Grupo Aeroportuario del Centro Norte SAB de CV Q3 FY2026 earnings call

• Passenger Traffic: Served 7.7 million passengers (up 1.3% YoY). Domestic traffic grew 0.6%, led by San Luis Potosí Airport routes. International traffic surged 6%, driven by Monterrey airport routes to New York, Madrid, and Paris.
• Airline Partner Performance: Volaris traffic grew 14% (accounting for 27% of total traffic), while Viva traffic declined 2% (accounting for 49% of total traffic).
• Operational Efficiency: Adjusted EBITDA increased 9% to MXN 2.9 billion with an expanded margin of 75%. Cost of services and G&A expenses rose 8.6%, mainly due to payroll increases and higher contracted security/cleaning costs.
• Capital Expenditures & Projects: Total investment was MXN 1.138 billion. Plans include opening an OMA Premium Lounge in Acapulco and constructing a second Hyatt Place hotel in Monterrey (investment approx. $17 million, 120 rooms, operations starting Q4 2028).
• Tariff Compliance: Management aims to reach ~93% compliance with maximum tariffs by year-end 2026, ~95% in 2027, and 100% by the third year of the five-year plan.

• Aeronautical Revenues: Increased by 6.7% year-over-year, driven by tariff adjustments effective in April 2026 and international passenger charge growth, partially offset by peso appreciation. Contribution to total revenue is not explicitly stated as a percentage, but total aeronautical and non-aeronautical revenues grew to MXN 3.8 billion.
• Commercial Revenues: Increased by 11%, reaching MXN 66 per passenger. Growth was driven by VIP lounges (+28%), restaurants (+13.5%), retail (+18.5%), and parking (+6.7%). Occupancy of commercial space remained at 96%.
• Diversification Revenues: Increased by 20.4%, primarily due to the OMA Carga business, which saw a 42% revenue increase from new clients and high-value cargo handling.
• Industrial Service Revenues: Reached MXN 53 million, an increase of 13%, attributed to greater square meterage utilization.

• Traffic Outlook: Anticipates low single-digit traffic growth for 2027, expecting recovery momentum to start mid-year.
• Cargo Growth: Expects OMA Carga business to maintain high-teens growth rates for the remainder of 2026 and similar growth in 2027.
• Monterrey Commercial Impact: The full commercial area expansion in Monterrey is expected to result in approximately a 15% increase in income per passenger in real terms, though financial impact will be reflected in 2028 results.
• Tariff Hikes: A nominal tariff increase of slightly above 4% is planned for implementation on January 1st, following discussions with airlines.

• Regulatory Uncertainty: The outcome of the merger between competitors Viva and Volaris is pending National Antitrust Commission approval; management cannot currently assess its full potential impact on traffic performance.
• Currency Fluctuation: Peso appreciation against the U.S. dollar partially offset gains in aeronautical revenues, highlighting exposure to FX volatility.
• Cost Inflation: Rising costs in payroll and contracted services (security and cleaning) due to minimum wage increases and contract renewals pose pressure on margins.

Q: Jens Spiess asked about internalizing technical assistance fees and maximum tariff compliance timelines. / A: CFO Ruffo Pérez Pliego stated that internalization is not planned as VINCI Airports provides valuable strategic support recognized under current regulation. CEO Ricardo Dueñas clarified that tariff compliance is expected to reach 93% average for 2026, 95% in 2027, and 100% by the third year of the five-year plan.

Q: Alan Macías requested details on new clients and cargo types for OMA Carga. / A: Ricardo Dueñas explained that growth stemmed from new client operations in Monterrey, additional high-value cargo handling, and longer merchandise stays in warehouses. He projected sustained high-teens growth for this segment through 2026 and into 2027.

Q: Enrique Cantú asked about the timeline for Monterrey’s commercial expansion and its impact on per-passenger revenue. / A: Ricardo Dueñas confirmed partial openings late this year, with the full commercial area opening in Q4 2027. Ruffo Pérez Pliego added that once fully operational, this expansion is expected to drive a 15% increase in real income per passenger at Monterrey, impacting results in 2028.

Q: Guilherme Mendes inquired about the potential impact of the Viva-Volaris merger and international expansion opportunities. / A: Ricardo Dueñas noted they are awaiting antitrust approval and lack data to assess traffic impact yet. Regarding expansion, he confirmed investments in domestic hotels and lounges but stated there are no tangible international pipeline opportunities at present, though the company remains open to them.