Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. Q4 FY2025 earnings call

• Received approval from the Federal Civil Aviation Agency for a master development program covering '26 - '30 period with an approved investment commitment of approximately MXN 16 billion. Focused on capacity expansion, quality enhancements, and efficiency strengthening at largest airports. - 2025 was a year of continued recovery in operational capacity, strong performance at Monterrey airport. Seat capacity across airports increased close to 11%, total passenger traffic reached 28.8 million, up 8.5% y - o - y. Opened 35 new routes. Commercial revenues grew in restaurant, VIP lounges, parking. Diversification business like industrial park had 44% revenue increase, OMA Carga had 9% revenue increase. - Fourth quarter 2025: Passenger traffic 7.5 million, up 6% y - o - y. Seat capacity up 8%. Domestic and international passenger traffic had growth. Aeronautical, commercial, and diversification revenues had growth. Adjusted EBITDA increased with certain cost items having increases due to various factors.

Aeronautical and non - aeronautical revenues each grew approximately 12% year - over - year in 2025. Adjusted EBITDA for the year was MXN 10.2 billion with an adjusted EBITDA margin of 74.5%. In the fourth quarter of 2025, OMA's passenger traffic totaled 7.5 million, a 6% increase year - over - year. Aeronautical revenues increased 6%, commercial revenues grew by 8% compared to the fourth quarter of 2024, and adjusted EBITDA increased by 6% to MXN 2.6 billion with a margin of 73.6%. Commercial revenue per passenger stood at MXN 62, occupancy rate for commercial space was 93% at the end of the quarter. Diversification revenues increased 5% with OMA Carga contributing most of the growth.

• Expect low to mid - single - digit growth in traffic for 2026. - For 2026, expect full year major maintenance provision cost to be approximately MXN 400 million. - The approved maximum tariff has a 6.9% real increase starting April 10, and it will take 2 - 3 years to reach 100% maximum tariff, with around 93% expected by the end of 2026.

• Peso appreciation against the dollar resulted in a 1.3% decline in international passenger charges despite a 4.2% increase in international passengers. - Temporary use of an alternative power supply line at Monterrey Airport due to construction works near the airport, which had a one - time MXN 6 million impact related to higher tariff, but electricity supply reverted to regular PPA contract by end of December.

Q: Juan Ponce with Bradesco asked about the MXN 260 million major maintenance provision recognized this quarter, whether it reflects higher maintenance intensity or just timing shifts.

A: Ruffo Pérez del Castillo said it reflects the 2026 - 2030 expected expenditures as well as timing changes versus past assumptions.

Q: Juan Ponce further asked if the full year number is going to be around MXN 400 million.

A: Ruffo Pérez del Castillo said that is correct, noncash.

Q: Jens Spiess with Morgan Stanley asked about the passenger fleet increase and reaching close to 100% of maximum tariff.

A: Ricardo Duenas said the announced increase is 6.9% starting April 10 and it will take 2 - 3 years to reach 100% maximum tariff, with around 93% expected by end of 2026.

Q: Jens Spiess asked for update on timing of investments in Monterrey.

A: Ricardo Duenas said main works in Monterrey are focused, anticipating to finish new commercial area by mid - next year.

Q: Vanessa Quiroga with Eternal Capital Group asked about how much of the master development plan investments for the next 5 years is major maintenance and accounting rule.

A: Ruffo Pérez del Castillo said total investments related to major maintenance in the approved MDP represents approximately 17% of the total MDP for the next 5 years, and the accounting rule is to provision the present value of such expenditure from today until the day the project is expected to start its execution.

Q: Abraham Fuentes with Santander asked about excess of concession tax on aeronautical revenues.

A: Ruffo Pérez del Castillo said the excess pursuant to 2023 tariff - based regulation was incorporated as additional reference value used in recent negotiation in December and is being recovered through maximum tariff starting January 1 of this year.

Q: Gabriel Himelfarb with Scotiabank asked about MDP CapEx on Monterrey commercial revenues ramping in terms of EBITDA and view on Viva - Volaris consolidation.

A: Ruffo Pérez del Castillo said expect a bump after commercial areas of expanded Terminal A are opened towards second half of next year, full year effect in 2028, and about 10% to 15% increase in spending per pax in Monterrey in real terms annually once new outlets are opened; Ricardo Duenas said still assessing potential impact of Viva - Volaris consolidation.

Q: Alberto Valerio with UBS asked about FX impact on international traffic and details on maintenance forecasting and impact of violence.

A: Ruffo Pérez del Castillo said estimated FX impact of peso appreciation in fourth quarter of 2025 was between MXN 50 million to MXN 60 million; Ruffo Pérez del Castillo said expect 2026 full year provisioning around MXN 400 million and still assessing following years' impact; Ricardo Duenas said all 13 airports are operating normally, few cancellations seen but not expected to impact numbers.

Q: Ernst Mortenkotter with GBM asked if considering alternative financing methods like FIBRA.

A: Ruffo Pérez del Castillo said not necessarily considering other structures different to past few years, but do have refinancings of debt due this year and would expect to tap CEBURES market.

Q: Unknown Analyst with JPMorgan asked about traffic expectations for 2026.

A: Ricardo Duenas said anticipating low to mid - single - digit growth in traffic for 2026.

Q: Vanessa Quiroga with Eternal Capital asked about base for 7% real terms tariff increase.

A: Ruffo Pérez del Castillo said MDP approved maximum tariff was a 6.9% real increase in all airports, reflecting 2025 maximum tariff, and 2026 maximum tariff has that 6.9% real increase compared to 2025.

Q: Enrique Cantú with GBM asked about demand elasticity and route additions.

A: Ricardo Duenas said pass - through of tariff increases this year not expected to have major impact on traffic elasticity; Ruffo Pérez del Castillo said 20 routes confirmed, 17 domestic and 3 international, mostly starting in June from airports like Monterrey, San Luis Potosí.

Q: Andres Radin with TRG asked about commercial revenues per passenger and diversification revenues growth in 2026.

A: Ruffo Pérez del Castillo said commercial revenue per pax expected to be similar to 2025 amounts in next few quarters; diversification revenues driver in 2026 would be OMA Carga with double digit growth.