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

You're digging into the mechanics of Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (OMAB), and honestly, the model is a textbook case of concession-based infrastructure play, but with a sharp eye on commercial upside. We're talking about managing 13 international airports, anchored by the massive growth engine that is Monterrey Airport (MTY), which is soaking up 49% of new investment. While aeronautical fees are the base, the real story is the diversification-think industrial parks and retail-which helps keep their balance sheet tight, evidenced by a net debt/Adjusted EBITDA ratio of just 0.9x as of Q3 2025, even while posting MXN 3.5 billion in total revenues that quarter. If you want to see exactly how they balance government concessions, massive CapEx for the Master Development Program, and those crucial non-aeronautical revenue streams, check out the full nine-block breakdown below.

Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (OMAB) - Canvas Business Model: Key Partnerships

You're looking at the core relationships that keep Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (OMAB) running, which is essentially a regulated infrastructure play. These partnerships define the revenue ceiling and the growth potential for the next decade.

The most fundamental partner is the Federal Government of Mexico. OMAB operates its portfolio of 13 international airports under 50-year concessions that started back in 1998. This relationship is governed by a concession tax currently set at 5% of total gross annual revenues. The regulatory framework is a dual till system, meaning aeronautical revenues face maximum rate ceilings, while commercial revenues are generally exempt.

The airline partners are critical, and the traffic mix shows clear dependencies. For instance, in Q2 2025, the traffic breakdown looked like this:

The total passenger traffic for Q2 2025 was 7.2 million, and for Q3 2025, it was 7.6 million, marking an 8% year-over-year rise. The company is planning for a low single-digit tariff increase under the upcoming Master Development Program (MDP).

Commercial tenants drive the high-margin, non-regulated revenue. OMAB has established specific hotel partnerships, such as operating the Hilton Garden Inn at the Monterrey airport. They also operate the NH Collection Hotel at Mexico City International Airport Terminal 2. The commercial side is performing well; commercial revenues grew 20% in Q2 2025, and the commercial space occupancy rate stood at 96% at the end of that quarter. In Q3 2025, commercial revenue per passenger hit MXN 60. Diversification revenues, which include industrial services, saw an 8% increase in Q3 2025.

Regulatory oversight requires constant engagement with bodies like the Federal Civil Aviation Agency (AFAC), which is part of the Ministry of Infrastructure, Communications and Transportation (SICT). AFAC made an immediate amendment to the tariff base regulation in October 2023. Furthermore, risks include potential regulatory changes from the U.S. DOT.

Execution of the infrastructure pipeline relies on engineering and construction partners, guided by the Master Development Programs (MDPs). The committed investment for the 2021-2025 MDP was Ps. 15,911 million (expressed in December 31, 2019 pesos). The company submitted its investment proposal for the 2026-2030 MDP, with a resolution anticipated by December.

Here's a look at the capital deployment related to these plans:

• Total investments in Q2 2025 (MDP, maintenance, strategic) were ARS $965,000,000.
• Total investments in Q3 2025 (MDP, maintenance, strategic) were MXN 472 million.
• In Q2 2025, OMAB completed a MXN 2.75 billion issuance in long-term notes to fund investments.

The strategic focus remains heavily weighted toward the largest hub; 49% of new investments are directed at Monterrey Airport.

Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (OMAB) - Canvas Business Model: Key Activities

You're looking at the core operations that keep Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (OMAB) running and growing, especially as they navigate the strong demand in Mexico's central and northern regions. Here's the breakdown of what they are actively doing, grounded in the latest numbers we have through late 2025.

Airport infrastructure development and maintenance (MDP)

A major activity is executing the capital program to handle traffic growth. The Master Development Program (MDP) for the 2021-2025 period had a total committed investment of Ps. 15,911 million. You can see this activity reflected in the financial results; for instance, construction revenues in the second quarter of 2025 hit MXN 916 million, which was a 64.7% jump year-over-year, directly tied to increased MDP investments. The focus remains high on key assets, with a significant portion of the upcoming 2026-2030 MDP expected to target the Monterrey Airport expansion, aiming to nearly double its capacity to 12.5 million passengers annually by 2026.

Managing 13 international airport concessions

Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (OMAB) manages and operates 13 international airports across nine states in central and northern Mexico. These facilities serve major economic centers like Monterrey, border cities such as Ciudad Juárez and Reynosa, and tourist spots like Acapulco, Mazatlán, and Zihuatanejo. This network facilitates both domestic and international passenger and cargo operations, connecting regional economies to North America and beyond. Since December 2022, OMAB has been part of VINCI Airports, the world's leading private airport operator.

Negotiating aeronautical tariffs and commercial contracts

Aeronautical revenues, which come from charges like landing fees and passenger charges, are regulated. Based on their proposal submitted, OMAB anticipates a low single-digit increase in the maximum tariff in real terms. On the commercial side, which involves non-regulated revenues, the focus is on optimizing contracts. For example, in Q2 2025, commercial revenues grew by 19.7%, and the commercial revenue per passenger reached MXN 62 in that quarter compared to the second quarter of the prior year.

Optimizing passenger flow and security operations

Managing the flow of people is central, and the numbers show consistent growth leading up to late 2025. Security operations are also a cost driver; in Q2 2025, contracted services rose by 8.2%, mainly due to higher costs for security and cleaning services following contract renewals. Here's a look at the recent passenger traffic performance:

Expanding non-aeronautical services and industrial parks

Diversification is key, and non-aeronautical revenue growth is outpacing aeronautical growth in some periods. In Q1 2025, non-aeronautical revenues saw a significant rise of 20.9%. For the third quarter of 2025, non-aeronautical revenues increased by 7.3%, with specific categories showing strong results: Parking grew by 9.4%, and Restaurants and Retail increased by 9.8% and 8.2%, respectively. The company is also expanding its asset use beyond the terminal; in Q2 2025, diversification revenues increased by 11%, which included completing the construction of a 5,000 square meter warehouse as part of an expansion plan for a tenant, directly supporting industrial park activity.

• Commercial space occupancy was reported at 96% as of the end of Q2 2025.
• VIP lounges revenue grew by 9.9% in Q3 2025 due to higher market penetration.
• In Q1 2025, commercial revenues per passenger improved by 12.5%.

Finance: draft 13-week cash view by Friday.

Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (OMAB) - Canvas Business Model: Key Resources

You're looking at the bedrock of Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (OMAB)'s competitive advantage, and it's all about long-term control and high-quality assets. The foundation here is the set of long-term government concessions that let Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (OMAB) operate and develop 13 international airports across Mexico's central and northern regions. These aren't short-term leases; the initial privatization structure guaranteed a 50-year concession, giving you incredible long-term visibility.

Next up is the strategic land bank that fuels non-aeronautical revenue, which is where the real margin strength comes from. Honestly, this diversification is key because aeronautical rates are capped. Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (OMAB) has been aggressive in pursuing industrial parks and commercial space development. For instance, during the second quarter of 2025, the company completed the construction of a 5,000 square meter warehouse as part of an expansion plan for a tenant. The commercial side is humming along, too; the occupancy rate for commercial space stood at 96% at the end of the third quarter of 2025.

The Monterrey Airport (MTY) is definitely the main growth driver, acting as the company's primary hub. Management has made it clear that this focus is intentional. For the upcoming investment cycle, approximately 49% of the new investments are slated for the Monterrey International Airport to optimize its capacity and enhance the passenger experience.

This investment is going into high-capacity terminal infrastructure and runways to keep pace with demand, particularly from nearshoring-related business traffic. Key projects mentioned include the third phase expansion of Terminal A, platform expansions, and the construction of fast taxiways across the network.

Finally, you need to look at the balance sheet, which remains rock solid. A strong balance sheet means Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (OMAB) can fund its growth without taking on undue risk. As of the end of September 2025, the net debt/Adjusted EBITDA ratio was 0.9x. That's a very manageable level of leverage, showing prudent capital structure management. The cash position at the end of the third quarter of 2025 stood at MXN 4.4 billion.

Here's a quick look at some key financial metrics from the third quarter of 2025:

The operational efficiency supports these financial numbers, which you can see in the ongoing performance:

• Passenger traffic grew 7.7% year-over-year in Q3 2025.
• Commercial revenues grew 8% in Q3 2025.
• VIP Lounges revenue grew 9.9% in Q3 2025.
• The company submitted its Master Development Program for 2026-2030.
• The Technical Assistance Fee is 3% of the EBITDA generated by concessions.

Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (OMAB) - Canvas Business Model: Value Propositions

You're looking at the core promises Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (OMAB) makes to its stakeholders as of late 2025. This isn't just about moving people; it's about the quality of the journey and the infrastructure supporting it.

Reliable and efficient access to key Mexican business and tourist regions

The value here is demonstrated by consistent, growing passenger throughput across the 13 airports OMAB operates. This access supports both the core business centers in Northern Mexico and key tourist destinations like Acapulco, Mazatlán, and Zihuatanejo.

Traffic growth in 2025 shows strong demand for these connections. For instance, terminal passenger traffic for September 2025 rose 8.8% compared to September 2024, with international traffic increasing by 9.7%.

Looking at the first half of 2025, the operational performance was robust:

The value proposition of access is clearly being met with increasing volume.

Enhanced passenger experience via new retail and VIP lounge offerings

OMAB captures value by improving the non-aeronautical side of the airport experience, which directly translates to higher revenue per passenger. Commercial revenue growth outpaced overall traffic growth in the first half of 2025. Commercial revenues increased by 22.8% in Q1 2025, and rose 20% in Q2 2025.

Specific segments within the commercial offering showed significant gains, indicating successful upgrades or increased utilization:

• VIP lounges revenue grew 34.6% in Q2 2025 due to rate increases and higher penetration.
• Restaurants revenue grew 41.1% in Q2 2025.
• Retail (stores) revenue grew 27.4% in Q2 2025.
• Commercial revenue per passenger improved by 12.5% in Q1 2025.

The physical infrastructure supporting these services shows high utilization; the occupancy rate in commercial areas within terminals was 96.0% as of March 31, 2025. For the hotel assets, the NH Collection T2 Hotel reported a Q2 2025 average room rate of Ps. 2,994, a 5.5% increase year-over-year, with an occupancy rate of 83.6%.

Capacity optimization, especially at Monterrey, to handle traffic growth

The value proposition here is ensuring the infrastructure doesn't become a bottleneck for the growing traffic, particularly at the third-largest metropolitan area airport. OMAB is directing significant capital toward this goal.

The commitment to capacity enhancement is clear in the investment strategy. Specifically, 49% of new investments are directed at Monterrey Airport to optimize capacity and improve passenger experience.

This focus is necessary given the high growth rates seen at the primary hub. Monterrey Airport saw passenger volume growth of +23.8% in Q2 2025 on key routes. Furthermore, international traffic growth at Monterrey in Q1 2025, driven by routes to US hubs like San Antonio, Chicago, and Denver, accounted for 94% of the total international passenger increase for the group that quarter.

Strategic cargo and industrial park services (OMA Carga)

OMAB offers value beyond passengers through its logistics and industrial services, grouped under diversification revenues. This segment showed strong overall growth in Q1 2025, increasing by 22.0%.

The industrial park component, which includes warehouse services, saw substantial growth in its revenue stream:

• Revenue from industrial services increased 56.4% year-over-year in Q1 2025.
• This was driven by a higher number of square meters leased.
• A 5,000 sqm warehouse completion was noted as part of business progress.

However, the air cargo component within OMA Carga faces headwinds; its revenues actually decreased by 4.1% year-over-year in Q2 2025, attributed to a decrement in air cargo activities specifically in Monterrey.

Predictable, long-term infrastructure investment under the MDP

The long-term value is anchored by the Master Development Program (MDP), which provides a predictable framework for infrastructure spending and rate setting. The current approved period is the 2021-2025 MDP.

The company continues to execute on its capital plan, though execution timing can impact reported revenues. Capital investments and maintenance for Q1 2025 totaled Ps. 502 million. The investment pipeline is forward-looking, as an investment proposal was submitted for the 2630 master development program, signaling the next phase of predictable, long-term infrastructure commitment.

It's worth noting the timing effect on reported construction revenues. Construction revenues for Q1 2025 were Ps. 403 million, a 60% decrease, which was explicitly linked to lower MDP investment execution during that specific quarter.

The company also secured financing for these long-term plans, completing a Ps. 2.75 billion issuance in long-term notes in Q2 2025.

Finance: draft 13-week cash view by Friday.

Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (OMAB) - Canvas Business Model: Customer Relationships

You're looking at how Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (OMAB) manages its interactions with the various groups that use its 13 airport concessions across central and northern Mexico. It's a mix of formal contracts, dedicated account management, and regulated oversight.

Contractual relationships with airlines for landing and terminal fees

The core of the aeronautical relationship is governed by concession agreements and regulated tariffs. Aeronautical revenues are directly tied to the volume of flights and passengers Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (OMAB) serves. For instance, in the first quarter of 2025, the company saw its passenger traffic grow by 9.1% year-over-year, reaching 6.4 million passengers. By the third quarter of 2025, total passenger traffic reached 7.6 million, an 8% increase year-over-year.

Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (OMAB) deals with a portfolio of over 20 airlines operating at its facilities. Specific airline relationships show significant contribution; for example, in Q1 2025, VivaAerobus represented 49% of total traffic, while Volaris accounted for 22%. Aeronautical revenues reflect these volumes, increasing 13.8% in Q1 2025 and 10.6% in Q3 2025 compared to the prior year periods. Aeronautical revenue per passenger rose 4.3% in Q1 2025.

Dedicated commercial management for retail and service tenants

Managing non-aeronautical revenue involves dedicated commercial management to maximize returns from leasing space for retail, restaurants, parking, and other services. This relationship is performance-driven, as evidenced by strong growth figures across these segments in 2025. The occupancy rate for commercial space was reported at 96% at the end of the second quarter of 2025.

Commercial revenue per passenger has been trending upward, hitting Ps. 66.3 in Q1 2025, MXN 62 in Q2 2025, and MXN 60 in Q3 2025. This indicates successful tenant management, likely through contract renegotiations and optimizing offerings. Here's a look at the year-to-date commercial segment growth:

Also, diversification activities, which include Industrial Services, saw an 8% revenue increase in Q3 2025.

Regulated relationship with the Federal Government (AFAC)

The relationship with the Federal Government, primarily through the Agencia Federal de Aviación Civil (AFAC) and the Ministry of Infrastructure, Communications and Transportation (SICT), is highly regulated. Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (OMAB) operates under concession titles, and its aeronautical revenues are subject to maximum-rate price regulation, revised every five years. The company is currently negotiating its Master Development Program (MDP) for the 2026-2030 period with AFAC. Management anticipates a maximum tariff increase in the low single digits for this new period. The Concession Tax, which is in line with revenue growth, was MXN 290 million in Q3 2025.

Digital channels for flight information and passenger services

Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (OMAB) maintains customer relationships through digital touchpoints for operational updates. The company provides access to flight status information via its official web page, oma.aero/en/, and social media channels on X (formerly Twitter) and Facebook. The commercial growth in Q1 2025, particularly the 80.2% increase in VIP Lounges revenue, suggests an effort to drive pre-booking or digital engagement for premium services, though specific digital usage metrics aren't publically detailed in the latest reports.

High-touch service for VIP lounge and executive travelers

The focus on premium services is clear through the revenue performance of VIP lounges. In Q3 2025, VIP lounges revenue rose 9.9%, attributed to higher market penetration, especially in Monterrey, alongside overall passenger traffic growth. This segment showed very strong growth earlier in the year, with an 80.2% increase in Q1 2025 driven by rate increases and a higher number of users. This indicates a targeted, high-touch service offering for executive and premium travelers, which is a key component of the non-aeronautical customer relationship strategy.

Finance: review the Q4 2025 commercial revenue per passenger against the MXN 60 reported for Q3 2025 by Friday.

Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (OMAB) - Canvas Business Model: Channels

Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (OMAB) channels its value proposition through a physical network of 13 international airports across nine states of central and northern Mexico.

The commercial leasing and service channels show strong growth, converting passenger traffic into non-aeronautical revenue streams. For the third quarter of 2025 (3Q25), total revenues reached 3.5 billion pesos, an increase of 9.8% year-over-year. The trailing twelve months (TTM) revenue was 15.97B MXN, up 8.86% year-over-year.

The physical and logistics channels are further detailed by specific service performance:

• Industrial Services revenue growth led diversification in 3Q25 at +53%.
• A 5,000 sqm warehouse completion was noted as part of business progress in 2Q25.
• In 2Q25, Commercial revenues grew 19.7%.
• In 3Q25, Restaurants and retail increased 9.8% and 8.2%, respectively.

The airline route networks are evidenced by passenger traffic volumes. For October 2025, terminal passenger traffic across the 13 airports increased 8.5% compared to October 2024. Domestic traffic grew 8.3% and international traffic grew 10.1% in that month. For the full year 2025, management guidance projects traffic to finish up ~7-8%.

The online platforms channel supports ancillary services, with performance metrics indicating customer engagement:

• Parking revenue grew 9.4% in 3Q25.
• Parking revenue grew 12.7% in 2Q25.
• VIP lounges and restaurants showed strong growth, with restaurants increasing 41.1% in 2Q25.

Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (OMAB) - Canvas Business Model: Customer Segments

You're looking at the core groups Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (OMAB) serves, based on the operational performance through the third quarter of 2025. These segments drive both the regulated aeronautical income and the increasingly important non-aeronautical revenue.

The overall volume is substantial. For the third quarter of 2025, OMAB served a total of 7.6 million passengers across its 13 airports, marking an 8% year-over-year increase. This traffic is overwhelmingly commercial aviation, which accounted for 99.4% of the total passenger volume in September 2025, leaving general aviation at just 0.6%.

The largest group is the Domestic and international commercial airlines. These carriers are the primary source of aeronautical revenue, which increased by 11% in the third quarter of 2025 compared to the third quarter of 2024. The growth in seats offered was even higher, up 10.8% year-over-year in Q3 2025, showing capacity expansion to meet demand.

The Commercial passengers (business and leisure travelers) form the base for non-aeronautical income. The mix shows a strong reliance on domestic travel, with 86.4% of Q3 2025 passengers being domestic, while international passengers made up the remaining 13.6%. Monterrey, serving Mexico's third largest metropolitan area, is a key driver for this segment.

Retail, food & beverage, and service concessionaires are the beneficiaries of passenger volume and spending habits. Commercial revenues grew by 7% in Q3 2025. The occupancy rate for commercial space across the terminals was high, reported at 95.5% as of September 2025. This segment's performance is detailed by the growth in specific sub-segments:

• Restaurants increased by 9.8% in Q3 2025.
• Parking revenue grew by 9.4%.
• Retail saw an increase of 8.2%.
• VIP lounges also contributed significantly to the growth.

Cargo airlines and logistics companies (OMA Carga) fall under the diversification revenue stream. This segment showed robust growth, with diversification revenues increasing by 8% in Q3 2025. Specifically, revenues from industrial services, which includes logistics park activity, grew by 53% in Q3 2025.

General aviation and private aircraft operators represent the smallest portion of terminal traffic. This segment is included within the total passenger count but is reported separately in monthly statistics. For September 2025, general aviation accounted for only 0.6% of the total terminal passengers.

You should note that OMAB also serves a segment related to its real estate and industrial park holdings, which is part of the diversification revenue. This segment saw its revenue increase by 8% in Q3 2025, with Industrial Services leading that growth at 53%.

Finance: draft 13-week cash view by Friday.

Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (OMAB) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (OMAB) operations as of late 2025. Understanding this cost base is key to seeing where the cash goes before the revenue streams even hit the books.

The most significant, non-operational cost is the mandatory payment to the government. For the third quarter of 2025, the Concession tax payments to the Mexican government totaled MXN 290 million. This is a direct function of revenue growth, so as traffic rises, so does this expense line, though the structure allows for recovery of certain excess payments in future tariff revisions starting in 2026.

Investment in the physical assets remains a major cost component. Capital expenditures (CapEx) for the Master Development Program (MDP) and other necessary works are substantial. For instance, total investments in the third quarter of 2025, which included MDP investments, major maintenance, and strategic investments, amounted to MXN 472 million. Management noted that the approval process for the subsequent MDP 2026-2030 was expected to conclude in December 2025.

Labor costs are clearly rising under current market conditions. Payroll and personnel expenses saw a year-over-year increase of 10.7% in Q3 2025. This jump reflects both annual wage adjustments and a higher headcount compared to the prior year period.

Operational support costs are also under inflationary pressure. Security, cleaning, and contracted services costs rose 16.4% in Q3 2025. This increase is largely attributed to higher costs for these essential services following contract renewals, mirroring tight labor market conditions in Mexico.

Maintenance provisions, which account for future large-scale upkeep, fluctuate based on scheduling. The Major maintenance provision recorded in the first quarter of 2025 was MXN 53.4 million. To give you a sense of the quarterly variation, the provision for Q3 2025 was significantly lower at MXN 28 million.

Here's a quick look at how some of these key cost elements compared across the first and third quarters of 2025:

You should also keep an eye on the other components that feed into the overall cost of airport services and G&A expense, which increased 14.4% in Q3 2025 versus the same quarter in 2024. These include:

• Other costs and expenses, which rose 22%.
• Higher IT-related requirements and transportation services.
• Minor maintenance costs, which increased 19.8%.

Finance: draft 13-week cash view by Friday.

Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (OMAB) - Canvas Business Model: Revenue Streams

You're looking at the core money-makers for Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (OMAB) as of late 2025. The business model is built on capturing value from every passenger movement and the underlying real estate assets. The total revenue for the third quarter of 2025 hit MXN 3.5 billion, showing a solid year-over-year growth of 9.8%.

The revenue streams are clearly segmented into the regulated airport activities and the non-regulated commercial and diversification efforts. The structure allows for high operating leverage, as seen by the 74.8% Adjusted EBITDA margin in Q3 2025.

Here's how the Q3 2025 revenue was composed, based on the primary reporting segments:

The Non-Aeronautical segment, which is key for margin expansion, is a mix of direct commercial activity and the industrial park operations. You can see the specific drivers below:

• Aeronautical services fees (landing, passenger, parking) are the base, driven by an 8% rise in passenger traffic to 7.6 million in the quarter.
• Commercial revenues grew 7.0%.
• Commercial revenue per passenger was reported at MXN 60.
• Diversification revenues, which include OMA Carga and industrial park operations, increased 8.2%.
• Industrial services revenue, related to the industrial park, saw a significant jump of 53% due to higher leased square meters and contractual rent increases.

Within the Commercial revenues, the growth was concentrated in specific areas, showing where passenger spending is focused. Parking, restaurants, VIP lounges, and retail were the top contributors to the 7.0% commercial revenue increase. The occupancy rate for commercial space remained high at 96% at the end of September 2025, indicating stable demand for concessions.