Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. Q2 2026 Earnings Recap

OMA's shares rose modestly by 2.0% following its Q2 2026 earnings, reflecting a mixed reception to steady passenger traffic growth paired with margin expansion, but limited upside beyond expectations.

Key Takeaways

• Passenger traffic grew 0.4% year-over-year to 7.2 million, driven by a 0.6% increase in domestic passengers; international traffic fell 1.2%, notably at Monterrey Airport.
• Aeronautical revenues rose 4%, primarily due to tariff hikes implemented in April 2026; aeronautical revenue per passenger increased 3.5%.
• Non-aeronautical revenue grew 9.8%, with strong contributions from commercial services (+6.7%) and diversification activities (+17%), including a 29% rise in cargo revenues.
• Adjusted EBITDA increased 6.6% to Ps. 2.7 billion, with margin expansion to 75.2%, supported by disciplined cost management despite inflationary pressures raising payroll and contracted services expenses.
• The company issued Ps. 3 billion in long-term notes in July to refinance short-term debt and fund development programs, while surpassing its sustainability targets on greenhouse gas reductions.