Company Overview

Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (OMAB), commonly known as OMA, is a publicly traded Mexican airport operator that manages, develops, and operates airports primarily in Mexico. The company operates within the transportation infrastructure and aviation services industries, with a focus on providing aeronautical and non-aeronautical services to commercial airlines, passengers, and cargo operators. OMA’s revenue is driven mainly by regulated aeronautical fees (such as passenger charges, landing fees, and aircraft parking) and by non-aeronautical activities, including retail concessions, parking, advertising, and real estate development within airport premises.

OMA serves domestic and international airlines, leisure and business travelers, cargo operators, and concessionaires. Its portfolio is strategically positioned in key industrial and economic regions of northern and central Mexico, providing exposure to manufacturing hubs, border trade corridors, and tourism flows. The company benefits from a long-term airport concession model granted by the Mexican federal government, which provides regulated tariff frameworks, predictable cash flows, and barriers to entry. OMA was established in 2000 as part of Mexico’s airport privatization process and began operations in 2001, evolving from a state-operated system into a private, publicly listed infrastructure operator with American Depositary Shares listed in the United States.

Business Operations

OMA operates a network of 13 airports under a single concession framework, generating revenue through both Aeronautical Services and Non-Aeronautical Services business segments. Aeronautical revenue is primarily regulated and linked to passenger traffic, aircraft movements, and cargo volumes, while non-aeronautical revenue is derived from commercial activities such as retail leasing, food and beverage concessions, car rentals, parking, and advertising. This diversified revenue mix allows the company to enhance margins and reduce reliance on passenger volumes alone.

The company’s operations are concentrated in Mexico, with no direct airport operations outside the country. OMA controls and manages airport infrastructure assets, including terminals, runways, and ancillary facilities, and oversees capital expenditure programs approved under multi-year master development plans. A key subsidiary supporting its technical and operational capabilities is Servicios Aeroportuarios del Norte, S.A. de C.V., which provides airport operations and engineering services across the group. OMA does not rely heavily on joint ventures but works closely with airlines, concessionaires, and government authorities to optimize airport capacity and service quality.

Strategic Position & Investments

OMA’s strategic direction centers on disciplined capital investment, traffic growth through airline route development, and expansion of high-margin non-aeronautical revenue streams. The company regularly invests in terminal expansions, runway improvements, and passenger experience enhancements as part of its federally approved development plans. These investments are designed to accommodate long-term passenger growth while maintaining regulatory compliance and operational efficiency.

The company has focused on strengthening commercial real estate and concession offerings within its airports, particularly in high-traffic locations such as Monterrey. While OMA has not pursued large-scale international acquisitions, it continues to invest in digitalization, operational efficiency, and sustainability initiatives, including energy efficiency and environmental management programs. Emerging areas of focus include increased cargo handling capacity and leveraging industrial growth in northern Mexico linked to nearshoring trends, though the financial impact of these trends remains dependent on broader market conditions.

Geographic Footprint

OMA’s operations are entirely based in Mexico, with its corporate headquarters located in Monterrey, Nuevo León. Its airport network spans northern and central Mexico, covering economically significant states such as Nuevo León, Chihuahua, Durango, Zacatecas, San Luis Potosí, and Tamaulipas. This geographic concentration provides exposure to cross-border trade, industrial manufacturing, and domestic air travel demand.

The company’s most significant asset by passenger volume is Monterrey International Airport, which serves as a major hub for domestic and international travel and cargo operations. While OMA does not operate airports outside Mexico, its passenger base includes substantial international traffic, particularly to and from the United States, reflecting the economic integration of the regions it serves.

Leadership & Governance

OMA is governed by a board of directors and a professional management team with experience in infrastructure, finance, and transportation. The leadership emphasizes operational excellence, regulatory compliance, financial discipline, and long-term value creation under the airport concession framework. Governance practices are aligned with Mexican public company requirements and U.S. market expectations due to its cross-border listing structure.

Key executives include:

• Ricardo Dueñas Espriú – Chief Executive Officer
• Rafael Sánchez Lozano – Chief Financial Officer
• Juan Ignacio Carranza Gómez – Chief Operating Officer
• Alfonso Rodríguez Salas – Commercial Director
• Raúl Revuelta Musalem – Chairman of the Board

The management team’s strategic vision focuses on sustainable growth, optimization of regulated and non-regulated revenues, and maintaining strong relationships with regulators, airline partners, and investors.