Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (OMAB.MX) Stock Analysis

OMA is a dual-listed Mexican airport operator (BMV: OMA; NASDAQ: OMAB) managing 13 international airports across central and northern Mexico, functioning effectively as a regulated monopoly within its concession territories. Its business model splits into regulated aeronautical revenue (~63.8% in 2025, led by the TUA passenger fee plus landing/parking/security charges) and higher-margin unregulated non-aeronautical revenue (~36.2%, including parking, retail leases, food & beverage, advertising, and lounges). OMA also diversifies into industrial/logistics and hospitality via the OMA VYNMSA Aero Industrial Park, OMA Carga, and airport hotels. Financial exposure is concentrated in Monterrey (MTY), which contributed ~46% of total aeronautical and non-aeronautical revenue in 2025—positioning OMA at the center of northern Mexico’s manufacturing/nearshoring boom. Traffic is heavily tied to low-cost carriers VivaAerobus and Volaris (together ~73% of Q1 2026 passengers). With the 2026–2030 Master Development Program approved, OMA enters a Ps.16B CAPEX cycle to expand capacity for nearshoring growth and the 2026 FIFA World Cup, while also benefiting from VINCI Airports’ operational expertise and global platform.