Central North Airport Group
Central North Airport Group, known as OMA, operates a network of airports in central and northern Mexico through concession agreements with the Mexican federal government. The company provides airport infrastructure and terminal services for commercial aviation, along with selected commercial activities at its airport sites and related hotel operations.
Fiscal year 2025 · change from previous year
Development 2022–2025
Business
Share of revenueAirport services tied to airline and passenger traffic, including terminal use and related fees.
Commercial revenues from retail, food, parking, and other airport tenant activities.
Improvement work and capital spending on concessioned airport assets under the master plan.
Lodging services at airport locations in Monterrey and Mexico City.
Facilities and services for private, charter, and non-scheduled aviation users.
Customers
OMA serves airlines, passengers, and commercial tenants across its airport network. Its direct customers include domestic and international carriers using its airports, while indirect demand comes from travelers passing through its terminals and from businesses leasing retail, food, and service space. It also serves general aviation users and hotel guests at airport-adjacent properties.
Carriers pay for landing, terminal, and passenger-related airport services.
Travelers drive terminal traffic that supports aeronautical and commercial revenue.
Retail, food, and service operators lease space inside airport terminals.
Private and charter operators use airport infrastructure and services.
Travelers and business users stay in airport-adjacent hotels.
Strategy
OMA’s strategy centers on keeping traffic flowing through its airport network, expanding route connectivity, and improving the passenger experience across its concessions. It also develops non-aeronautical income through commercial tenants and airport-linked services, which helps broaden the business beyond pure passenger fees. Capital investment under the master development plans remains essential because airport capacity, safety, and service quality shape long-term competitiveness.
Passenger volumes drive both aeronautical fees and commercial income.
Commercial income diversifies revenue and increases yield per passenger.
Capacity, safety, and service quality depend on continued airport capex.
Geography
OMA operates 13 airports in nine states across central and northern Mexico, with exposure to Monterrey, border cities, and leisure destinations. Its traffic mix reflects both domestic travel within Mexico and international routes, which makes the network sensitive to regional economic activity, tourism flows, and cross-border demand. The company also has airport hotel operations in Monterrey and Mexico City.
Risks
OMA is exposed to passenger volume swings because airport economics depend on airline schedules, tourism, business travel, and route openings. As a concession operator in Mexico, it also faces regulatory and concession-term risk, while its capital-intensive asset base creates execution and maintenance obligations. Accounting for concession improvements under IFRIC 12 and for passenger-driven seasonality can also affect reported revenue patterns and margin comparability.
- Passenger traffic volatilityImpact: HighLikelihood: High
Airport revenues are closely tied to terminal passenger volumes and route activity.
Exposure: All airports in the network
- Regulatory and concession riskImpact: HighLikelihood: Medium
Airport economics depend on government concessions, tariff rules, and renewal terms.
Exposure: Mexican airport concessions
- Capital expenditure and maintenance obligationsImpact: MediumLikelihood: High
The business must continuously invest in runways, terminals, and concessioned assets.
Exposure: Master Development Plan
- Seasonality and route concentrationImpact: MediumLikelihood: High
Traffic can be seasonal and concentrated in specific leisure, hub, or border markets.
Exposure: Selected airports and routes
Accounting
Judgemental itemsImprovement work on concessioned assets is booked as construction revenue and cost.
Impact: Inflates gross revenue without adding operating profit
OMA excludes construction revenue/cost and maintenance provisions from adjusted EBITDA.
Impact: Changes the way operating performance is viewed
Airport infrastructure requires ongoing investment and estimated maintenance spending.
Impact: Affects asset balances, depreciation, and cash planning
Traffic patterns vary by month and route mix across domestic and international travel.
Impact: Quarterly revenue and utilization can be uneven
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Last updated: 28/09/2026