Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (OMAB): BCG Matrix [Dec-2025 Updated]

You're digging into Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (OMAB)'s current strategic map, and honestly, the picture is crystal clear. With the overall market growing at 9.3% through September 2025, we see Monterrey Airport leading the charge as a Star, traffic up 17.7%, while the core business churns out cash with a 74.8% EBITDA margin. Still, the portfolio isn't perfect; we've got regional Dogs seeing traffic fall by up to -18.5%, sitting right next to high-growth Question Marks needing immediate capital decisions. It's time to see exactly where OMAB needs to invest or divest next.

Background of Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (OMAB)

You're looking at Grupo Aeroportuario del Centro Norte, S.A.B. de C.V., which you'll see referred to as OMA, a key player in Mexico's transportation infrastructure. OMA operates and manages a portfolio of 13 international airports across the central and northern regions of Mexico under long-term concession agreements granted by the Mexican government. The company was officially incorporated in 1998, stemming from the government's decision to decentralize and privatize the airport system.

The operational footprint is anchored by the Monterrey International Airport, which is crucial as it serves nearly half of the company's total passengers. OMA is listed on the Mexican Stock Exchange (BMV: OMA B) and on the NASDAQ (NASDAQ: OMAB). Since December 2022, OMA has been part of VINCI Airports, which is the world's leading private airport operator.

Revenue generation for Grupo Aeroportuario del Centro Norte is split between aeronautical and non-aeronautical sources. Aeronautical revenue comes from charging airlines and passengers for facility use, while non-aeronautical income is generated through leasing space to retailers and restaurants, parking facilities, and advertising. Furthermore, OMA has diversification services, including operating two hotels-the NH Collection Hotel in Terminal 2 of the Mexico City International Airport and the Hilton Garden Inn at Monterrey Airport-and managing the OMA-VYNMSA Industrial Park.

Looking at recent figures, as of September 30, 2025, the trailing twelve-month revenue for Grupo Aeroportuario del Centro Norte was $812M, and its market capitalization stood at $4.97B. Operationally, the company has been showing strong momentum; for instance, terminal passenger traffic at its 13 airports increased 7.4% in August 2025 compared to the previous year, and then rose another 8.5% in October 2025. The company's focus on growth is evident in its Master Development Program (MDP) for 2021-2025, which commits 15,993 million pesos in investment, with the expansion of Terminal A at Monterrey Airport being a flagship project, receiving 53% of those allocated funds. The adjusted EBITDA margin remained robust, hitting 74.6% in the second quarter of 2025.

Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (OMAB) - BCG Matrix: Stars

Stars in the Boston Consulting Group (BCG) Matrix represent business units or products with a high market share in a high-growth market. For Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (OMAB), the Monterrey Airport (MTY) operation is the quintessential Star, demanding significant investment to maintain its leadership position while generating substantial revenue.

The performance metrics for the primary Star segment confirm its status as a leader in a growing market, requiring continued capital deployment to secure future dominance.

• Monterrey Airport (MTY) traffic surged 17.7% for the period of January through September 2025, confirming its dominant, high-growth hub status.
• The airport is receiving 49% of new capital investments, securing future capacity and market leadership.
• Industrial Services revenue, a diversification play, grew 53% in Q3 2025, showing explosive growth in a new segment.
• High-growth international traffic, up 15.0% for January through September 2025, is a key driver for the entire Star segment.

The operational strength of the core airport business, particularly Monterrey, is evident in the year-to-date traffic figures. This high-growth environment necessitates the heavy capital allocation mentioned, which is typical for a Star quadrant asset that needs funding to outpace competitors and maintain its market share.

The diversification into Industrial Services is also exhibiting Star-like characteristics with its explosive revenue growth, suggesting a high-growth market segment where Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (OMAB) is gaining traction. This growth is primarily attributed to securing additional square meters leased in the industrial park and contractual rent increases.

Here is a breakdown of the key traffic metrics that define the Star segment's performance through the first nine months of 2025:

The Q3 2025 performance further illustrates the segment's strength, with Monterrey leading domestic growth and international traffic showing an 11% year-over-year increase for the quarter. The overall system traffic for Q3 2025 reached 7.6 million passengers, an 8% increase year-over-year.

The Industrial Services unit's growth is a critical component of the strategy to balance the cash consumption of the high-growth airport operations. For the third quarter of 2025, the diversification revenues grew by 8% overall, with Industrial Services being the primary contributor, showing a 53% increase. This segment's performance is key to ensuring that the overall portfolio generates sufficient cash to fund the necessary expansion at the core asset.

The investment strategy is clearly weighted toward maintaining this Star status, as evidenced by the capital allocation:

• 49% of the proposed Master Development Program (MDP) investment is directed to Monterrey Airport.
• Key projects at MTY include the third phase expansion of Terminal A and technology upgrades.
• Total Q3 2025 investments (MDP, maintenance, strategic) were MXN 472 million.

If Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (OMAB) successfully manages the regulatory approval for its 2026-2030 MDP and the market growth continues, these Stars are positioned to transition into Cash Cows when the high-growth phase of the Mexican airport market inevitably slows.

Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (OMAB) - BCG Matrix: Cash Cows

Cash Cows for Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (OMAB) are represented by the core, mature business segments that command a high market share and generate significant, stable cash flow with minimal need for aggressive investment to maintain that position. These units are the financial backbone, funding growth elsewhere in the portfolio.

Core Aeronautical Revenue, which is the stable, regulated income stream, increased 10.6% in Q3 2025 relative to the third quarter of 2024. This growth was driven by an 8% year-over-year increase in passenger traffic, reaching 7.6 million passengers in the quarter. This segment benefits from established concession rights and consistent demand, making it highly predictable.

Non-Aeronautical/Commercial Revenue is a high-margin, stable cash generator, growing 7.3% in Q3 2025. This revenue stream is highly efficient at converting passenger volume into profit. Commercial revenues specifically increased 7.0%, with strong contributions from parking, restaurants, VIP lounges, and retail.

Commercial space occupancy remains high at 96%, providing reliable, recurring income with minimal capital expenditure. This high utilization rate confirms the strong demand for retail and service offerings within the airport terminals, which is a hallmark of a successful Cash Cow segment.

Overall Adjusted EBITDA margin of 74.8% in Q3 2025 is an industry-leading figure, showing exceptional operational efficiency. This margin demonstrates the ability of Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (OMAB) to convert nearly three-quarters of its revenue into operating cash flow before accounting for certain items. The Adjusted EBITDA reached MXN 2.7 billion in the quarter.

The financial strength derived from these Cash Cow operations is evident in the balance sheet metrics, which support the passive 'milking' strategy advised for this quadrant. You can see the key financial outputs below:

The company is clearly focused on maintaining this efficiency, as evidenced by the low investment relative to cash generation. Total investments in the quarter, including Master Development Program (MDP) items, major maintenance, and strategic investments, were MXN 472 million. This level of capital deployment is managed to support current productivity rather than aggressive expansion in these mature areas.

The resulting cash flow is substantial, which is exactly what you expect from a Cash Cow. Cash from operations was MXN 1.9 billion for the quarter. Furthermore, the company maintains a strong liquidity position with Cash and cash equivalents at MXN 4.4 billion as of September 30, 2025. This strong cash position, coupled with a low leverage ratio of Net Debt/Adjusted EBITDA at approximately 0.9x, confirms the unit's role in funding the entire enterprise.

The stability of these cash flows allows Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (OMAB) to manage its obligations and shareholder returns effectively. You can rely on these segments to cover:

• Service the corporate debt, which totaled MXN 13.6 billion.
• Fund necessary, but controlled, investments like the MXN 472 million in Q3 2025 capital expenditures.
• Provide the foundation for shareholder distributions.

This operational consistency is what makes the Cash Cow segment the most desirable part of the portfolio. It's the engine that keeps the lights on and funds the riskier Question Marks.

Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (OMAB) - BCG Matrix: Dogs

Dogs, are units or products with a low market share and low growth rates. They frequently break even, neither earning nor consuming much cash. Dogs are generally considered cash traps because businesses have money tied up in them, even though they bring back almost nothing in return. These business units are prime candidates for divestiture.

Dogs are in low growth markets and have low market share. You should avoid and minimize these assets. Expensive turn-around plans usually do not help. These assets consume management time and capital without providing meaningful growth or significant relative market share.

• Reynosa Airport (REX) passenger traffic declined sharply by -18.5% (Jan-Sep 2025), a clear low-share, negative-growth asset.
• Mazatlán Airport (MZT) traffic fell -7.2% (Jan-Sep 2025), indicating a loss of market share in a competitive tourist market.
• Culiacán Airport (CUL) traffic dropped -2.3% (Jan-Sep 2025), representing a low-growth regional center requiring management attention.

The Q3 2025 operational data for these specific airports, while showing negative trends, reported declines of -21.7% for Reynosa, -10.2% for Mazatlán, and -7.7% for Culiacán year-over-year, highlighting the severe drag these specific assets place on overall system performance, which saw a total traffic increase of 7.7% in the same quarter. Still, Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. maintained strong overall financial health, reporting a consolidated net income of Ps. 1,510 million for Q3 2025 and total revenues of Ps. 3.5 billion for the quarter.

You need to see the capital drain these units represent against the backdrop of the overall group's efficiency. For instance, the group's Adjusted EBITDA margin was a robust 74.8% in Q3 2025, but these underperforming airports dilute that return. Cash and cash equivalents as of September 30, 2025, stood at Ps. 4,445 million, which is capital that could be better deployed elsewhere if these Dogs cannot be quickly turned around.

These assets tie up management focus. The overall company maintained a strong Net Debt/Adjusted EBITDA ratio of 0.9x as of September 30, 2025, indicating financial discipline, but capital investments and major maintenance works still amounted to Ps. 472 million in Q3 2025, some of which is inevitably allocated to these low-return locations.

Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (OMAB) - BCG Matrix: Question Marks

You're analyzing the smaller regional assets within Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (OMAB) portfolio-the classic Question Marks. These are the business units operating in markets that are clearly expanding, but where OMAB hasn't yet secured a dominant position. They consume cash to fuel their growth potential, but right now, they aren't delivering the returns of the Cash Cows. The key here is deciding which ones get the heavy investment needed to jump to Star status, and which ones you need to cut loose before they become Dogs.

The overall system-wide passenger traffic for Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (OMAB) for the January through September 2025 period reached 21,208,396 total passengers, marking an overall growth of 9.3% compared to the same period in 2024. This overall system growth sets the stage for a high-growth environment, which is where these Question Marks reside. The strategy for these specific airports must be aggressive market share capture.

Consider the performance of the three identified Question Marks based on the nine-month data for 2025:

Acapulco Airport (ACA) shows the strongest growth rate among this group at 12.3% for the first nine months of 2025. This high growth rate in a key tourist market confirms its high-growth quadrant placement, but its relatively small volume-only 501,000 passengers year-to-date-signals low relative market share within the broader OMAB portfolio. You defintely need to see that growth translate into commercial revenue penetration.

Zacatecas Airport (ZCL) traffic grew 9.3% year-over-year through September 2025, matching the overall system growth rate for the period. While this growth is positive, it suggests ZCL is keeping pace with the market rather than aggressively gaining share from competitors, which is the primary goal for a Question Mark. Its total passenger count was 306,632 for the nine months.

San Luis Potosí Airport (SLP) posted a 11.0% traffic increase for the same period, reaching 602,139 passengers. As a high-growth regional airport, SLP requires a focused capital injection, perhaps in non-aeronautical services or route development support, to solidify its position against potential competitors or to capture more of the existing regional demand.

The management imperative for these assets is clear. You need to decide quickly on the path forward:

• Invest Heavily: Allocate significant capital to increase market share rapidly.
• Divest: Sell the asset if the probability of achieving Star status is low.
• Increase Market Share: Focus marketing efforts to drive adoption and volume.
• Avoid Dog Status: Prevent these units from stagnating into low-growth, low-share Dogs.

These units are currently cash consumers due to the necessary investment in infrastructure and marketing to capture share. For instance, Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. reported Adjusted EBITDA of 2.7 billion pesos in Q3 2025 with a margin of 74.8%, but the Question Marks are likely dragging down the overall return on invested capital (ROIC) until they mature.