20-F: OMA Airports Report Strong 2025 Growth

Grupo Aeroportuario del Centro Norte (OMA) reported significant growth in 2025, with total revenues reaching Ps. 15,964,414 thousand, a 5.9% increase driven by strong performance in both aeronautical and non-aeronautical services.

Summary

• OMA reported a 5.9% increase in total revenues for 2025, reaching Ps. 15,964,414 thousand, driven by growth in aeronautical and non-aeronautical services.
• Aeronautical revenues grew by 11.5% to Ps. 10,190,720 thousand, with international passenger charges up 18.0% and domestic passenger charges up 8.7%.
• Non-aeronautical revenues increased by 12.5% to Ps. 3,460,258 thousand, boosted by commercial activities and diversification initiatives.
• Construction services revenue decreased by 19.1% to Ps. 2,313,436 thousand.
• Operating income saw a 10.6% increase to Ps. 8,940,999 thousand, with an operating margin of 56.0%.
• Net income rose by 8.7% to Ps. 5,365,288 thousand.
• The company's Master Development Program for 2026-2030 outlines committed investments of Ps. 16,633,614 thousand.
• OMA's financial position remains solid, with Ps. 3,098,092 thousand in cash and cash equivalents as of December 31, 2025.

Sentiment

Score: 8

Explanation: StockSavvy.ai views this filing positively due to strong revenue growth, increased profitability, and significant investment plans, indicating a healthy financial outlook.

Positives

• Total revenues increased by 5.9% to Ps. 15,964,414 thousand in 2025.
• Aeronautical revenues increased by 11.5% to Ps. 10,190,720 thousand, driven by a 18.0% rise in international passenger charges and an 8.7% increase in domestic passenger charges.
• Non-aeronautical revenues grew by 12.5% to Ps. 3,460,258 thousand, reflecting strong performance in commercial activities and diversification.
• Operating income increased by 10.6% to Ps. 8,940,999 thousand, with an improved operating margin of 56.0%.
• Net income increased by 8.7% to Ps. 5,365,288 thousand.
• The company's Master Development Program for 2026-2030 includes significant committed investments of Ps. 16,633,614 thousand.
• Cash and cash equivalents stood at Ps. 3,098,092 thousand as of December 31, 2025, indicating strong liquidity.
• The company's sustainability initiatives, including achieving Airport Carbon Accreditation Level 3 for all airports, are progressing well.

Negatives

• Revenues from construction services decreased by 19.1% to Ps. 2,313,436 thousand in 2025.
• The sum of aeronautical and non-aeronautical revenues per workload unit at Mazatlán airport decreased by 1.7% due to a decrease in domestic passenger traffic.
• Operating income for Mazatlán airport decreased by 17.4% due to a decrease in aeronautical and non-aeronautical revenues.
• Operating income for Zihuatanejo airport decreased by 4.4% due to an increase in operating costs, particularly solidarity fees.
• Operating income for Tampico airport decreased by 5.1% due to an increase in operating costs, specifically in cost of services and administrative services.
• Operating income for Torren airport decreased by 9.4% due to a decrease in total revenues.
• Operating income for Ciudad Jurez airport saw a decrease in aeronautical revenues due to a decrease in domestic passenger traffic.
• Operating income for Reynosa airport decreased due to a decrease in aeronautical revenues and domestic passenger traffic.

Risks

• Regulatory framework changes could adversely affect maximum tariffs and operations.
• Economic and political instability in Mexico, including security concerns, could impact passenger traffic and results of operations.
• Fluctuations in the peso's exchange rate against the U.S. dollar could affect revenues and debt obligations.
• Competition from other tourist destinations and potential new airport concessions could adversely affect business.
• Dependence on key airline customers and potential disruptions to their operations pose a risk.
• Cybersecurity threats and potential breaches could disrupt operations and lead to financial losses.
• Changes in labor laws and regulations could increase compliance obligations and labor costs.
• Natural disasters and pandemics could adversely affect business operations and financial results.
• Potential for increased costs and operational disruptions due to changes in customs and foreign trade laws.
• The company's sustainability targets and disclosures may expose it to operational, reputational, legal, and financial risks.

Future Outlook

OMA anticipates continued growth driven by its Master Development Program, which includes significant investments in infrastructure and technology to enhance capacity, operational efficiency, and passenger experience. The company expects to fund these investments through operational cash flows and potential additional debt.

Management Comments

• Management believes that its working capital is sufficient for present requirements and anticipates generating sufficient cash to satisfy its long-term liquidity needs.
• Management is committed to complying with all applicable laws, rules, and regulations in all jurisdictions where OMA operates.
• Management believes that its current cybersecurity risk management processes are effective, but acknowledges the ongoing need for vigilance and continuous improvement.

Industry Context

StockSavvy.ai notes that OMA's performance aligns with broader trends in the Mexican aviation sector, which has seen a recovery in passenger traffic post-pandemic, particularly driven by domestic travel and a growing contribution from low-cost carriers. The company's strategic focus on enhancing non-aeronautical revenues through commercial activities and diversification is a key differentiator in the industry.

Comparison to Industry Standards

• OMA's operating margin of 56.0% in 2025 is strong within the airport operator industry, reflecting efficient operations and effective revenue management.
• The company's investment in its Master Development Program, totaling Ps. 16,633,614 thousand for 2026-2030, demonstrates a commitment to infrastructure development comparable to leading international airport operators.
• OMA's sustainability initiatives, including Airport Carbon Accreditation Level 3 certification for all airports, position it favorably against industry peers increasingly focused on ESG performance.

Legal Proceedings

• Disputed land ownership at Ciudad Jurez Airport: Supreme Court ruled in favor of the airport in February 2026, concluding proceedings.
• Disputed land ownership at Monterrey Airport: Federal Court ruled in favor of the airport in November 2023, concluding proceedings.
• Disputed land ownership at Durango Airport: Agrarian Court ruled in favor of the airport in January 2026, but an appeal is pending.
• Disputed land ownership at Reynosa Airport: Lawsuit filed against AFAC, with Reynosa Airport as a third party; awaiting ruling.
• Disputed land ownership at Torren Airport: Amparo filed by Ejido Ignacio Allende; awaiting judgment.
• Disputed land ownership at Mazatln Airport: Lawsuit filed by Ejido El Habalito; awaiting procedural phases.
• Mercantile Lawsuit against Chihuahua Airport: BICAGSA's lawsuit dismissed in October 2025; BICAGSA's appeal pending.
• Mercantile Lawsuit against Durango Airport: Claimant seeks Ps.36.3 million for an aviation accident; proceeding in initial stages.
• Property Tax Claims: Culiacn Airport judgment in favor of the airport in January 2024 concluded the matter. Acapulco Airport tax claims are pending resolution. Chihuahua Airport tax claim resolved in favor of the airport in November 2025.
• Amparo Trials related to Municipal Licenses: Acapulco Airport judgment in favor of the airport in May 2023 concluded the matter.
• Corporate Tax Claim for Monterrey Airport: Appeal for revocation filed against tax credit determination; pending resolution.
• Corporate Tax Credits for Chihuahua Airport: Appeal for revocation filed against tax credit determination; pending resolution.

Related Party Transactions

• Technical assistance fees paid to SETA amounted to Ps. 261,099 thousand in 2025.
• Administrative services fees paid to partners NH Hotels, Grupo Hotelero Santa Fe, and VYNMSA totaled Ps. 68,235 thousand in 2025.
• Advance payments for construction services to Cobra Soluciones y Movilidad, S.A. de C.V. (a VINCI affiliate) amounted to Ps. 28,090 thousand in 2025.
• Short-term accounts payable to related parties totaled Ps. 465,571 thousand as of December 31, 2025.
• Long-term accounts payable to related parties totaled Ps. 173,950 thousand as of December 31, 2025.

Stakeholder Impact

• Shareholders benefit from increased revenues, net income, and dividend payments.
• Airlines may benefit from incentives and improved airport infrastructure, but face potential tariff adjustments.
• Employees benefit from wage increases and a stable work environment, though potential labor law changes could impact costs.
• Government entities benefit from concession taxes and fees, and the company's compliance with regulatory obligations.
• Commercial tenants may see increased business due to higher passenger traffic, but are subject to lease renegotiations and market conditions.

Next Steps

• Continue execution of the 2026-2030 Master Development Program.
• Monitor and manage cybersecurity risks and implement enhanced security protocols.
• Continue to develop and expand non-aeronautical revenue streams.
• Comply with new sustainability disclosure requirements under IFRS S1 and S2.

Key Dates

Recommendation

OMA demonstrates strong operational and financial performance with significant revenue and net income growth in 2025, supported by robust passenger traffic and effective revenue diversification. The company's substantial investment plans through its Master Development Program signal a commitment to future growth. However, the ongoing regulatory environment, potential for increased competition, and sensitivity to economic conditions in Mexico and the U.S. warrant a cautious approach. While the company's financial health is sound, the current valuation and the inherent risks in the industry suggest a 'hold' recommendation, pending further clarity on regulatory impacts and sustained economic stability.

Keywords

OMA, Grupo Aeroportuario del Centro Norte, Airport, Mexico, Aviation, 20-F Filing, Financial Results, Revenue, Passenger Traffic, Master Development Program, Concession