Grupo Aeroportuario del Centro Norte: 2Q26 Conference Call Highlights

Research evidence excerpt

Grupo Aeroportuario del Centro Norte: 2Q26 Conference Call Highlights

J P M O R G A N Latin America Equity Research

28 July 2026

Grupo Aeroportuario del Centro

Norte Neutral

OMAB.MX, OMAB MM

2Q26 Conference Call Highlights Price (27 Jul 26):Ps228.11

Latin American Transportation

• Traffic Trends. In 2026, management expects traffic to be flat to up low-single Guilherme Mendes AC

digits y/y (vs. JPMe at +3.5% y/y). Winter season schedules are not public yet, (55-11) 4950-4105

and airlines appear somewhat conservative for 4Q26, as capacity is being guilherme.g.mendes@jpmorgan.com

pressured by higher fuel prices. This quarter, new routes accounted for over Julia Orsi

60% of domestic passenger growth, and OMA continues to develop the (55-11) 4950 3351

Monterrey airport and expand its route network. julia.orsi@jpmorgan.com

Banco J.P. Morgan S.A.

• MDP Maximum Tariff. OMA adjusted tariffs in April and expects to reach

93–95% of the MDP maximum by year end. Full completion is expected by the

end of 2027 to mid-2028, depending on traffic expectations and inflation.

• Details on CapEx. CapEx is expected at Mx$3.5–4.0 billion this year (vs.

JPMe at Mx$3.7 billion), reflecting investments postponed from the previous

cycle.

• Commercial Revenues. Current levels of ~Mx$66 per pax should hold. New

commercial areas in Monterrey are expected to be ready by end 2027 and

contribute to results starting in 2028. Management reiterated its commitment

to increase commercial revenue per pax. The company is working on two new

hotels, one in Monterrey and the other in Ciudad Juarez, expanding cargo

operations, and evaluating industrial expansion as well.

• OMA Carga. Revenues were +29% y/y, driven by high value cargo and new

operations. OMA is expanding its warehouses, and growth in the coming