Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. Q3 2026 Earnings Recap

OMA shares rose 6.0% after earnings, with revenue growth and a 75% adjusted EBITDA margin likely supporting the positive reaction. Passenger growth was modest at 1.3%, while net income rose just 2.9% as financing expense increased.

Key Takeaways

• Passenger traffic reached 7.7 million, up 1.3% year over year; domestic traffic grew 0.6% and international traffic 6%.
• Total aeronautical and non-aeronautical revenue increased 8.3% to MXN 3.8 billion. Aeronautical revenue rose 6.7%, while non-aero revenue grew 13.3%.
• Adjusted EBITDA increased 8.7% to MXN 2.9 billion, with a 75.0% margin. Cost of services and G&A rose 8.6%, reflecting higher payroll and contracted-service costs.
• Financing expense climbed 16.5% to MXN 348 million, and net income increased 2.9% to MXN 1.6 billion.
• Quarter-end cash was MXN 4.0 billion; total debt was MXN 14.9 billion, with net debt-to-adjusted EBITDA leverage at 1.0x.