Item 4, Business Overview
[72] Item 4, Business Overview
[73] Item 4, Business Overview
[74] Item 4, Business Overview
[75] Item 4, Business Overview
[76] Item 4, Business Overview
[77] Item 4, Business Overview
[78] Item 4, Business Overview
[79] Item 4, Business Overview
[80] Item 4, Business Overview
[81] Item 4, Business Overview
[82] Item 4, Business Overview
[83] Item 4, Business Overview
[84] Item 4, Business Overview
[85] Item 4, Business Overview
[86] Item 4, Business Overview
[87] Item 4, Business Overview
[88] Item 4, Business Overview
[89] Item 4, Business Overview
[90] Item 4, Business Overview
[91] Item 4, Business Overview
[92] Item 4, Business Overview
[93] Item 4, Business Overview
[94] Item 4, Business Overview
[95] Item 4, Business Overview
[96] Item 4, Business Overview
[97] Item 4, Business Overview
[98] Item 4, Business Overview
[99] Item 4, Business Overview
[100] Item 4, Business Overview
[101] Item 4, Business Overview
[102] Item 4, Business Overview
[103] Item 4, Business Overview
[104] Item 4, Business Overview
[105] Item 4, Business Overview
[106] Item 4, Business Overview
[107] Item 4, Business Overview
[108] Item 4, Business Overview
[109] Item 4, Business Overview
[110] Item 4, Business Overview
[111] Item 4, Business Overview
[112] Item 4, Business Overview
[113] Item 4, Business Overview
[114] Item 4, Business Overview
[115] Item 4, Business Overview
[116] Item 4, Business Overview
[117] Item 4, Business Overview
[118] Item 4, Business Overview
[119] Item 4, Business Overview
[120] Item 4, Business Overview
[121] Item 4, Business Overview
[122] Item 4, Business Overview
[123] Item 4, Business Overview
[124] Item 4, Business Overview
[125] Item 4, Business Overview
[126] Item 4, Business Overview
[127] Item 4, Business Overview
[128] Item 4, Business Overview
[129] Item 4, Business Overview
[130] Item 4, Business Overview
[131] Item 4, Business Overview
[132] Item 4, Business Overview
[133] Item 4, Business Overview
[134] Item 4, Business Overview
[135] Item 4, Business Overview
[136] Item 4, Business Overview
[137] Item 4, Business Overview
[138] Item 4, Business Overview
[139] Item 4, Business Overview
[140] Item 4, Business Overview
[141] Item 4, Business Overview
[142] Item 4, Business Overview
[143] Item 4, Business Overview
[144] Item 4, Business Overview
[145] Item 4, Business Overview
[146] Item 4, Business Overview
[147] Item 4, Business Overview
[148] Item 4, Business Overview
[149] Item 4, Business Overview
[150] Item 4, Business Overview
[151] Item 4, Business Overview
[152] Item 4, Business Overview
[153] Item 4, Business Overview
[154] Item 4, Business Overview
[155] Item 4, Business Overview
[156] Item 4, Business Overview
[157] Item 4, Business Overview
[158] Item 4, Business Overview
[159] Item 4, Business Overview
[160] Item 4, Business Overview
[161] Item 4, Business Overview
[162] Item 4, Business Overview
[163] Item 4, Business Overview
[164] Item 4, Business Overview
[165] Item 4, Business Overview
[166] Item 4, Business Overview
[167] Item 4, Business Overview
[168] Item 4, Business Overview
[169] Item 4, Business Overview
[170] Item 4, Business Overview
[171] Item 4, Business Overview
[172] Item 4, Business Overview
[173] Item 4, Business Overview
[174] Item 4, Business Overview
[175] Item 4, Business Overview
[176] Item 4, Business Overview
[177] Item 4, Business Overview
[178] Item 4, Business Overview
[179] Item 4, Business Overview
[180] Item 4, Business Overview
[181] Item 4, Business Overview
[182] Item 4, Business Overview
[183] Item 4, Business Overview
[184] Item 4, Business Overview
[185] Item 4, Business Overview
[186] Item 4, Business Overview
[187] Item 4, Business Overview
[188] Item 4, Business Overview
[189] Item 4, Business Overview
[190] Item 4, Business Overview
[191] Item 4, Business Overview
[192] Item 4, Business Overview
[193] Item 4, Business Overview
[194] Item 4, Business Overview
[195] Item 4, Business Overview
[196] Item 4, Business Overview
[197] Item 4, Business Overview
[198] Item 4, Business Overview
[199] Item 4, Business Overview
[200] Item 4, Business Overview
[201] Item 4, Business Overview
[202] Item 4, Business Overview
[203] Item 4, Business Overview
[204] Item 4, Business Overview
[205] Item 4, Business Overview
[206] Item 4, Business Overview
[207] Item 4, Business Overview
[208] Item 4, Business Overview
[209] Item 4, Business Overview
[210] Item 4, Business Overview
[211] Item 4, Business Overview
[212] Item 4, Business Overview
[213] Item 4, Business Overview
[214] Item 4, Business Overview
[215] Item 4, Business Overview
[216] Item 4, Business Overview
[217] Item 4, Business Overview
[218] Item 4, Business Overview
[219] Item 4, Business Overview
[220] Item 4, Business Overview
[221] Item 4, Business Overview
[222] Item 4, Business Overview
[223] Item 4, Business Overview
[224] Item 4, Business Overview
[225] Item 4, Business Overview
[226] Item 4, Business Overview
[227] Item 4, Business Overview
[228] Item 4, Business Overview
[229] Item 4, Business Overview
[230] Item 4, Business Overview
[231] Item 4, Business Overview
[232] Item 4, Business Overview
[233] Item 4, Business Overview
[234] Item 4, Business Overview
[235] Item 4, Business Overview
[236] Item 4, Business Overview
[237] Item 4, Business Overview
[238] Item 4, Business Overview
[239] Item 4, Business Overview
[240] Item 4, Business Overview
[241] Item 4, Business Overview
[242] Item 4, Business Overview
[243] Item 4, Business Overview
[244] Item 4, Business Overview
[245] Item 4, Business Overview
[246] Item 4, Business Overview
[247] Item 4, Business Overview
[248] Item 4, Business Overview
[249] Item 4, Business Overview
[250] Item 4, Business Overview
[251] Item 4, Business Overview
[252] Item 4, Business Overview
[253] Item 4, Business Overview
[254] Item 4, Business Overview
[255] Item 4, Business Overview
[256] Item 4, Business Overview
[257] Item 4, Business Overview
[258] Item 4, Business Overview
[259] Item 4, Business Overview
[260] Item 4, Business Overview
[261] Item 4, Business Overview
[262] Item 4, Business Overview
[263] Item 4, Business Overview
[264] Item 4, Business Overview
[265] Item 4, Business Overview
[266] Item 4, Business Overview
[267] Item 4, Business Overview
[268] Item 4, Business Overview
[269] Item 4, Business Overview
[270] Item 4, Business Overview
[271] Item 4, Business Overview
[272] Item 4, Business Overview
[273] Item 4, Business Overview
[274] Item 4, Business Overview
[275] Item 4, Business Overview
[276] Item 4, Business Overview
[277] Item 4, Business Overview
[278] Item 4, Business Overview
[279] Item 4, Business Overview
[280] Item 4, Business Overview
[281] Item 4, Business Overview
[282] Item 4, Business Overview
[283] Item 4, Business Overview
[284] Item 4, Business Overview
[285] Item 4, Business Overview
[286] Item 4, Business Overview
[287] Item 4, Business Overview
[288] Item 4, Business Overview
[289] Item 4, Business Overview
[290] Item 4, Business Overview
[291] Item 4, Business Overview
[292] Item 4, Business Overview
[293] Item 4, Business Overview
[294] Item 4, Business Overview
[295] Item 4, Business Overview
[296] Item 4, Business Overview
[297] Item 4, Business Overview
[298] Item 4, Business Overview
[299] Item 4, Business Overview
[300] Item 4, Business Overview
[301] Item 4, Business Overview
[302] Item 4, Business Overview
[303] Item 4, Business Overview
[304] Item 4, Business Overview
[305] Item 4, Business Overview
[306] Item 4, Business Overview
[307] Item 4, Business Overview
[308] Item 4, Business Overview
[309] Item 4, Business Overview
[310] Item 4, Business Overview
[311] Item 4, Business Overview
[312] Item 4, Business Overview
[313] Item 4, Business Overview
[314] Item 4, Business Overview
[315] Item 4, Business Overview
[316] Item 4, Business Overview
[317] Item 4, Business Overview
[318] Item 4, Business Overview
[319] Item 4, Business Overview
[320] Item 4, Business Overview
[321] Item 4, Business Overview
[322] Item 4, Business Overview
[323] Item 4, Business Overview
[324] Item 4, Business Overview
[325] Item 4, Business Overview
[326] Item 4, Business Overview
[327] Item 4, Business Overview
[328] Item 4, Business Overview
[329] Item 4, Business Overview
[330] Item 4, Business Overview
[331] Item 4, Business Overview
[332] Item 4, Business Overview
[333] Item 4, Business Overview
[334] Item 4, Business Overview
[335] Item 4, Business Overview
[336] Item 4, Business Overview
[337] Item 4, Business Overview
[338] Item 4, Business Overview
[339] Item 4, Business Overview
[340] Item 4, Business Overview
[341] Item 4, Business Overview
[342] Item 4, Business Overview
[343] Item 4, Business Overview
[344] Item 4, Business Overview
[345] Item 4, Business Overview
[346] Item 4, Business Overview
[347] Item 4, Business Overview
[348] Item 4, Business Overview
[349] Item 4, Business Overview
[350] Item 4, Business Overview
[351] Item 4, Business Overview
[352] Item 4, Business Overview
[353] Item 4, Business Overview
[354] Item 4, Business Overview
[355] Item 4, Business Overview
[356] Item 4, Business Overview
[357] Item 4, Business Overview
[358] Item 4, Business Overview
[359] Item 4, Business Overview
[360] Item 4, Business Overview
[361] Item 4, Business Overview
[362] Item 4, Business Overview
[363] Item 4, Business Overview
[364] Item 4, Business Overview
[365] Item 4, Business Overview
[366] Item 4, Business Overview
[367] Item 4, Business Overview
[368] Item 4, Business Overview
[369] Item 4, Business Overview
[370] Item 4, Business Overview
[371] Item 4, Business Overview
[372] Item 4, Business Overview
[373] Item 4, Business Overview
[374] Item 4, Business Overview
[375] Item 4, Business Overview
[376] Item 4, Business Overview
[377] Item 4, Business Overview
[378] Item 4, Business Overview
[379] Item 4, Business Overview
[380] Item 4, Business Overview
[381] Item 4, Business Overview
[382] Item 4, Business Overview
[383] Item 4, Business Overview
[384] Item 4, Business Overview
[385] Item 4, Business Overview
[386] Item 4, Business Overview
[387] Item 4, Business Overview
[388] Item 4, Business Overview
[389] Item 4, Business Overview
[390] Item 4, Business Overview
[391] Item 4, Business Overview
[392] Item 4, Business Overview
[393] Item 4, Business Overview
[394] Item 4, Business Overview
[395] Item 4, Business Overview
[396] Item 4, Business Overview
[397] Item 4, Business Overview
[398] Item 4, Business Overview
[399] Item 4, Business Overview
[400] Item 4, Business Overview
[401] Item 4, Business Overview
[402] Item 4, Business Overview
[403] Item 4, Business Overview
[404] Item 4, Business Overview
[405] Item 4, Business Overview
[406] Item 4, Business Overview
[407] Item 4, Business Overview
[408] Item 4, Business Overview
[409] Item 4, Business Overview
[410] Item 4, Business Overview
[411] Item 4, Business Overview
[412] Item 4, Business Overview
[413] Item 4, Business Overview
[414] Item 4, Business Overview
[415] Item 4, Business Overview
[416] Item 4, Business Overview
[417] Item 4, Business Overview
[418] Item 4, Business Overview
[419] Item 4, Business Overview
[420] Item 4, Business Overview
[421] Item 4, Business Overview
[422] Item 4, Business Overview
[423] Item 4, Business Overview
[424] Item 4, Business Overview
[425] Item 4, Business Overview
[426] Item 4, Business Overview
[427] Item 4, Business Overview
[428] Item 4, Business Overview
[429] Item 4, Business Overview
[430] Item 4, Business Overview
[431] Item 4, Business Overview
[432] Item 4, Business Overview
[433] Item 4, Business Overview
[434] Item 4, Business Overview
[435] Item 4, Business Overview
[436] Item 4, Business Overview
[437] Item 4, Business Overview
[438] Item 4, Business Overview
[439] Item 4, Business Overview
[440] Item 4, Business Overview
[441] Item 4, Business Overview
[442] Item 4, Business Overview
[443] Item 4, Business Overview
[444] Item 4, Business Overview
[445] Item 4, Business Overview
[446] Item 4, Business Overview
[447] Item 4, Business Overview
[448] Item 4, Business Overview
[449] Item 4, Business Overview
[450] Item 4, Business Overview
[451] Item 4, Business Overview
[452] Item 4, Business Overview
[453] Item 4, Business Overview
[454] Item 4, Business Overview
[455] Item 4, Business Overview
[456] Item 4, Business Overview
[457] Item 4, Business Overview
[458] Item 4, Business Overview
[459] Item 4, Business Overview
[460] Item 4, Business Overview
[461] Item 4, Business Overview
[462] Item 4, Business Overview
[463] Item 4, Business Overview
[464] Item 4, Business Overview
[465] Item 4, Business Overview
[466] Item 4, Business Overview
[467] Item 4, Business Overview
[468] Item 4, Business Overview
[469] Item 4, Business Overview
[470] Item 4, Business Overview
[471] Item 4, Business Overview
[472] Item 4, Business Overview
[473] Item 4, Business Overview
[474] Item 4, Business Overview
[475] Item 4, Business Overview
[476] Item 4, Business Overview
[477] Item 4, Business Overview
[478] Item 4, Business Overview
[479] Item 4, Business Overview
[480] Item 4, Business Overview
[481] Item 4, Business Overview
[482] Item 4, Business Overview
[483] Item 4, Business Overview
[484] Item 4, Business Overview
[485] Item 4, Business Overview
[486] Item 4, Business Overview
[487] Item 4, Business Overview
[488] Item 4, Business Overview
[489] Item 4, Business Overview
[490] Item 4, Business Overview
[491] Item 4, Business Overview
[492] Item 4, Business Overview
[493] Item 4, Business Overview
[494] Item 4, Business Overview
[495] Item 4, Business Overview
[496] Item 4, Business Overview
[497] Item 4, Business Overview
[498] Item 4, Business Overview
[499] Item 4, Business Overview
[500] Item 4, Business Overview
[501] Item 4, Business Overview
[502] Item 4, Business Overview
[503] Item 4, Business Overview
[504] Item 4, Business Overview
[505] Item 4, Business Overview
[506] Item 4, Business Overview
[507] Item 4, Business Overview
[508] Item 4, Business Overview
[509] Item 4, Business Overview
[510] Item 4, Business Overview
[511] Item 4, Business Overview
[512] Item 4, Business Overview
[513] Item 4, Business Overview
[514] Item 4, Business Overview
[515] Item 4, Business Overview
[516] Item 4, Business Overview
[517] Item 4, Business Overview
[518] Item 4, Business Overview
[519] Item 4, Business Overview
[520] Item 4, Business Overview
[521] Item 4, Business Overview
[522] Item 4, Business Overview
[523] Item 4, Business Overview
[524] Item 4, Business Overview
[525] Item 4, Business Overview
[526] Item 4, Business Overview
[527] Item 4, Business Overview
[528] Item 4, Business Overview
[529] Item 4, Business Overview
[530] Item 4, Business Overview
[531] Item 4, Business Overview
[532] Item 4, Business Overview
[533] Item 4, Business Overview
[534] Item 4, Business Overview
[535] Item 4, Business Overview
[536] Item 4, Business Overview
[537] Item 4, Business Overview
[538] Item 4, Business Overview
[539] Item 4, Business Overview
[540] Item 4, Business Overview
[541] Item 4, Business Overview
[542] Item 4, Business Overview
[543] Item 4, Business Overview
[544] Item 4, Business Overview
[545] Item 4, Business Overview
[546] Item 4, Business Overview
[547] Item 4, Business Overview
[548] Item 4, Business Overview
[549] Item 4, Business Overview
[550] Item 4, Business Overview
[551] Item 4, Business Overview
[552] Item 4, Business Overview
[553] Item 4, Business Overview
[554] Item 4, Business Overview
[555] Item 4, Business Overview
[556] Item 4, Business Overview
[557] Item 4, Business Overview
[558] Item 4, Business Overview
[559] Item 4, Business Overview
[560] Item 4, Business Overview
[561] Item 4, Business Overview
[562] Item 4, Business Overview
[563] Item 4, Business Overview
[564] Item 4, Business Overview
[565] Item 4, Business Overview
[566] Item 4, Business Overview
[567] Item 4, Business Overview
[568] Item 4, Business Overview
[569] Item 4, Business Overview
[570] Item 4, Business Overview
[571] Item 4, Business Overview
[572] Item 4, Business Overview
[573] Item 4, Business Overview
[574] Item 4, Business Overview
[575] Item 4, Business Overview
[576] Item 4, Business Overview
[577] Item 4, Business Overview
[578] Item 4, Business Overview
[579] Item 4, Business Overview
[580] Item 4, Business Overview
[581] Item 4, Business Overview
[582] Item 4, Business Overview
[583] Item 4, Business Overview
[584] Item 4, Business Overview
[585] Item 4, Business Overview
[586] Item 4, Business Overview
[587] Item 4, Business Overview
[588] Item 4, Business Overview
[589] Item 4, Business Overview
[590] Item 4, Business Overview
[591] Item 4, Business Overview
[592] Item 4, Business Overview
[593] Item 4, Business Overview
[594] Item 4, Business Overview
[595] Item 4, Business Overview
[596] Item 4, Business Overview
[597] Item 4, Business Overview
[598] Item 4, Business Overview
[599] Item 4, Business Overview
[600] Item 4, Business Overview
[601] Item 4, Business Overview
[602] Item 4, Business Overview
[603] Item 4, Business Overview
[604] Item 4, Business Overview
[605] Item 4, Business Overview
[606] Item 4, Business Overview
[607] Item 4, Business Overview
[608] Item 4, Business Overview
[609] Item 4, Business Overview
[610] Item 4, Business Overview
[611] Item 4, Business Overview
[612] Item 4, Business Overview
[613] Item 4, Business Overview
[614] Item 4, Business Overview
[615] Item 4, Business Overview
[616] Item 4, Business Overview
[617] Item 4, Business Overview
[618] Item 4, Business Overview
[619] Item 4, Business Overview
[620] Item 4, Business Overview
[621] Item 4, Business Overview
[622] Item 4, Business Overview
[623] Item 4, Business Overview
[624] Item 4, Business Overview
[625] Item 4, Business Overview
[626] Item 4, Business Overview
[627] Item 4, Business Overview
[628] Item 4, Business Overview
[629] Item 4, Business Overview
[630] Item 4, Business Overview
[631] Item 4, Business Overview
[632] Item 4, Business Overview
[633] Item 4, Business Overview
[634] Item 4, Business Overview
[635] Item 4, Business Overview
[636] Item 4, Business Overview
[637] Item 4, Business Overview
[638] Item 4, Business Overview
[639] Item 4, Business Overview
[640] Item 4, Business Overview
[641] Item 4, Business Overview
[642] Item 4, Business Overview
[643] Item 4, Business Overview
[644] Item 4, Business Overview
[645] Item 4, Business Overview
[646] Item 4, Business Overview
[647] Item 4, Business Overview
[648] Item 4, Business Overview
[649] Item 4, Business Overview
[650] Item 4, Business Overview
[651] Item 4, Business Overview
[652] Item 4, Business Overview
[653] Item 4, Business Overview
[654] Item 4, Business Overview
[655] Item 4, Business Overview
[656] Item 4, Business Overview
[657] Item 4, Business Overview
[658] Item 4, Business Overview
[659] Item 4, Business Overview
[660] Item 4, Business Overview
[661] Item 4, Business Overview
[662] Item 4, Business Overview
[663] Item 4, Business Overview
[664] Item 4, Business Overview
[665] Item 4, Business Overview
[666] Item 4, Business Overview
[667] Item 4, Business Overview
[668] Item 4, Business Overview
[669] Item 4, Business Overview
[670] Item 4, Business Overview
[671] Item 4, Business Overview
[672] Item 4, Business Overview
[673] Item 4, Business Overview
[674] Item 4, Business Overview
[675] Item 4, Business Overview
[676] Item 4, Business Overview
[677] Item 4, Business Overview
[678] Item 4, Business Overview
[679] Item 4, Business Overview
[680] Item 4, Business Overview
[681] Item 4, Business Overview
[682] Item 4, Business Overview
[683] Item 4, Business Overview
[684] Item 4, Business Overview
[685] Item 4, Business Overview
[686] Item 4, Business Overview
[687] Item 4, Business Overview
[688] Item 4, Business Overview
[689] Item 4, Business Overview
[690] Item 4, Business Overview
[691] Item 4, Business Overview
[692] Item 4, Business Overview
[693] Item 4, Business Overview
[694] Item 4, Business Overview
[695] Item 4, Business Overview
[696] Item 4, Business Overview
[697] Item 4, Business Overview
[698] Item 4, Business Overview
[699] Item 4, Business Overview
[700] Item 4, Business Overview
[701] Item 4, Business Overview
[702] Item 4, Business Overview
[703] Item 4, Business Overview
[704] Item 4, Business Overview
[705] Item 4, Business Overview
[706] Item 4, Business Overview
[707] Item 4, Business Overview
[708] Item 4, Business Overview
[709] Item 4, Business Overview
[710] Item 4, Business Overview
[711] Item 4, Business Overview
[712] Item 4, Business Overview
[713] Item 4, Business Overview
[714] Item 4, Business Overview
[715] Item 4, Business Overview
[716] Item 4, Business Overview
[717] Item 4, Business Overview
[718] Item 4, Business Overview
[719] Item 4, Business Overview
[720] Item 4, Business Overview
[721] Item 4, Business Overview
[722] Item 4, Business Overview
[723] Item 4, Business Overview
[724] Item 4, Business Overview
[725] Item 4, Business Overview
[726] Item 4, Business Overview
[727] Item 4, Business Overview
[728] Item 4, Business Overview
[729] Item 4, Business Overview
[730] Item 4, Business Overview
[731] Item 4, Business Overview
[732] Item 4, Business Overview
[733] Item 4, Business Overview
[734] Item 4, Business Overview
[735] Item 4, Business Overview
[736] Item 4, Business Overview
[737] Item 4, Business Overview
[738] Item 4, Business Overview
[739] Item 4, Business Overview
[740] Item 4, Business Overview
[741] Item 4, Business Overview
[742] Item 4, Business Overview
[743] Item 4, Business Overview
[744] Item 4, Business Overview
[745] Item 4, Business Overview
[746] Item 4, Business Overview
[747] Item 4, Business Overview
[748] Item 4, Business Overview
[749] Item 4, Business Overview
[750] Item 4, Business Overview
[751] Item 4, Business Overview
[752] Item 4, Business Overview
[753] Item 4, Business Overview
[754] Item 4, Business Overview
[755] Item 4, Business Overview
[756] Item 4, Business Overview
[757] Item 4, Business Overview
[758] Item 4, Business Overview
[759] Item 4, Business Overview
[760] Item 4, Business Overview
[761] Item 4, Business Overview
[762] Item 4, Business Overview
[763] Item 4, Business Overview
[764] Item 4, Business Overview
[765] Item 4, Business Overview
[766] Item 4, Business Overview
[767] Item 4, Business Overview
[768] Item 4, Business Overview
[769] Item 4, Business Overview
[770] Item 4, Business Overview
[771] Item 4, Business Overview
[772] Item 4, Business Overview
[773] Item 4, Business Overview
[774] Item 4, Business Overview
[775] Item 4, Business Overview
[776] Item 4, Business Overview
[777] Item 4, Business Overview
[778] Item 4, Business Overview
[779] Item 4, Business Overview
[780] Item 4, Business Overview
[781] Item 4, Business Overview
[782] Item 4, Business Overview
[783] Item 4, Business Overview
[784] Item 4, Business Overview
[785] Item 4, Business Overview
[786] Item 4, Business Overview
[787] Item 4, Business Overview
[788] Item 4, Business Overview
[789] Item 4, Business Overview
[790] Item 4, Business Overview
[791] Item 4, Business Overview
[792] Item 4, Business Overview
[793] Item 4, Business Overview
[794] Item 4, Business Overview
[795] Item 4, Business Overview
[796] Item 4, Business Overview
[797] Item 4, Business Overview
[798] Item 4, Business Overview
[799] Item 4, Business Overview
[800] Item 4, Business Overview
[801] Item 4, Business Overview
[802] Item 4, Business Overview
[803] Item 4, Business Overview
[804] Item 4, Business Overview
[805] Item 4, Business Overview
[806] Item 4, Business Overview
[807] Item 4, Business Overview
[808] Item 4, Business Overview
[809] Item 4, Business Overview
[810] Item 4, Business Overview
[811] Item 4, Business Overview
[812] Item 4, Business Overview
[813] Item 4, Business Overview
[814] Item 4, Business Overview
[815] Item 4, Business Overview
[816] Item 4, Business Overview
[817] Item 4, Business Overview
[818] Item 4, Business Overview
[819] Item 4, Business Overview
[820] Item 4, Business Overview
[821] Item 4, Business Overview
[822] Item 4, Business Overview
[823] Item 4, Business Overview
[824] Item 4, Business Overview
[825] Item 4, Business Overview
[826] Item 4, Business Overview
[827] Item 4, Business Overview
[828] Item 4, Business Overview
[829] Item 4, Business Overview
[830] Item 4, Business Overview
[831] Item 4, Business Overview
[832] Item 4, Business Overview
[833] Item 4, Business Overview
[834] Item 4, Business Overview
[835] Item 4, Business Overview
[836] Item 4, Business Overview
[837] Item 4, Business Overview
[838] Item 4, Business Overview
[839] Item 4, Business Overview
[840] Item 4, Business Overview
[841] Item 4, Business Overview
[842] Item 4, Business Overview
[843] Item 4, Business Overview
[844] Item 4, Business Overview
[845] Item 4, Business Overview
[846] Item 4, Business Overview
[847] Item 4, Business Overview
[848] Item 4, Business Overview
[849] Item 4, Business Overview
[850] Item 4, Business Overview
[851] Item 4, Business Overview
[852] Item 4, Business Overview
[853] Item 4, Business Overview
[854] Item 4, Business Overview
[855] Item 4, Business Overview
[856] Item 4, Business Overview
[857] Item 4, Business Overview
[858] Item 4, Business Overview
[859] Item 4, Business Overview
[860] Item 4, Business Overview
[861] Item 4, Business Overview
[862] Item 4, Business Overview
[863] Item 4, Business Overview
[864] Item 4, Business Overview
[865] Item 4, Business Overview
[866] Item 4, Business Overview
[867] Item 4, Business Overview
[868] Item 4, Business Overview
[869] Item 4, Business Overview
[870] Item 4, Business Overview
[871] Item 4, Business Overview
[872] Item 4, Business Overview
[873] Item 4, Business Overview
[874] Item 4, Business Overview
[875] Item 4, Business Overview
[876] Item 4, Business Overview
[877] Item 4, Business Overview
[878] Item 4, Business Overview
[879] Item 4, Business Overview
[880] Item 4, Business Overview
[881] Item 4, Business Overview
[882] Item 4, Business Overview
[883] Item 4, Business Overview
[884] Item 4, Business Overview
[885] Item 4, Business Overview
[886] Item 4, Business Overview
[887] Item 4, Business Overview
[888] Item 4, Business Overview
[889] Item 4, Business Overview
[890] Item 4, Business Overview
[891] Item 4, Business Overview
[892] Item 4, Business Overview
[893] Item 4, Business Overview
[894] Item 4, Business Overview
[895] Item 4, Business Overview
[896] Item 4, Business Overview
[897] Item 4, Business Overview
[898] Item 4, Business Overview
[899] Item 4, Business Overview
[900] Item 4, Business Overview
[901] Item 4, Business Overview
[902] Item 4, Business Overview
[903] Item 4, Business Overview
[904] Item 4, Business Overview
[905] Item 4, Business Overview
[906] Item 4, Business Overview
[907] Item 4, Business Overview
[908] Item 4, Business Overview
[909] Item 4, Business Overview
[910] Item 4, Business Overview
[911] Item 4, Business Overview
[912] Item 4, Business Overview
[913] Item 4, Business Overview
[914] Item 4, Business Overview
[915] Item 4, Business Overview
[916] Item 4, Business Overview
[917] Item 4, Business Overview
[918] Item 4, Business Overview
[919] Item 4, Business Overview
[920] Item 4, Business Overview
[921] Item 4, Business Overview
[922] Item 4, Business Overview
[923] Item 4, Business Overview
[924] Item 4, Business Overview
[925] Item 4, Business Overview
[926] Item 4, Business Overview
[927] Item 4, Business Overview
[928] Item 4, Business Overview
[929] Item 4, Business Overview
[930] Item 4, Business Overview
[931] Item 4, Business Overview
[932] Item 4, Business Overview
[933] Item 4, Business Overview
[934] Item 4, Business Overview
[935] Item 4, Business Overview
[936] Item 4, Business Overview
[937] Item 4, Business Overview
[938] Item 4, Business Overview
[939] Item 4, Business Overview
[940] Item 4, Business Overview
[941] Item 4, Business Overview
[942] Item 4, Business Overview
[943] Item 4, Business Overview
[944] Item 4, Business Overview
[945] Item 4, Business Overview
[946] Item 4, Business Overview
[947] Item 4, Business Overview
[948] Item 4, Business Overview
[949] Item 4, Business Overview
[950] Item 4, Business Overview
[951] Item 4, Business Overview
[952] Item 4, Business Overview
[953] Item 4, Business Overview
[954] Item 4, Business Overview
[955] Item 4, Business Overview
[956] Item 4, Business Overview
[957] Item 4, Business Overview
[958] Item 4, Business Overview
[959] Item 4, Business Overview
[960] Item 4, Business Overview
[961] Item 4, Business Overview
[962] Item 4, Business Overview
[963] Item 4, Business Overview
[964] Item 4, Business Overview
[965] Item 4, Business Overview
[966] Item 4, Business Overview
[967] Item 4, Business Overview
[968] Item 4, Business Overview
[969] Item 4, Business Overview
[970] Item 4, Business Overview
[971] Item 4, Business Overview
[972] Item 4, Business Overview
[973] Item 4, Business Overview
[974] Item 4, Business Overview
[975] Item 4, Business Overview
[976] Item 4, Business Overview
[977] Item 4, Business Overview
[978] Item 4, Business Overview
[979] Item 4, Business Overview
[980] Item 4, Business Overview
[981] Item 4, Business Overview
[982] Item 4, Business Overview
[983] Item 4, Business Overview
[984] Item 4, Business Overview
[985] Item 4, Business Overview
[986] Item 4, Business Overview
[987] Item 4, Business Overview
[988] Item 4, Business Overview
[989] Item 4, Business Overview
[990] Item 4, Business Overview
[991] Item 4, Business Overview
[992] Item 4, Business Overview
[993] Item 4, Business Overview
[994] Item 4, Business Overview
[995] Item 4, Business Overview
[996] Item 4, Business Overview
[997] Item 4, Business Overview
[998] Item 4, Business Overview
[999] Item 4, Business Overview
[1000] Item 4, Business Overview

Analysis on 9/29/2026

Recent Material Events

2026-07-21Material Event

Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (OMA) completed the issuance of long-term notes in the Mexican market for an aggregate amount of Ps.3.0 billion on July 20, 2026. This follows a previous announcement made on July 16, 2025. OMA operates 13 international airports in central and northern Mexico. The company operates in the airport and commercial services industry.

View filing ↗

2026-07-17Material Event

Grupo Aeroportuario del Centro Norte (OMA) announced a Ps.3.0 billion debt placement in the Mexican market on July 16, 2026. The issuance consists of two tranches: Ps.420 million in 3-year notes at a variable rate of TIIE de Fondeo plus 39 basis points, and Ps.2,580 million in 7-year notes at a fixed 9.17% rate. Demand reached 3.2x, and the notes received AAA ratings from Fitch and Moody’s Local. Settlement is scheduled for July 20, 2026. Net proceeds will prepay Ps.1.7 billion in short-term bank loans, repay Ps.640 million in long-term bond certificates maturing July 24, 2026, and fund Master Development Program investments and general corporate purposes. OMA is a Mexican airport operator managing 13 international airports.

View filing ↗

2026-07-07Material Event

Grupo Aeroportuario del Centro Norte (OMA) reported a 2.1% year-over-year increase in terminal passenger traffic for June 2026 compared to June 2025. International traffic grew by 10.2%, while domestic traffic rose by 0.8%. Commercial aviation accounted for 99.5% of total passenger volume across the company's 13 airports. OMA operates international airports and commercial services in central and northern Mexico.

View filing ↗

2026-06-26Material Event

Grupo Aeroportuario del Centro Norte (OMA) has achieved its Sustainability Performance Target (SPT) associated with its sustainability-linked bonds, reducing Scope 1 and Scope 2 greenhouse gas emissions by 88% as of December 31, 2025, compared to a 2018 baseline. This achievement exceeds the 58% reduction target. OMA operates 13 international airports in central and northern Mexico and provides airport and commercial services.

View filing ↗