Business Overview / Sources of Revenue

Central North Airport Group (OMA, ticker OMAB) operates and manages 13 airports across central and northern Mexico, earning revenue primarily through **aeronautical and non-aeronautical services**[1][3][5][7].

**Aeronautical revenue**—about **72-75%** of total—comes from regulated fees for passenger services, landing, aircraft parking, walkways, and airport security, charged mostly to airlines and passengers[2][7].
**Non-aeronautical revenue**—roughly **25-28%**—is derived from commercial activities such as leasing space to restaurants and retailers, parking, advertising, car rentals, and VIP lounges within airport terminals[2][7].

The company’s financial performance is tied to passenger volumes, while diversified commercial offerings help stabilize and grow income alongside their core aeronautical business[7].

Revenue Growth Potential and Recurrence

Central North Airport Group (OMAB) generates a **large share of recurring revenue** due to its airport operations, primarily from regulated aeronautical services and long-term concessions[5]. This revenue is stable, reflected by consistent annual growth: from 8.7B MXN in 2021 to 15.1B MXN in 2024, with recent growth rates slowing from 62% (2021) to about 4–6% annually (2024–2025)[3].

Looking forward over the next 5+ years, **OMAB’s revenue growth potential appears moderate**. As traffic normalizes, consensus and recent trends suggest **annual growth rates in the mid-single digits (4–6%)**, driven by passenger volume recovery, commercial expansion, and gradual tariff increases[3][7][9]. Stronger growth would rely on significant structural changes or traffic booms, but the core business should continue generating predictable, recurring cash flows.

Economic Moat Factors

Grupo Aeroportuario del Centro Norte (OMAB) possesses a **strong economic moat** primarily due to its government-awarded concessions, which act as **legal monopolies** for operating 13 key airports in northern and central Mexico[1][5]. This gives OMAB unique assets and high barriers to entry, as competitors cannot easily obtain or replicate these operating rights[5]. **Switching costs** for airlines and passengers are high because airport infrastructure and location are not easily substitutable. **Network effects** are limited, but the scale of Monterrey International Airport strengthens OMAB’s position. Brand power is moderate since air travelers select destinations, not airport operators. The combination of **unique concessions, high switching costs, and scale advantages** creates a defensible moat, though risks remain if government policy changes or new transport modes emerge[5][1][3].

Leadership

The CEO of Central North Airport Group (OMA, ticker OMAB) is **Ricardo Duenas Espriu**, who has held the position since November 12, 2018 and is not a founder[4][7]. He has nearly seven years in the role, bringing extensive airport and infrastructure sector experience[4]. There is no public information indicating that he holds a significant ownership stake in the company[4]. The management team is considered experienced, with an average tenure of 4.3 years, but details on ownership and compensation are not disclosed[4]. OMA’s leadership is supported by VINCI Airports as a strategic partner[2][4].

Financial Health

Central North Airport Group (OMAB) shows **strong financial health**: as of Q2 2025, cash was MXN 3.4 billion versus total debt of MXN 13.6 billion, with a **net debt to EBITDA ratio of 1x**, indicating a healthy balance sheet[4]. The company consistently generates **free cash flow**, supported by MXN 1.8 billion in operating cash flow during the quarter[4]. OMAB has an **EBITDA margin of 74.6%**, suggesting robust free cash flow margins[4]. There is no evidence of share dilution; OMAB has prioritized dividends and debt repayment over equity issuance, implying it is not dilutive[4][7].

Last updated Oct 14, 2025