If You Invested in Grupo Aeroport (GAERF)

Grupo Aeroportuario del Centro Norte, S.A.B. de C.V., also referred to as Central North Airport Group and known in the market as OMA, is a Mexican airport operator whose shares trade in the United States under the symbol GAERF. According to its SEC filings, OMA is listed on the Mexican Stock Exchange under the symbol OMA and on the NASDAQ Global Select Market under the symbol OMAB. The company is incorporated in Mexico and reports as a foreign private issuer under the Securities Exchange Act of 1934.

Based on information in its reports to investors, OMA operates 13 international airports located in nine states of central and northern Mexico. These airports serve Monterrey, described as Mexico’s third largest metropolitan area, the tourist destinations of Acapulco, Mazatlán, and Zihuatanejo, as well as other regional centers and border cities. Through these airport concessions, OMA provides airport and commercial services to passengers and clients in its facilities.

In addition to its core airport operations, OMA’s disclosures state that it operates the NH Collection Hotel inside Terminal 2 of the Mexico City airport and the Hilton Garden Inn at the Monterrey airport. The company also reports activities in freight logistics services under the name OMA Carga, hotel services at its airport hotels, and industrial services through the OMA VYNMSA Aero Industrial Park. These activities are presented as part of its aeronautical and non-aeronautical revenue base in quarterly financial reports.

OMA’s filings describe a business model built around aeronautical revenues (related to airport services) and non-aeronautical revenues (including commercial, diversification, hotel, and industrial services). Commercial revenues include categories such as parking, restaurants, VIP lounges, and retail within airport terminals, while diversification revenues include industrial services. The company also recognizes construction revenue and construction cost associated with improvements to concessioned assets under IFRIC 12 “Service Concession Arrangements,” reflecting its obligation to invest in airport infrastructure under its concession contracts.

OMA operates under Master Development Programs (MDPs) for each of its airports. According to a current report, the Mexican Ministry of Infrastructure, Communications and Transportation, through the Federal Civil Aviation Agency, approved the MDPs for the 2026–2030 period. These programs contemplate committed investments aimed at strengthening airport infrastructure and operations, including expansion and modernization of terminal facilities, development and rehabilitation of aeronautical infrastructure, and incorporation of equipment and technology. The company indicates that these investments are intended to optimize operational processes, increase installed capacity, and improve the passenger experience over the relevant period.

The same filings explain that the MDPs also include investments related to sustainability, energy efficiency, and decarbonization projects. These projects are described as focused on reducing the environmental impact of airport operations and improving the efficient use of resources, and are presented as aligned with OMA’s sustainability strategy. The company links these investments to the objective of achieving more efficient and environmentally responsible airport operations over the long term.

OMA’s quarterly reports provide detail on passenger traffic and route development across its airport network. They distinguish between domestic and international traffic and between commercial and general aviation. The company reports on the opening of new domestic and international routes, the evolution of terminal passenger traffic, and the performance of individual airports such as Monterrey, San Luis Potosí, Chihuahua, Mazatlán, Culiacán, and Reynosa. This operational data is accompanied by information on seat capacity, cargo services, and occupancy rates in commercial spaces within terminals.

The company’s financial disclosures describe Adjusted EBITDA as a key performance measure, defined as EBITDA less construction revenue plus construction expense and maintenance provision, and calculated as a margin over the sum of aeronautical and non-aeronautical revenues. OMA explains that construction revenue and construction cost do not affect cash flow generation and that the maintenance provision corresponds to capital investments. It also notes that Adjusted EBITDA and EBITDA are not defined under IFRS and may be calculated differently by other companies.

OMA’s SEC filings also discuss airport concession taxes, technical assistance fees, capital investments and major maintenance works under the MDPs, and strategic investments. The company explains how changes in concession tax rates under Mexican law affect its expenses and how certain excess payments related to aeronautical revenues may be recovered through future maximum tariff revisions, in line with the applicable tariff regulation bases.

According to its disclosures, OMA is part of VINCI Airports and describes VINCI Airports as the world’s leading private airport operator. OMA notes that it became part of VINCI Airports in December 2022. The company also reports that it prepares its financial statements in accordance with International Financial Reporting Standards (IFRS) and presents interim information under IAS 34 “Interim Financial Reporting.”

For investors researching GAERF, the SEC filings for Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. provide insight into the company’s airport operations in Mexico, its mix of aeronautical and non-aeronautical activities, its long-term infrastructure investment programs under the Master Development Plans, and its reporting framework as a foreign private issuer listed in both Mexico and the United States.