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

OMA’s shares rose 4.8% after earnings, with adjusted EBITDA up 8.7% and the margin at 75%. Passenger growth was modest at 1.3%, but commercial and diversification revenue growth helped support the quarter.

Key Takeaways

• OMA served 7.7 million passengers, up 1.3% year over year; domestic traffic rose 0.6% and international traffic increased 6%.
• Total aeronautical and non-aeronautical revenue grew 8.3% to MXN 3.8 billion. Commercial revenue rose 11%, while diversification revenue increased 20.4%.
• Adjusted EBITDA increased 8.7% to MXN 2.9 billion, with a 75% margin. Cost of services and G&A rose 8.6%, including higher payroll and contracted services costs.
• Net income increased 2.9% to MXN 1.6 billion; financing expense rose 16.5% to MXN 348 million, mainly due to higher average debt.
• Quarter-end cash was MXN 4 billion, total debt was MXN 14.9 billion, and net debt-to-adjusted EBITDA stood at 1.0x.