Grupo Aeroportuario del Centro Signals Profitable Growth

Grupo Aeroportuario Del Centro ((OMAB)) has held its Q4 earnings call. Read on for the main highlights of the call.

Grupo Aeroportuario del Centro (OMA) delivered a broadly upbeat earnings call, underscored by robust traffic recovery, double‑digit commercial and diversification revenue growth, and EBITDA margins in the mid‑70s that highlight strong operational discipline. Management acknowledged cost inflation, a jump in noncash maintenance provisions, and FX headwinds, but argued that a newly approved MXN 16 billion investment plan positions the group for efficient, long‑term growth.

New MXN 16 Billion MDP Sets Long-Term Framework

The Federal Civil Aviation Agency approved OMA’s 2026‑2030 Master Development Program, locking in roughly MXN 16 billion of investment in December 2024 pesos. The plan focuses on expanding capacity, terminal and airside works, equipment upgrades, pavement rehabilitation, and sustainability, with management noting that the program is similar in real size to the prior cycle but should deliver better capital efficiency per passenger.

Passenger Growth Remains Broad-Based and Healthy

Total passengers reached 28.8 million in 2025, an 8.5% increase versus the prior year, with domestic traffic up 8% and international up 12%. Seat capacity rose nearly 11% and OMA added 35 new routes, including 24 domestic and 11 international, underscoring solid airline appetite despite lingering fleet constraints.

Commercial and Diversified Revenues Accelerate

Commercial lines were a standout in 2025, with restaurant revenue up 22%, VIP lounges up 30%, and parking up 13%, reflecting a better commercial mix and increased spending. Diversification initiatives also paid off as industrial park revenue surged 44% and OMA Carga rose 9%, highlighting growing income streams not tied directly to passenger tariffs.

Balanced Revenue Mix Between Aeronautical and Non-Aeronautical

OMA reported that aeronautical and non‑aeronautical revenues each expanded about 12% year over year in 2025. This balance shows the recovery in core traffic‑linked income while also demonstrating the firm’s ability to boost commercial performance and reduce dependence on regulated aeronautical fees.

EBITDA Margins Stay in the Mid-70s

Adjusted EBITDA for 2025 reached MXN 10.2 billion with an impressive 74.5% margin, underscoring high profitability despite cost pressures. In the fourth quarter, adjusted EBITDA grew around 6% year over year to MXN 2.6 billion, with a still‑strong margin of 73.6%, confirming the resilience of OMA’s operating model.

4Q25 Operational Metrics Show Steady Momentum

Fourth‑quarter passenger traffic was 7.5 million, up 6% year over year, with seat capacity rising 8% in the period. Commercial revenue per passenger held at MXN 62 while commercial space occupancy was a high 93%, and key low‑cost carriers Volaris and Viva grew traffic 17% and 5% respectively, together accounting for roughly three‑quarters of volume.

Solid Cash Generation and Conservative Leverage

OMA generated MXN 1.9 billion in operating cash flow in 4Q, finishing the year with MXN 3.1 billion in cash and MXN 13.6 billion in total debt. Net leverage stood at a conservative 1.0x adjusted EBITDA, while financing expense fell 12.7% in the quarter to MXN 290 million, giving the group room to fund its investment plan.

Monterrey Expansion Poised to Lift Commercial Spend

Management highlighted planned upside from expanded commercial areas at Monterrey airport, which are expected to open around mid‑next year. Once all new stores are fully ramped, OMA is guiding to a 10%–15% real increase in spend per passenger at Monterrey, with the full‑year impact expected to be visible by 2028.

Higher Major Maintenance Provision Weighs on Accounting

The company’s major maintenance provision jumped to MXN 216 million in 4Q25 from MXN 39 million a year earlier following a reassessment under the new MDP. Around 17% of the MDP is dedicated to major maintenance, and management anticipates a noncash provision of about MXN 400 million in 2026, affecting reported profit but not immediate cash flow.

Operating Costs and G&A Trending Higher

Costs of airport services and general and administrative expenses increased 11.6% year over year in 4Q25, reflecting inflation and operational needs. Contracted services rose 14.7% on higher security and cleaning outlays, minor maintenance spiked 24.1% due to timing of works, and other costs climbed 9.9% on IT and transport requirements, although full‑year maintenance grew only 4%.

Peso Strength Creates FX Revenue Headwinds

Appreciation of the Mexican peso, about 8% year over year in the fourth quarter, weighed on FX‑sensitive revenue lines like international passenger charges, VIP lounges, duty‑free, and industrial parks. Management estimated a negative 4Q impact of MXN 50–60 million and noted that international passenger charges actually fell 1.3% despite more than 4% growth in international passengers.

Engine Inspections Still Constrain Airline Capacity

The ongoing Pratt & Whitney engine inspection program continued to limit capacity for some airline partners during 2025, although management said conditions were better than in 2024. The company nevertheless delivered higher traffic and seat growth, suggesting that OMA’s network remains attractive even under supply constraints.

One-Off Utility and Timing Effects Inflate Quarterly Costs

OMA pointed to some nonrecurring items that temporarily lifted expenses in the quarter, including a MXN 6 million increase in electricity costs from a temporary alternative power supply in Monterrey. Timing of works and maintenance also contributed to elevated contracted services and minor maintenance in 4Q, effects that management does not see as structural.

Tariff Hike Brings Upside with Demand Uncertainty

Regulators approved a 6.9% real increase in maximum tariffs effective April 10, 2026, which the company described as about 6.1% in nominal terms. Management expects to reach roughly 93% of the maximum tariff this year and fully converge over two to three years, but acknowledged some demand risk as higher tariffs are passed through, even though elasticity is seen as limited.

Higher Financing Outflows Temper Liquidity Flexibility

Investing and financing activities used MXN 663 million and MXN 2.5 billion respectively in 4Q25, which reduced short‑term liquidity flexibility despite healthy cash generation. Even so, OMA closed the quarter with MXN 3.1 billion in cash, providing a buffer as it ramps capex under the new MDP.

Guidance Signals Disciplined Growth and Investment

Looking ahead, OMA plans to deploy about MXN 16 billion under its 2026‑2030 MDP, with roughly 17% tied to major maintenance and a guided noncash maintenance provision of around MXN 400 million in 2026. Traffic is expected to grow in the low‑ to mid‑single digits, around 20 new routes are already confirmed, Monterrey and Culiacán’s new commercial areas should support a 10%–15% real uplift in Monterrey spend per passenger by 2028, and management sees near‑term commercial revenue per passenger hovering around MXN 62 as it funds capex with a conservative balance sheet and potential CEBURES refinancings.

OMA’s earnings call painted the picture of an airport operator balancing strong profitability and growth with realistic acknowledgment of cost and FX pressures. With a clear, regulator‑endorsed investment roadmap, solid leverage metrics, and visible commercial upside in key hubs, the company appears well positioned for steady expansion, though investors will watch maintenance provisioning, tariff implementation, and currency moves closely.