# Central North Airport Group

> Clarifo company profile — qualitative business description generated from
> the company's filings. Financial statements, charts and ratios are
> available on Clarifo (https://www.clarifo.com/en/companies/Central North Airport Group).

## Overview

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.

## Products & services

• Airport concession and terminal operations
• Passenger processing and airside infrastructure
• Aeronautical services and airport fees
• Commercial space, retail, and food-and-beverage leasing
• Hotel operations at select airport properties
• General aviation facilities and services

- **Aeronautical services** (70%) — Airport services tied to airline and passenger traffic, including terminal use and related fees.
- **Non-aeronautical services** (20%) — Commercial revenues from retail, food, parking, and other airport tenant activities.
- **Concession-based infrastructure investment** (0%) — Improvement work and capital spending on concessioned airport assets under the master plan.
- **Hotel operations** (5%) — Lodging services at airport locations in Monterrey and Mexico City.
- **General aviation services** (5%) — Facilities and services for private, charter, and non-scheduled aviation users.

- Airport concession and terminal operations
- Passenger processing and airside infrastructure
- Aeronautical services and airport fees
- Commercial space, retail, and food-and-beverage leasing
- Hotel operations at select airport properties
- General aviation facilities and services

## 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.

- **Airlines** (primary) — Carriers pay for landing, terminal, and passenger-related airport services.
- **Passengers** (primary) — Travelers drive terminal traffic that supports aeronautical and commercial revenue.
- **Commercial tenants** (secondary) — Retail, food, and service operators lease space inside airport terminals.
- **General aviation users** (secondary) — Private and charter operators use airport infrastructure and services.
- **Hotel guests** (emerging) — Travelers and business users stay in airport-adjacent hotels.

- Passenger airlines buying airport access and terminal services
- Domestic travelers using hub, regional, and leisure airports
- International travelers connecting through border and gateway airports
- Retail, food, and service tenants leasing airport commercial space
- General aviation and charter operators using airport facilities
- Hotel guests and business travelers at airport properties

## 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.

- **Mexico** (100%) — All airports and hotel operations are in Mexico.

- 13 airports across nine states in central and northern Mexico
- Monterrey is a core hub and business-travel market
- Leisure airports serve destinations such as Mazatlán and Zihuatanejo
- Border-city airports benefit from cross-border and trade-related traffic
- Airport hotels operate in Monterrey and Mexico City
- Domestic traffic dominates, with meaningful international exposure

## 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.

- **Route and traffic development** (short-term) — Passenger volumes drive both aeronautical fees and commercial income.
- **Non-aeronautical monetization** (medium-term) — Commercial income diversifies revenue and increases yield per passenger.
- **Infrastructure investment** (long-term) — Capacity, safety, and service quality depend on continued airport capex.

- Grow passenger traffic through route development and airport connectivity
- Strengthen domestic and international network mix
- Expand non-aeronautical revenue from retail and concessions
- Invest in airport infrastructure under concession master plans
- Improve terminal experience to support airline and passenger demand
- Use airport hotels and services to capture adjacent travel spending

## 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 volatility** [high] — Airport revenues are closely tied to terminal passenger volumes and route activity.
- **Regulatory and concession risk** [high] — Airport economics depend on government concessions, tariff rules, and renewal terms.
- **Capital expenditure and maintenance obligations** [medium] — The business must continuously invest in runways, terminals, and concessioned assets.
- **Seasonality and route concentration** [medium] — Traffic can be seasonal and concentrated in specific leisure, hub, or border markets.

- Passenger traffic volatility affects aeronautical and commercial revenue
- Airline route changes can quickly alter airport utilization
- Concession and regulatory terms shape long-term asset economics
- Capital-intensive airport assets require ongoing investment and upkeep
- IFRIC 12 accounting can distort revenue and margin presentation
- Demand is exposed to tourism, business travel, and cross-border traffic

## Accounting

OMA’s most important accounting issue is IFRIC 12, which requires construction revenue and construction cost to be recognized for concession improvements even though these amounts do not reflect operating profit in the usual sense. That means total revenue and margins can be difficult to compare with companies that do not report concession construction activity. The company also faces normal airport-operator judgment areas such as maintenance provisions, capital investment classification, and the timing of revenue tied to passenger traffic and leased commercial space.

- **IFRIC 12 concession accounting** — Inflates gross revenue without adding operating profit
- **Adjusted EBITDA reconciliation** — Changes the way operating performance is viewed
- **Capital expenditures and maintenance provisions** — Affects asset balances, depreciation, and cash planning
- **Seasonal passenger traffic** — Quarterly revenue and utilization can be uneven

- IFRIC 12 affects construction revenue and construction cost recognition
- Reported margins can differ from operating economics because of concession accounting
- Maintenance provisions affect adjusted EBITDA-style measures
- Capital investment classification affects asset values and depreciation
- Passenger seasonality can affect quarterly comparability

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*Last updated: 2026-09-28T11:58:11.530732+00:00*