Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. Q2 FY2025 earnings call

• Senior management changes: Enrique Navarro retiring, Raful Zacarias to be COO; Pierre Grosmaire joining as Chief Commercial Officer. - Completed MXN 2.75 billion long-term note issuance, proceeds for repayments and investments. - Ongoing negotiation of 2630 master development program: submitted proposal to AFAC, technical visits in Aug-Sep, tariff negotiation Oct-Nov, final approval expected in Dec. ~49% of investment for Monterrey Airport. - Operational highlights: Q2 passenger traffic 7.2M (+11% YOY), seat capacity +12%; domestic up 10%, international up 19%; VivaAerobus (51% of traffic, +14% YOY) and Volaris (24% of traffic, +31% YOY) key airlines.

In the second quarter of 2025, OMA's passenger traffic totaled 7.2 million, an 11% year-over-year increase. Seat capacity rose 12%. Aeronautical revenues increased 17%, with aeronautical revenue per passenger up 5%. Commercial revenues grew 20%, with commercial revenue per passenger at MXN 62, up 8% year-over-year. Key commercial segments like restaurants (41.1% growth), parking (12.7% growth), VIP lounges (34.6% growth), and retail (27.4% growth) contributed. Diversification activities increased 10.7%, mainly due to industrial services growing over 100% and hotel services up 4% to MXN 112 million. Adjusted EBITDA was MXN 2.6 billion with a margin of 74.6%. Cash from operating activities was MXN 1.8 billion, and investing activities used MXN 575 million.

Anticipates mid to high single-digit traffic growth for the remainder of 2025; tariff expectation is a low single-digit increase in real terms based on the MDP proposal.

Forward-looking statements are subject to risks and uncertainties beyond control; potential impact of U.S. DOT actions on passenger growth outlook.

Q: Guilherme Mendes inquires about traffic outlook and its drivers, expecting mid to high single-digit growth for the rest of the year.

A: Ricardo Duenas Espriu states the company had a strong first half and anticipates mid to high single-digit growth for the remainder of 2025, noting reduced airline capacity and tougher year-over-year comparisons.

Q: Guilherme Mendes follows up on what's driving traffic performance, specifically relating to near shoring.

A: Ruffo Perez Pliego del Castillo attributes Monterrey's traffic growth to strong economic performance in the region, including high industrial activity and occupancy in the industrial park.

Q: Juan Ponce asks about Monterrey's international network development over the next 12 months.

A: Ricardo Duenas Espriu responds that while there will be domestic new openings in Monterrey in the second half, there won't be major acceleration in international passenger growth in the second half due to announced capacity cuts.

Q: Alberto Valerio asks about tariff divergence among airports regarding the MDP.

A: Ricardo Duenas Espriu states the tariff negotiation is ongoing and no airports are expected to have tariff decreases.

Q: Gabriel Himelfarb asks about the possibility of new assets in Brazil.

A: Ricardo Duenas Espriu mentions OMA is not formally involved in Motiva CCR's airport asset sale process but is always exploring airport opportunities.

Q: Federico Galassi asks about commercial revenues from Monterrey and MDP investments in Monterrey.

A: Ruffo Perez Pliego del Castillo says he will follow up on the specific commercial revenue from Monterrey and notes MDP investments in Monterrey include Terminal A expansion, platform reconfigurations, fast taxiways, and technology upgrades.