OMA’s Earnings Call: Robust Growth Amid Challenges

Grupo Aeroportuario Del Centro ((OMAB)) has held its Q1 earnings call. Read on for the main highlights of the call.

Grupo Aeroportuario Del Centro Norte (OMA) recently held its earnings call, revealing a positive sentiment overall, driven by robust growth in passenger traffic, revenue, and profitability metrics. Despite these promising developments, the company acknowledged challenges such as a significant decrease in construction revenues and rising operational costs. While the core operations’ growth remains strong, external uncertainties related to capacity growth and macroeconomic factors present potential risks.

Significant Passenger Traffic Increase

OMA reported a notable increase in passenger traffic, totaling 6.4 million in the first quarter of 2025, representing a 9.1% year-over-year growth. This was bolstered by an 8% rise in domestic traffic and a substantial 15.1% increase in international traffic.

Aeronautical Revenue Growth

The company saw a 13.8% year-over-year increase in aeronautical revenues, with revenue per passenger rising by 4.3%. This growth underscores the strength of OMA’s core aeronautical operations.

Commercial and Diversification Revenue Surge

OMA experienced a 22.8% growth in commercial revenues, driven by strong performances in VIP lounges, restaurants, and retail. Notably, VIP lounge revenues surged by 80%. Additionally, diversification revenues increased by 22%.

Strong Adjusted EBITDA Growth

The company achieved a 16% increase in adjusted EBITDA, reaching Ps.2.4 billion, with an impressive adjusted EBITDA margin of 74.9%, reflecting strong operational efficiency.

Dividend Declaration

OMA declared and paid a Ps.4.5 billion cash dividend at the 2025 Annual Shareholders Meeting, highlighting the company’s commitment to returning value to its shareholders.

Positive Financial Results

OMA reported a consolidated net income of Ps.1.3 billion, marking a 19.7% increase compared to the first quarter of 2024, showcasing strong financial performance.

Decrease in Construction Revenues

The company faced a 60% decrease in construction revenues due to lower MDP investment execution, indicating a challenge in this segment.

Increased Costs Impact

OMA experienced a 10.2% year-over-year increase in the cost of services and G&A expenses, with a significant 42% rise in other costs and expenses, impacting overall profitability.

Capacity Uncertainty

The company expressed concerns over uncertainties in capacity growth, influenced by macroeconomic factors and potential retrenchment by low-cost carriers, which could affect future growth.

Forward-Looking Guidance

Looking ahead, OMA anticipates continued growth, supported by a 13.4% rise in seat capacity and the launch of 16 new routes, including five international ones. Key contributors VivaAerobus and Volaris are expected to drive traffic, accounting for 49% and 22% of total traffic, respectively. The company is optimistic about its financial trajectory, with aeronautical and commercial revenues projected to continue their upward trend.

In summary, Grupo Aeroportuario Del Centro Norte’s earnings call highlighted a strong performance in passenger traffic and revenue growth, despite challenges in construction revenues and rising costs. The company’s forward-looking guidance remains positive, with expectations of continued growth in core operations, although external uncertainties pose potential risks. Investors will be keenly watching how OMA navigates these challenges while capitalizing on growth opportunities.