# OMAB earnings call intelligence LOPJLB CallCard / temporal rollup · freemium · [stock page](https://www.lopjlb.com/stock/OMAB) · [Earnings tab](https://www.lopjlb.com/stock/OMAB?tab=earnings) Updated: 2026-07-27T04:26:43 Quarters analyzed: 8 ## Cross-quarter narrative From a record‑breaking 2023 with 15% passenger growth and a 78.4% EBITDA margin, OMAB entered 2024 under a cloud of uncertainty. The first quarter saw a modest 1.5% dip in total traffic, driven by domestic weakness linked to a Pratt & Whitney engine recall and a half‑capacity Acapulco airport, while international traffic rose 10% and margins held at 74.6% despite an 87% jump in concession tax. The second quarter reinforced the international upside (12% growth) and delivered several infrastructure projects, yet highlighted persistent cost pressures from higher taxes, slot restrictions and slower master‑development‑plan (MDP) execution. By Q4 2024, domestic traffic was still lagging but international demand remained robust, margins modestly expanded and the company secured regulatory visibility with the MDP approval. In 2025 the firm returned to strong traffic growth (9‑11% YoY) and EBITDA expansion, while maintaining high EBITDA margins above 74%. New challenges emerged in late 2025, including cost‑inflation, FX headwinds, regional violence impacts and upcoming debt refinancing, but the approved MXN 16 bn MDP and a low‑mid single‑digit traffic outlook for 2026 signal confidence in continued growth. Overall, the narrative shifts from early‑year uncertainty and domestic headwinds to a steadier, internationally‑driven expansion supported by a solid capital plan, albeit with emerging cost and macro‑risk concerns. ## Latest CallCard · Q4 OMA posted 8.5% passenger growth, 74.5% EBITDA margin, approved a MXN16bn 2026‑30 master development plan and expects low‑mid single‑digit traffic growth in 2026 with a 6.9% real tariff increase. **Guidance:** maintained — Management maintained its low‑to‑mid single‑digit traffic growth outlook for 2026 and kept the 6.9% real tariff increase plan. **Tone:** mgmt 0.6 · Q&A pressure 0.4 · divergence 0.3 Prepared remarks highlighted strong traffic recovery, solid margins and disciplined capital allocation, conveying optimism. ### Demand visibility Long‑term regulatory visibility secured via MDP approval Approval of the master development program provides visibility on capacity expansion, investment schedule and regulatory environment through 2030. ### Margins / costs Adjusted EBITDA margin remained strong at 74.5% FY2025 and 73.6% Q4 Margins held despite higher security, cleaning, utility and maintenance costs; financing expense fell due to lower interest and higher cash balances. ### Capital allocation MDP of MXN16bn over 2026‑2030, 17% earmarked for major maintenance Investments target terminal expansions, airside infrastructure, sustainability and safety; major maintenance provision expected MXN400m FY2026; debt refinancing planned via CEBURES market. ### Milestones - **Master Development Program (MDP) approval** [delivered]: Approved by Federal Civil Aviation Agency, MXN16bn for 2026‑2030. - **New commercial area Monterrey** [on_track]: Anticipated opening by mid‑next year as part of terminal expansion. - **New commercial area Culiacan** [on_track]: Expected to open by end of 2026. - **Terminal A commercial outlets expansion** [on_track]: Expected to boost spending per pax 10‑15% from second half of next year, full effect in 2028. - **Hotel expansion projects** [new]: Evaluating new hotel in Monterrey and another in Ciudad Juarez. - **Route additions 2026** [on_track]: 20 routes confirmed (17 domestic, 3 international) starting June 2026. - **Major maintenance provision** [new]: Provision of MXN400m expected for FY2026, representing 17% of total MDP. ### Fears / risks - **FX impact**: Peso appreciation reduced international passenger charges by 1.3% and lowered revenue from FX‑sensitive items. - **Cost inflation**: Higher security, cleaning, utility and maintenance costs driven by inflation and tight labor market. - **Regional violence**: Cancellations observed in Guadalajara and Puerto Vallarta due to local violence, though management sees limited impact. - **Demand elasticity**: Management believes tariff increase will not significantly affect traffic elasticity, but uncertainty remains. - **Debt refinancing**: Upcoming debt maturities require refinancing; company plans to tap CEBURES market. - **Alternative financing**: Peers consider FIBRA structures; OMA not currently pursuing alternative financing. - **Maintenance cost uncertainty**: Future major maintenance costs depend on construction costs and long‑term interest rates. - **Acquisition risk**: No specific acquisition targets; potential future deals could affect capital allocation. ### Key quotes > “During December, we received approval from the Federal Civil Aviation Agency for a master development program covering the '26-'30 period. The approved investment commitment amounts to approximately MXN 16 billion expressed in December” > “The total investments related to major maintenance in the approved MDP represents approximately 17% of the total MDP for the next 5 years.” — Ruffo Pérez del Castillo > “We anticipate it will take a couple of years, 2 to 3 years to reach the 100% maximum tariff.” — Ricardo Duenas > “We estimate that the impact of the peso appreciation in the fourth quarter of '25 as compared to the fourth quarter of '24, which was about an 8% appreciation was between MXN 50 million to MXN 60 million.” ## Quarter one-liners - **2025 Q4:** OMA posted 8.5% passenger growth, 74.5% EBITDA margin, approved a MXN16bn 2026‑30 master development plan and expects low‑mid single‑digit traffic growth in 2026 with a 6.9% real tariff increase. - **2025 Q3:** OMA Q3 2025: traffic +8% YoY, EBITDA +9% to MXN 2.7B (74.8% margin), MDP '26-30 on track for Dec resolution, 2026 traffic guided low-mid single digits, cost pressures noted but seen as non-permanent.','tone': {'mgmt': 0.3, 'mgmt_rationale': 'Management highlighted 8% traffic growth, 9% EBITDA growth - **2025 Q2:** OMAB Q2 2025: traffic +11% YoY to 7.2M, adj. EBITDA +19% to MXN 2.6B (74.6% margin), MDP submitted with low single-digit tariff increase expected, 49% capex to Monterrey, mid- to high single-digit H2 traffic growth guided.','tone': {'mgmt': 0.3, 'mgmt_rationale': 'Management highlighted strong Q2 re - **2025 Q1:** OMA Q1 2025: traffic +9% to 6.4M, EBITDA +16% to Ps2.4B (74.9% margin), commercial revenue/pax +13%, mid-single-digit traffic guidance maintained, Ps4.5B dividend approved, cautious on macro and LCC capacity cuts.','tone': {'mgmt': 0.2, 'mgmt_rationale': 'Prepared remarks highlight strong traffic gr - **2024 Q4:** OMA Q4 2024: International traffic - **2024 Q2:** OMA Q2 2024 saw a modest domestic traffic dip, 12% international growth, 13.8% rise in non‑aeronautical revenue, completed terminal expansion and plans to boost cargo capacity, while keeping traffic guidance unchanged. - **2024 Q1:** OMA Q1 2024 saw passenger traffic dip 1.5% to 5.9 M, international traffic up 10%, aeronautical revenue +5.3%, adjusted EBITDA margin 74.6% and a Ps 4.25 bn dividend declared. - **2023 Q4:** OMA posted record 2023 results with 15% passenger growth, 28% EBITDA growth and 78.4% margin; 2024 outlook clouded by P&W engine recall, Acapulco recovery, MDP negotiation and potential Monterrey airport competition.','tone':{'mgmt':0.8,'mgmt_rationale':'Management highlighted record-breaking result ## Theme arcs - **Passenger traffic growth** (improving): After a dip in early 2024, traffic rebounded with double‑digit YoY gains in 2025 - **International traffic strength** (improving): Consistently outperformed domestic, with 10‑12% growth and new route launches - **Domestic traffic weakness due to engine recall** (deteriorating): Engine recall repeatedly cited as cause of low‑single‑digit declines - **Concession tax pressure** (resolved): High tax spikes in 2024 were later offset by tariff recovery plans - **Capital expenditure and MDP progression** (improving): MDP moved from early‑stage discussions to a MXN 16 bn approved plan - **Margin stability** (stable): Adjusted EBITDA margins stayed around 74‑78% across all periods - **Cost inflation** (deteriorating): 2025 Q4 highlighted rising security, cleaning and utility costs - **Regulatory visibility** (improving): MDP approval secured long‑term tariff framework - **Debt refinancing risk** (new): Emerging concern noted in 2025 Q4 as maturities approach - **FX impact** (new): Peso appreciation reduced international passenger charges in 2025 Q4 ## Guidance path 2023 Q4:vague → 2024 Q1:vague → 2024 Q2:maintained → 2024 Q4:maintained → 2025 Q1:vague → 2025 Q2:vague → 2025 Q3:vague → 2025 Q4:maintained --- Research context only. Not personalized investment advice. API: `GET /bff/api/bigfive/earnings-intel/OMAB`