EarningsQ3 2026 Earnings Report
MX:OMAB Q3 2026 EPS Results
Actual EPS$4.01
Consensus EPS$4.07
Beat/MissMissed by -$0.06
One Year Ago EPS$3.90
MX:OMAB Q3 2026 Revenue Results
Actual Revenue$4.86B
Expected Revenue$4.54B
Beat/MissBeat by +$319.04M
YoY Revenue Growth+23.77%
Earnings Announcement Details
QuarterQ3 2026
Date10/27/2026
TimeAfter Close
Conference CallTuesday, October 27, 2026
MX:OMAB Upcoming Earnings
Grupo Aeroportuario del Centro Norte SAB de CV's next earnings date is estimated for February 17, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
MX:OMAB Q3 2026 Earnings Call
0:00 / 0:00
Q3 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was broadly positive, with passenger traffic, revenues, adjusted EBITDA, margin, cash generation, commercial activities, and diversification all showing year-over-year growth. The company also outlined multiple expansion initiatives and improving tariff compliance. These positives were tempered by limited domestic traffic growth, Viva's decline, cost and financing expense increases, peso appreciation, low-single-digit traffic expectations for 2027, and uncertainty around the potential airline merger.Company Guidance
Passenger Traffic Increased Year Over Year
OMA served 7.7 million passengers in the third quarter of 2026, a 1.3% increase year over year, while available seat capacity also increased 1.3%. International passenger traffic grew 6%, mainly driven by higher traffic on Monterrey routes to New York, Madrid, and Paris.
San Luis Potosí Drove Most Domestic Passenger Growth
Domestic passenger traffic increased 0.6% year over year, driven primarily by San Luis Potosí Airport routes to Felipe Ángeles and Monterrey. These routes added more than 35,000 passengers and represented 91% of total domestic passenger growth.
Volaris Traffic Growth
Volaris, representing 27% of total passenger traffic during the quarter, recorded 14% growth versus the third quarter of 2025.
Aeronautical Revenue Growth
Aeronautical revenues increased 6.7% year over year, primarily driven by tariff adjustments implemented in April 2026. Aeronautical revenue per passenger increased 5.3%.
Commercial Revenue Growth and Higher Passenger Monetization
Commercial revenues increased 11% year over year, and commercial revenue per passenger reached MXN 66. Growth was driven by VIP lounges, restaurants, parking, and retail, supported by higher penetration, new units, and increased passenger traffic. Commercial space occupancy remained 96%.
Strong Commercial Revenue by Category
VIP lounge revenue increased 28%, restaurant revenue increased 13.5%, parking revenue increased 6.7%, and retail revenue increased 18.5%. VIP lounge growth reflected higher capture rates and the start of operations at the Torreón Airport lounge; restaurant growth reflected higher passenger traffic and new units in Durango and Torreón; parking growth reflected higher average tariffs; and retail growth reflected new units and increased passenger traffic.
Diversification and OMA Carga Growth
Diversification revenues increased 20% year over year, or 20.4% in the financial review, mainly due to OMA Carga. OMA Carga revenue increased 42%, driven by new client operations in Monterrey, additional high-value cargo handling, and higher average merchandise stays in warehouses.
Industrial Services Revenue Increased
Industrial service revenues reached MXN 53 million, an increase of 13%, mainly attributable to a greater number of square meters.
Higher Total Revenue and Adjusted EBITDA
Total aeronautical and non-aeronautical revenues increased 8.3% to MXN 3.8 billion. Adjusted EBITDA increased 8.7% to MXN 2.9 billion, while the adjusted EBITDA margin expanded to 75.0%.
Net Income and Operating Cash Generation
Consolidated net income increased 2.9% year over year to MXN 1.6 billion. Cash generated from operating activities amounted to MXN 2.3 billion during the quarter.
Cash Position and Leverage
OMA ended September with MXN 4 billion in cash. Total debt was MXN 14.9 billion, and leverage measured as net debt-to-adjusted EBITDA stood at 1.0x.
Acapulco Premium Lounge Opening
OMA plans to open an OMA Premium Lounge at Acapulco Airport in the following month, which management expects to contribute further to the growth of the lounge revenue source.
Monterrey Hyatt Place Hotel Development
OMA will begin construction of a second hotel at Monterrey Airport under the Hyatt Place brand. The project requires approximately $17 million of investment, will have 120 rooms, and is expected to begin operations in the fourth quarter of 2028. The hotel will be developed through OMA's existing joint venture with Grupo Hotelero Santa Fe, which has a 15% ownership stake, while OMA will operate the hotel.
Monterrey Commercial Expansion
A partial opening of Monterrey Airport's expanded commercial area is expected by the end of the year, mainly in the baggage claim area, with the full commercial area expected to open by the fourth quarter of next year. Management expects the expansion to increase Monterrey Airport income per passenger by approximately 15% in real terms once open, with the impact reflected in 2028 results.
Progress Toward Maximum Tariff Compliance
OMA anticipates ending 2026 at approximately 93% compliance with its maximum tariff, expects approximately 95% compliance next year, and plans to reach 100% by the third year of the five-year plan, measured as the average of the year.
Planned Tariff Increase
OMA has shared its planned tariff increase with airlines and expects a nominal increase slightly above 4% starting January 1.
OMA Carga Growth Outlook
Management expects OMA Carga growth to be in the high teens for the rest of the year and somewhere similar for next year.
Continued Commercial Capital Investment
In addition to the Monterrey hotel, OMA expects to invest in VIP lounges and parking and is evaluating a potential new hotel.
Technical Assistance Fee Maintained
Management stated that it does not currently plan to internalize the technical assistance fee and believes the fee is well grounded because VINCI, OMA's strategic partner, provides most of the value associated with the technical assistance. Under the current tariff-based regulation, the fee is recognized as an expense up to a certain percentage.
MX:OMAB Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed