Mexico · Earnings
A sharp rise in spending at shops and restaurants inside OMA’s terminals offset a sluggish quarter for cross-border flying, showing how the Mexican airport group can grow profits even when passenger numbers barely budge.
The airports OMA controls
Grupo Aeroportuario del Centro Norte, known as OMA, operates 13 international airports across nine states in central and northern Mexico. Its flagship gateway is Monterrey International Airport, the country’s fourth-busiest air hub and a critical link for business travel to the industrial powerhouse of Nuevo León.
The portfolio also includes tourist destinations such as Acapulco, Mazatlán and Zihuatanejo, alongside mid-sized cities like Chihuahua, Ciudad Juárez and Culiacán. Together these airports serve a mix of domestic business travelers, leisure tourists and cross-border passengers connecting to the United States.
What drove the profit increase
The 10.2% jump in net income was powered less by ticket fees than by what passengers spent once inside the terminal. Non-aeronautical revenue—covering duty-free shops, restaurants, car parking and advertising—climbed 9.8%, nearly three times the growth rate of aeronautical charges.
Management has been expanding commercial offerings and renegotiating leases, a strategy that paid off as per-passenger spending rose. Even with total traffic nearly flat, the higher-margin commercial income pushed adjusted EBITDA up 6.2% and kept the EBITDA margin above 75%.
Live Company IntelligenceGrupo Aeroportuario del Centro Norte S.A.B. de C.V — the full investor dossier
Valuation & profitability
Price & risk
$207.8052-wk high
$281.73
Revenue trend · 6y
MX$15.96B
Ownership
Dividend
What Grupo Aeroportuario del Centro Norte does.Grupo Aeroportuario del Centro Norte, S.A.B. de C.V., together with its subsidiaries, holds concessions to develop, operate, and maintain airports in Mexico. It operates 13 international airports in Monterrey; Acapulco, Mazatlán, and Zihuatanejo; Chihuahua, Culiacán, Durango, San Luis Potosí, Tampico, Torreón, and Zacatecas; and Ciudad Juárez and Reynosa cities. The company is…
International traffic and the World Cup effect
International passenger numbers dipped 1.2% across the OMA network during the quarter, dragged down by fewer travelers on key U.S. routes from Monterrey to Los Angeles, Dallas/Fort Worth and San Antonio. The decline reflects softer cross-border demand that persisted through much of the spring.
That trend reversed dramatically in June, when Monterrey hosted FIFA World Cup 2026 matches. International traffic at the airport soared 10.3% year-over-year for the month, handling 235,257 international passengers out of nearly 1.33 million total, a preview of the event’s power to reshape travel flows.
What the numbers say about Mexican travel demand
Domestic travel remains the backbone of OMA’s business, accounting for 86.1% of all passengers in the quarter and growing 0.6%. The resilience of internal flights suggests Mexican household and business demand is holding steady, even as international sentiment wobbles.
The flat overall traffic figure masks a divergence: while U.S.-bound routes softened, the World Cup demonstrated how quickly international demand can snap back when a major event creates urgency. For foreign investors, the quarter underscores that OMA’s earnings engine is increasingly decoupled from raw passenger volume.
Outlook for the rest of 2026
With the World Cup continuing through July, Monterrey’s June surge is likely to extend into the third quarter, boosting both aeronautical and commercial revenue. Analysts will watch whether the international rebound holds after the tournament ends.
OMA’s ability to grow profits on near-flat traffic strengthens its appeal as an infrastructure play with built-in commercial upside. The main risk remains any prolonged downturn on U.S. routes, which could pressure the international segment even as domestic travel stays firm.
Frequently Asked Questions
Which airports does OMA operate?
OMA runs 13 international airports in central and northern Mexico, including Monterrey, Acapulco, Mazatlán, Zihuatanejo, Chihuahua, Ciudad Juárez and Culiacán.
Why did OMA’s profit rise when passenger traffic was nearly flat?
Non-aeronautical revenue from shops, restaurants and parking jumped 9.8%, far outpacing the 3.9% increase in aeronautical fees, which lifted overall profitability despite minimal passenger growth.
How did the FIFA World Cup affect Monterrey Airport?
Monterrey saw international passenger traffic surge 10.3% in June 2026 compared to a year earlier, as the city hosted World Cup matches, reversing a quarterly decline on U.S. routes.
What is the domestic-international mix of OMA’s passengers?
Domestic travelers made up 86.1% of OMA’s 7.2 million passengers in the second quarter, with international passengers accounting for the remaining 13.9%.
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